Threats to real es­tate value

. . . and how to solve them

Lesotho Times - - Property -

ALL sorts of strange things can af­fect the value of your prop­erty.

Most, how­ever, are not so out­landish. Some you can con­trol, and some — well, you re­ally can’t. Know­ing what can af­fect the value of your prop­erty will help you make the right ad­just­ments and keep you from mak­ing an un­for­tu­nate mis­take that you can’t do any­thing to fix.

If you find your­self watch­ing your prop­erty value dip, there may be a rea­son for it that can’t be chalked up to the state of the mar­ket. If you want to work on in­creas­ing prop­erty value, a good place to start is by look­ing at what’s bring­ing it down and see­ing what you can do to turn it around.

But lo­ca­tion is ev­ery­thing when it comes to your prop­erty. Bad lo­ca­tion? Your value is go­ing to tank. Prox­im­ity to garbage dumps and power plants, for in­stance, can drag value down, par­tic­u­larly in highly pop­u­lated, ex­pen­sive residential ar­eas. Sur­round­ings are al­ways, al­ways im­por­tant to your real es­tate value.

Your neigh­bours

Neigh­bours, un­less they’re also your ten­ants, can be prob­lem­atic.

Some­times you can’t tell when neigh­bours are go­ing to be trou­ble from a quick glance. Some­times they might not be trou­ble but be­cause of a crim­i­nal record, your prop­erty value can suf­fer.

Noisy

This can be caused by peo­ple or by pets.

Party an­i­mals, con­stantly bick­er­ing cou­ples, loud pets or oth­er­wise dis­rup­tive neigh­bours can hurt your prop­erty value. Prospec­tive ten­ants will prob­a­bly visit at dif­fer­ent hours of the day to see what the noise sit­u­a­tion is like.

It’s im­por­tant that you know what it is, too. It’s not al­ways as ob­vi­ous a prob­lem, es­pe­cially when you your­self aren’t liv­ing on the prop­erty. Noisy neigh­bours aren’t only the bane of apart­ment com­plexes — they can hurt houses, too.

Hoard­ers

Granted, not all hoard­ers have junk on their lawns.

In some cases, you can have a hoard­ing neigh­bour and never know it. But some­times…you def­i­nitely know it from the ex­te­rior. Un­tended, over­grown lawns with rust­ing, old or paint-peeled things in the neigh­bour’s yard will af­fect your real es­tate value. All the curb ap­peal in the world won’t save your prop­erty when the view is the aw­ful state of a neigh­bour’s yard.

Out­dated

Here is what you can do about it. Renters are picky. They might not want to fool with the po­ten­tial of a space. If kitchens and bath­rooms are out­dated in both style and ap­pli­ances, they’re likely to move on in­stead of mov­ing in.

Up­dat­ing goes a long way to in­creas­ing prop­erty value along with your chances of ac­tu­ally get­ting some­one to rent it. Pick a few im­por­tant projects to in­vest in that will give you the most bang for your buck. Get those up­dated (and match­ing) ap­pli­ances, get gran­ite (or gran­ite-look­ing) coun­ter­tops. Your real es­tate value will thank you.

Bad Floor Plan

While a bad or quirky floor plan might not have mat­tered so much in the past, it’s the buyer’s mar­ket now.

Open floor plans are trend­ing and awk­ward lay­outs, par­tic­u­larly those that are cum­ber­some or con­fus­ing, are just go­ing to hurt your value. Some­times, you can rem­edy this by tak­ing out walls, but be sure that’s an in­vest­ment you’re will­ing to make.

Lack­ing Curb Ap­peal

When a house doesn’t look homey and at­trac­tive on the out­side, few peo­ple are go­ing to want to come home to it — and that will make your value suf­fer.take care of peel­ing paint, make sure plants and flow­ers are healthy (but well groomed) and that the lawn is cut. On the in­side of the home, make sure there aren’t holes in wall or stains on ap­pli­ances, floors or ceil­ings. You want your prop­erty to look and be nice for your ten­ants.

There are many fac­tors that can af­fect your real es­tate value. Con­trol what you can, think ahead be­fore sign­ing on for some­thing you can’t, and work on in­creas­ing prop­erty value at ev­ery turn. You won’t re­gret it.

— Big­ger­pock­ets

Up­dat­ing goes a long way to in­creas­ing prop­erty value.

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