While things that improve the value of your property are beyond your control, you could at least plan to buy in a good area. Resituating yourself in a neighbourhood with access to good schools, malls and public transport is well within your ability.
However, if the government suddenly decide to build power lines or rezone the area around your home into an industrial zone, these issues will drive a sharp stake through the heart of your property’s valuation.
There is little you can do if such things are built around your home but knowing is still half the battle fought and won.
Learn to identify the things that will drive the value of your property down so you can plan and buffer it as much as possible to still market your property successfully.
1. Landfill:
Living close to a landfill or dumping area severely affects the value of your property. Not only is it an eyesore, but the uncontrolled stench and high risk of disease and insects will make any home within range of a landfill to be unappealing to anyone.
If a landfill suddenly forms in your vicinity, approach the nearest government office for help. If this fails, make incremental changes to your home to protect it from the stench and grime. While homebuyers may not like the idea of living near a landfill, having a home that was modified to making the best out of a poor situation will work in your favour when you’re trying to sell.
2. Industrial area:
Living near an industrial zone opens you up to a host of pollution problems 24/7. While it may be convenient for workers to live close to their workplace, living next to or near an industrial zone is certainly not going to be preferred for everyone.
Be prepared to knock a chunk off your expected price should you decide to sell. Unless you’re selling to someone who’s going to work in that zone, it is likely homebuyers won’t agree to pay a high cost if they’re going to have to put up with noise, air and chemical pollution.
3. Crime:
If your neighbourhood is a hotbed of crime, you can be sure most will give the area and all its property – no matter how attractive – a wide berth. As a measure of protection, if your house is secured against trespassers, then it may soften buyer prejudice a little.
Security alarms, locks and padlocks on the doors and windows will help sell the idea that despite rampant crime, your home is safe. Of course, nothing builds trust more than honesty. If you do live in a neighbourhood known for break-ins, be upfront about it to the buyers and then tell them what steps you’ve taken to ensure your home is burglar-proof.
4. Bad neighbours:
While changing the personality of someone else is not up to you, bad and anti-social neighbours definitely do their part in bringing down the value of your home. Neighbours that party too loudly, have pets that are not well-behaved, have children that are not well-behaved and refuse to maintain in and around their property will have a negative bleeding effect on the overall value of your home.
If you have neighbours like this, then you’ll need to be honest about it to the buyer and prepare yourself to drop the price so as to offset the inconvenience.
5. Bad history:
Given today’s problems with space and affordability, if your property has bad history, for example, a death or a murder occurred in the home, it’s less likely to be as detracting as before. However, it is your responsibility to inform the buyer and assuage them that there is nothing to be concerned over if you’ve lived there for a considerable time.
Some may use that as an excuse to ask for a lower price and you have to prepare for that. You can conceal the information but a simple check would not only show it to be false but paint you as untrustworthy as well and that is far more damaging than a lower asking price.
(Source From propertyuguru.com.my)
Link From: http://www.propertyguru.com.my/resources/sell-property-guide/5-things-that-will-devalue-your-property
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