Three Factors that Can Affect a House’s Value

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Family is the most basic unit of society. The meaning of family now has many iterations. Going back to its roots, however, entails that parents and their children make up a family. As we all know, families grow. The adults in the household, typically the parents, should anticipate growth. They should also be capable of handling it. A way of doing so is ensuring that all family members have a space to call their own at home. If the growth is substantial enough, this can lead to the need for renovation.

A renovation is a viable option. But this path has many roadblocks such as the lack of space on the property. There’s no need to fret if you’ve encountered this problem. An alternative option is to move into a new house. You’ll find that the real estate market is always bursting with choices. There are many house and land packages in the western suburbs of Melbourne. One of them might be the next home wherein you and your family will continue to experience growth.

Before you can enjoy this new home, though, you’ll have to entrust the old one to new owners. The three factors that can affect the value of your old home are the following:

The Neighborhood

Your home’s setting is a determinant affected by outside forces as well. A well-maintained and updated home can lose its appeal when the amenities of the neighborhood aren’t up to par. Moreover, the neighbors will also impact any potential buyer. Older neighbors don’t draw in families with young children. This is because parents want playmates for their kids.

The condition of the neighborhood is also important to take note of. Some settings experience downfalls in the form of rising crime rates or an unkempt environment. These are out of your control. But they will affect the price and even the possibility of your house selling easily.

house model surrounded by coins

The House Itself

The home that we outgrow is special to us because it’s imbued with fond memories. The age of the house isn’t something that you can help. But you can improve on the things that need repairs. While making updates to your home, it’s important to look into what the experts say. One point to remember is that the house’s selling points are the kitchen and bathrooms.

So don’t go ahead and make unnecessary changes to the bedroom. First, ensure that the heater and other water fixtures are functional and that the countertops are updated and appealing.

The Market

It’s possible that you don’t have many worries about the previous factors. Your home might have all the smart updates. Regardless of these attributes, there’s still a chance of selling your home for less. Market saturation is a problem that homeowners run into frequently. If there are too many houses for sale in a neighborhood, then the competition is fierce. Because of this, buyers have more leeway when negotiating the prices.

This is why some people believe that selling and moving into a new home is all about perfect timing. Hopefully, all three factors work in harmony in your quest to relocated your growing family.


Real Estate Redefined.

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