What Affects Perceived Property Value
Some of the features that help increase perceived property values are obvious-like a re-modeled bathroom, a modern kitchen, or a sought-after neighbourhood. But here are a few features and circumstances you may not have realised can affect your property values.
- The neighbours: Not every neighbourhood or community has an appealing perceived surrounding or neighbourhood. Your surrounding neighbours’ home decorations or neglect to care for their home has an effect on your property value. Homes adjacent to crazy neighbours can potentially be undervalued.
- Trendy shops and groceries: Recent global statistics suggest that if your home is a short walk from popular grocery stores like Pick n Pay or small convenience stores like 24 Seven, it can actually appreciate faster than the national average.
- Mature trees: A big beautiful tree in the front yard is enviable, and it’s not something that can be easily added to any home. Homes with mature trees tend to get a little boost in value. As is the case with neighbourhoods with lots of mature trees.
- Parking: This isn’t too much of an issue if you live in the suburbs or in a rural area, but residents in dense cities can have real problems with parking, and homeowners might need to rent a spot just to guarantee a place to park each night. That’s why having guaranteed and secure parking in urban areas will raise property values.
- The front entrance: First impressions matter to home buyers as well-many will cross a home off their list within 10 seconds of stepping through the front door. An appealing front door, a friendly entryway, and a functioning doorbell where applicable are all necessities for getting a top sell.
- School facilities: Most home buyers will have this on top of their list as a factor in their buying decision. Families want school facilities closely located to reduce on time spent in traffic when picking or dropping off school children. Homes in neighbourhoods with school facilities will fetch higher appeal.
- General security or perceived crime rate: of importance to everyone will be the security and crime rates in the neighbourhood. Homes in more secure areas will be more likely to attract higher value in buyers’ eyes than those in less secure neighbourhood. The presence of a police post may be used as an indicator here, though most buyers will get information from neighbours about thefts and security concerns.
It is important to think about these and discuss it critically before you make any decisions on your property purchase. Add your own recommendations to the list.