5 Property myths that WON'T impact your property's worth
Category Home Tips And Tricks
Experienced homeowners know that accurately assessing their property's value before a sale is an essential step. The right price can swiftly attract interested buyers, while an inflated valuation may lead to prolonged market exposure and eventual disappointment.
Homes of Distinction emphasises the importance of understanding what truly influences a home's worth. Considering just how many common misconceptions there are, separating fact from fiction is essential for sellers aiming to navigate the real estate market effectively. That being said, let's explore a few of the most well-known misconceptions that may cost you more in the long run.
1 - Cost of home improvements vs selling for less
Did you know that you don't always have to fully renovate before you sell? Prospective buyers often prioritise basics and are attracted to well-maintained properties. They'll look for general repairs, fresh paint, completed building works, and security features like burglar bars and alarms. However, elaborate upgrades such as fancy finishes and unnecessary extra rooms may not yield a favourable ROI.
Remember the basics. Not all upgrades increase home value. Some, like lavish finishes or overly carpeted spaces, can decrease desirability. It's crucial to assess other properties in the area and consult experienced property practitioners or developers, such as Homes of Distinction Developments, for valuation and advice.
2 - Unusual paint colours
According to interior design expert Ryan McDonough, certain hues can inadvertently give your home a cheap or uninviting appearance, potentially lowering its value. Dark browns or terracotta shades can make spaces feel small and dingy, while bright yellow can be overpowering and distracting. Moss green and deep purple tones may create a similar effect, making rooms feel dark and cramped. Additionally, once popular, off-white or eggshell tones are now seen as dull and can diminish a room's vitality and appeal.
While trendy shades like grey, peach, and black are currently popular, tried and true subtle and neutral tone updates enhance both exterior and interior. Opt for warm neutrals or muted tones to maintain a fresh, inviting atmosphere without compromising style or value.
3 - What are your neighbours selling for?
Observing a neighbour's home hitting the market often motivates sellers, especially when they discover the listed price. Yet, one must always remember to temper excitement with practical considerations.
While knowing the selling prices of comparable properties can offer insights, it's essential to assess whether the neighbour's home is similar in size and condition to your own. Also, remember to recognise that the asking price doesn't necessarily align with the final selling price. Do your research and focus on a comprehensive understanding of the local market dynamics.
4 - Home's purchase price
Despite common assumptions, the initial purchase price of your home only partially determines its present market value. The real estate market constantly changes, influenced by supply and demand, economic circumstances, and local market trends.
Simply because you bought your home at a specific price doesn't assure that its value will appreciate or depreciate accordingly. Instead, the prevailing market conditions and forces shape the value of your property, rendering its purchase price less decisive in determining its current worth.
5 - Small gardens or limited outdoor space
A small garden doesn't necessarily lower the cost of your home for several reasons. Firstly, rising house prices and the increasing popularity of urban living have led to smaller garden spaces becoming more common in many areas. In fact, smaller gardens are now considered the norm rather than an anomaly.
Smaller gardens often require less maintenance, which can appeal to busy homeowners seeking low-maintenance outdoor spaces. Ultimately, while more extensive gardens may still command higher prices in some markets, the presence of a small garden alone is unlikely to substantially decrease the value of a property, especially if it is well-designed and maintained.
Are you looking to buy or sell your property? Visit our website at https://www.homesofdistinction.co.za/
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https://www.homesofdistinction.co.za/agents/ or pop by our offices for a chat. Our friendly property practitioners are always available to assist in this regard.
Homes of Distinction CC holds a Fidelity Fund Certificate issued by the Property Practitioners Regulatory Authority (PPRA).
Author: Bryce Anderson
