People invest in real estate to keep their money intact and get a higher return on investment in the future. It is the safest option for saving money. But certain factors can depreciate your property value in Pakistan.
Anzo Marketing is your reliable investment partner and has listed several factors that can devalue your property. This blog will help you to avoid any loss in your investment.
Factors That Depreciate Property Value
Before investing a huge sum of money, you should consider the following important factors:
- Low on Maintenance
- Excessive Personalisation
- Neglected Front/Back Yard
- Noisy Neighbourhood
- Lack of Maintenance of Exterior Paint
- No Garage Space
- Neighbourhood Foreclosures
- Impact of Address Suffix
Also read: Faisal Town Phase 2
Low on Maintenance
In the competitive marketplace, it is necessary to keep maintenance high to get a good profit from your property. Therefore, take care of the repair and cleaning work on time. Any delay can devalue your property and cause you loss.
Homebuyers also look at the work that is needed to be done in the house before buying it.
Personalisation may include strange wallpapers, unique paint colours, and other weird additions. However, these variations can lower the budget as the buyers would not pay for all these additions. Therefore, it is advised to prevent too many personalised changes to avoid any problems.
If you still want to personalise your home, it needs to be such that it can be easily changed or removed.
Neglected Front/Back Yard
Presentation matters a lot in deciding the price and value of your property. For example, if you freshen the surroundings and exterior of your property, it will increase the property’s price. Similarly, it would devalue it if you do not take care of it.
A well-managed and maintained front and back lawn attracts investors and gives a good impression.
You also need to cut and maintain the extra plants in the lawn. However, it will give a clean outlook to your lawn and will not devalue its price.
The property’s surroundings also play a vital role in deciding its value. For example, if the neighbourhood of your house is noisy and surrounded by low-maintained houses, it will affect the price of your property.
The house or property will attract more investors if it is close to a school, hospital, or market. However, there is a margin for the low value of your house if it is not in an ideal location.
Lack of Maintenance of Exterior Paint
The first thing noticed by the visitors is the exterior of the house or property. If the exterior paint is damaged, flaking, or discoloured, it will depreciate the value.
It is advised to people to choose neutral colours such as beige, white, and grey colours if they want to sell the house. These colours would not devalue the price of the property.
No Garage Space
The architecture of your house also affects its value. For example, if your property is not designed in a way where there is a specified garage and parking space, it will not attract investors to it. So it is advised to have a garage space. Otherwise, it will reduce the price of your property.
If there is a bar foreclosure nearby, it will affect the value of your property. People generally perceive low prices of houses in that locality and expect you to lower the value. Moreover, they also consider it a property with low maintenance.
The property is also believed to be less stable due to foreclosures and short sales.
Impact of Address Suffix
Prime and ideal location add to the value of the property. People tend to invest more in properties with easy accessibility and location. Therefore, locations near main avenues, boulevards, or main fronts are more in demand at higher prices.
In conclusion, you should consider all these factors while buying or making changes to your property. These small steps can appreciate or depreciate your property value in Pakistan, so act wisely.