7 Things That Can Reduce the Value of Your Property
It is always important to focus on increasing the value of your property. This will not only fetch you higher rates while selling your property but will also ensure that you get better rent. However, there are certain activities that can reduce your rentals in London. Some of these activities may be within your control and some of them may not be in your control. Pay attention to these to avoid a reduction in the value of your property.
Increase in Crime Levels in your Area
This is something that is not in the control of the property owner. If there are too many crimes occurring in your area. It will be highlighted in the local newspapers and the market in no time. People will prefer not to live in that area. This will ultimately result in reducing the value of your property to attract buyers and tenants. As a result, all the apartments for rent in London will reduce their rates.
Too many similar properties being constructed or available in that area
When the number of properties similar to your property increase in your area, the competition intensifies. Every owner or seller want to get the value for their property as early as possible. Thus, they tend to reduce the general market rates causing a forced reduction in your property rates. Though it is beyond your control, doing some little value additions to your property can only save you from this. This is one of the important reason for reducing the value of your property.
Not a Good Neighborhood
If the location of your property is not good, it can never fetch good rates in the market. Every tenant wants to assess the type of people living nearby. As you will be surrounded by neighbours and can tackle them accordingly. This includes a non-hygienic environment, improper waste management system. Further, it also includes some noisy power plant or factory near your area. A crowded marketplace near your property is also not good. If something like this is happening in your area, it will contribute to reduction of the property rates.
Over-decorating the Property
In the attempt of fetching good rates, people often go for a renovation or a makeover of their property. However, if it is not done in the right way, this can actually prove to be harmful to your property. Over-decorated houses give an impression that the owner wants to either quote higher rates for the property or there is something suspicious about the property that he wants to hide. Make your property attractive and beautiful but don’t overdo it. Therefore, a wrong impression might result in a loss of prospective buyers or tenants.
Transport Facilities
Though it is good to have a well-connected property. House near to marketplace and the easy availability of public transport will always be considered the right house in London. However, if this transport facility has made the place too noisy or polluted, it can be a curse for your property. No one would prefer living in a noisy or a polluted location. It will reduce the value of your property.
Schools & Colleges Near your Area
A good school or college being near the home is always beneficial for everyone. This will save the transportation cost of your prospective buyer and even the travelling time. However, if your property has some schools or colleges that are not famous in the right way, it will carry a bad name about that area. No one would like to live in that area and you will have to unwillingly reduce your property rates to attract the buyers.
Exteriors of the Home
The first impression is the last impression! The same goes here as well. Anyone who is interested to buy or rent your property will first be seeing its exteriors and then going for the interiors. In case the exteriors are not in good condition, you will never be able to fetch good rates. The buyer or tenant will not prefer living in an ugly house no matter how beautiful your interiors are. Thus, invest wisely on exteriors as well to avoid a reduction in the value of the property.
Keep these things in mind to avoid reduction of your property value unnecessarily, Try to focus on the areas that are in your control so that you can mitigate the amount of reduction. Make sure that your property should fetch its actual rates!
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