You might think that physical appearance is a significant factor in determining a property’s value. While this is true, not all seemingly similar houses have the same value. You will realize that some of them are more expensive than others, especially if you talk to the experts at Beresfords. These are the potential reasons.
Location plays a huge role in determining the property’s value. Some of them are more expensive because of the neighbourhood. The property is in a key location. The community is generally safe and the prime location is in-demand among potential buyers. Therefore, houses in the area are more expensive.
When you look at the properties from outside, you might think that they look alike. However, once you go inside, you’ll realize that there are many differences. The presence of some features will put one property at a higher value than the other. For instance, you might not see that one property has better insulation. It’s a feature that many property buyers want to have. Therefore, they’re willing to pay a higher amount to live in that house. Besides, an insulated house will also lead to a lower monthly electricity bill.
Some houses have undergone recent renovations or remodelling. The previous owner lived in the house before leaving. Hence, these changes happened. Since there was a significant amount that went into the renovations, you can expect the property to be more expensive. The good thing is that you won’t have to worry about repair issues because they were dealt with recently.
Some online photos are deceiving
If you conclude that two properties look the same by checking out online photos, it might be deceiving. Some owners put too much effort into enticing potential buyers. Therefore, they take the best pictures and post them online. When you see the images, it’s easy to believe that the house looks amazing. The truth is that the property doesn’t look as good as you want it to be in person. Unless you visit both properties, you can’t conclude that they should have the same value.
You can’t tell that there are repair issues by looking at the pictures alone. You have to visit the place and inspect every corner. Some houses look good, but there are underlying issues. The repair problems could be the reason behind the lower value. If you’re willing to pay for the house, you have to prepare yourself to spend money on repairs.
The point is that there are many factors to consider before you can say that the property is worth its price. It’s even better if you can look at options with a property valuation report. It’s a more accurate assessment of the place. You can conclude that the market price is fair enough. You can still consider negotiating the price, but you’re already getting a good deal. If you’re not confident about this decision, you can talk to real estate agents. They will help you understand why some properties have a higher value than others.