There are many factors that influence the value of a property. Its condition and location are important, but so are the availability of mortgages, the number of interested buyers, the number of other similar homes on the market, and the overall economic outlook.
According to one expert, there are also things you can do to increase or decrease the value of your property.
Real estate professional Leonard Botha shared a big mistake homeowners can make before selling that could put off potential buyers.
YouTube expert Property With Leonard said that merging multiple bedrooms to create one large room can become a problem when putting your property on the market.
With more rooms available, children will be able to have their own spaces.
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He explained: “This might seem like a good idea for a young couple without children, or perhaps for retirees whose children have moved out.
“But reducing the number of rooms in a house is not a good idea in terms of resale value.”
The expert explained that most buyers would be happy to purchase a home with several bedrooms, even if they are small. By having more rooms available, potential buyers with children will be able to give them a bedroom each.
He added that a home with more rooms is more “desirable” than a home with fewer rooms, even if the rooms require renovations and upgrades.
He advised sellers to keep this in mind because it is “cheaper and more convenient” to upgrade an existing home than to build an extension to provide additional bedrooms.
The expert revealed a second mistake you should avoid if you are trying to sell your property: too much carpet.
Buyers will generally be happy to purchase a home with carpeting in the bedrooms, even if the carpeting is not to their liking.
However, having carpets throughout the house is likely to “put a lot of people off.” He explained that this is because the damage is easily visible on the carpets.
Hardwood floors are more desirable, especially if they are in good condition. To increase the value of your home, Leonard suggested opting for this.
There are other ways in which Britons can reduce the value of their property without even realising it.
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