Many things can determine the value of your property, from nearby construction to renovations. Some are within your control and some are not. CBD Properties Sdn Bhd managing director Adrian Wang shares a few things to look out for to avoid a decrease in your property value.
A house located at a T-junction is seen as having negative energy, which results in bad feng shui. Aside from that, headlights shining into the windows of the house can be very disturbing for occupants. Safety too can be a concern given the constant flow of traffic right outside your house.
2. Neglecting the compound of your property
Failing to keep up with general maintenance, such keeping a neat garden and fresh paintwork can decrease the value of your property. This can give a prospective buyer a bad impression and one can only wonder if there are more defects in the house that will need to be fixed.
3. A surprise development
Sometimes you can be unlucky and find that after you move in, a new flyover or train line beings to take shape right in front of your house. The safety concerns and noise pollution can significantly affect the value of your property. While it is hard to find out in some countries where new developments or infrastructure will take place, try to look for a property surrounded by completed developments and located away from the main road.
4. An increase in crime rate
If there’s an increase in crime levels in your housing area, it’s doesn’t bode well for property values. Property located in a more secure neighbourhood can command higher value.
5. Bad renovation
A properly renovated and a poorly renovated house can have very different values. Poor workmanship, cheap materials and a bad paint job will reduce the attractiveness of your home. People can be picky about the toilets and kitchens, and these can determine the overall value of your home. So make sure the kitchen and toilets are tastefully renovated.
6. Red tape in ownership transfer
Long processes can put off a potential buyer. Try to make the transaction as hassle-free as possible.
7. Bad neighbours
Noisy neighbours or one who couldn’t be bothered to take care of his house can have an impact on the value of your property. Unfortunately, there’s not much you can do aside from trying to reason with the neighbour to keep the volume down or building a fence to block the sight of the unkempt lawn.