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3 Things That Decrease Your Property’s Value

3 Things That Decrease Your Property’s Value

Real estate consistently tops different financial experts’ lists of the best and most important investments you can make in life. Since the end of the Great Recession a decade ago, the price of real estate has recovered and gone up.

If you’ve invested in real estate with the purpose of selling the property later on, it’s important not only to pay attention to market price but also to the state of the property. Certain factors affect the value of your property. By identifying them, you can make improvements and raise the value of your property or prepare for the reality of what your property can fetch in the market.

3 Factors That Lower the Value of Your Property

Neighborhood Conditions

Different aspects of the neighborhood in which your property is located can add or detract from what potential buyers are willing to offer. Your proximity to certain areas, especially noisy or unsightly ones, might devalue your home. These places include power lines, which produce buzzing sounds and are unattractive, and train tracks and airports, for being overly noisy.

If your part of town is known for criminal activity, that’s another factor. The presence of sketchy clubs and establishments can also devalue your property. Even worse, unpleasant neighbors or those who don’t have clean yards can be a turn-off to potential buyers, prompting them to put in an offer that’s lower than market value.

Curb Appeal

In case you aren’t yet aware, curb appeal—the attractiveness of your property as viewed from the outside—is one of the biggest factors that affect real estate’s value. If you have peeling paint, an overgrown yard, cracked concrete, or any combination of these things, your property’s value can go down, significantly.

Upon seeing these things, potential buyers become all too aware of the necessary beautification and repairs, which will obviously cost them. To compensate, they may put in a lower offer than they were originally willing to pay, just so they have funds leftover for repairs.

While you can take a DIY approach to some of these repairs, landscaping or concrete replacement in Kansas City are best left in the hands of professionals. This way, you can ensure that the work done on your property is worth your investment and can actually increase its value.

Interior Repairs

A leaky roof, clogged or busted plumbing, a damaged HVAC system—these are some of the most common problems of properties. If these still exist when you list your home, they may be a point of contention. Like your unattractive lawn and driveway, these repairs out off interested buyers. They will surely consider the amount of work they need to do to make the property livable – and the cost of such repairs. Most of the time, they’d rather not bother, since the repairs will cost them money, time, and effort.

Before listing your property, make sure to get professionals for important repairs, especially if you can’t confidently do them yourself. Shoddy DIY repairs will be obvious and only turn potential buyers away. While you’re at it, you might want to update some aspects of your home, too, like the paint and your kitchen or bathroom.

Work with the Right Contractors

When you’re doing repairs on your Kansas City property, whether it’s residential or commercial, make sure to work with the best flatwork and concrete repair company. K&E Flatwork is the leading commercial concrete contractor in Kansas City and we have been delivering outstanding services to our clients for years.

For expert concrete repair, contact K&E Flatwork today.

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