For most people, their home might be the biggest investment they have and they can do anything to protect its value. That is the reason why most homeowners periodically update their homes like installing a new roof and more. However, certain factors can lower the value of a property making it unattractive to potential buyers.
Real estate developers in Dubai have been embarking on big projects to meet the rising demand for residential units. For instance, Emaar Properties has developed the Dubai Creek Harbour that will host several residential properties such as Emaar Beachfront Apartments. Other major developers are also engaging in projects across the city. For example, there are numerous new projects by Meraas Holdings that are expected to be completed soon.
Below are some factors that lower the value of a property:
Unfavorable neighborhood condition
When buying a property, one should not only concentrate on the condition of the house but also the neighbourhood as well. For instance, are the schools in the neighbourhood of low quality? Schools are a big deciding factor for a big pool of potential buyers. A reputable school in the neighbourhood can significantly increase the value of your house.
The curb appeal
The curb appeal can raise or decrease the value of your property. What is the state of the roadside pavement, driveway, exterior walls and the garden area? Normally, a well maintained exterior can improve the value of a property. However, cracked walls, peeling paint, unkempt flora, among others can decrease the value of a property in a blink.
Interior aesthetics
The biggest consideration when selling a house is to create a sense of spaciousness. A good arrangement of elements in the house such as the furniture can help to create flow. The house should not be cramped such that there are no spaces for essential appliances like fridges. Nowadays, the open plan layout is becoming popular.
Sub-standard kitchen
The kitchen is a big consideration for most buyers. A house can have excellent bedrooms and living area but fail in the valuation due to a sub-standard kitchen. Make sure all the appliances in the kitchen such as the stove and oven are working properly. Also, consider the state of the floor tiles and the walls.
Unkempt bathrooms
The condition of the bathrooms in the property can adversely affect its value. This does not mean acquiring extravagant fittings and tiles but rather quality.
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