To reply to this question, we must first ask you: who are you selling your property to?
When you start planning to sell your house, it is crucial to determine your market niche. Knowing your market will help you better understand the people who aim to buy it. And once you know more about them, it will be easier to target them and develop more accurate strategies in order to sell your property to the right buyer.
You may think that all properties sell the same way to everyone, but they definitely do not. For example, first-home buyers are more likely to pay attention to the building itself. As they probably will be living there, they want to make sure the structure contains everything they’ve ever wished for. Little do they know (or if they do, it’s not their main concern at this point) that, after some time, the built structure deteriorates. And when this happens, the building loses some of its initial value unless they keep proper maintenance over the years.
However, it’s not the same with investors. Investors want to put their money in the best available option and make the most out of it. What happens with them is that they focus on the land rather than the building instead. They just look past how beautiful the new jacuzzi looks or if the kitchen reno matches their taste.
Why? Simple. Because the land is limited, and it becomes even more limited as the population grows worldwide. Hence, prices tend to increase over time, which is a good outcome for anyone investing! So, yes, it’s the LAND that has a more significant impact on the property’s value and investments.
Once you hone in on your land value, you can target your investors more effectively. Although, of course, this doesn’t mean you shouldn’t accept anyone out of your target niche. Be open to any opportunities that may appear! What we are suggesting here is a better strategy to capture those people who might be even more interested in your home, based on your property’s pros. This will help you to not waste time and energy on those that are not suited for it.
Now, what are the other common factors that influence the property’s value?