One of the most important exercises you do as a property investor or as a new home buyer is to survey the property in question from every angle possible. Hence, if you are the seller of the property you need to put yourself in the buyers’ shoes.
Will buyers like the neighbourhood? Will they find the house to be too old? If you are looking to sell your apartment, the answers to these questions will decide if it will fetch a fair value price or if it has been devalued.
When it comes to an apartment, the questions can differ from that asked of a house. In addition to commonly known reasons like the neighbourhood having a lack of amenities, connectivity or bad reputation, we list out five lesser-known factors you need to be aware of that can work against your apartment’s value and bring down its price.
Renovations
Thinking of sprucing up your apartment before you put it up on the market? As bemusing as it sounds, some renovations can actually work against your favour if you are not careful.
By all means, go ahead with the kitchen refit if you want to upgrade it to a more modern one with sleek appliances.
For most people, the kitchen is the heart of the home, and they would appreciate one that looks in step with the times. Bright-looking hallways induce a similarly glowing effect on potential buyers. Get that paint job done, and polish the woodwork in the hallway because the first ten seconds make the biggest impression, and it can bolster the overall effect of the apartment.
On the other hand, remodelling bathrooms are a tricky affair. Everyone loves big bathrooms but not at the cost of precious space. If you have expanded the bathroom by encroaching into storage space or by eating up some of the space in the attached bedroom then it might leave buyers unimpressed. What use is a jazzed up bathroom if they can barely open the wardrobes in the bedroom?
Unpleasant views
Views may not be a priority, but it is definitely a selling point. They become more valuable when it comes to apartments where, today, it’s common enough to open the window and see nothing but a plain wall. Or worse still, not wanting to open the window because it faces the neighbour’s bedroom.
Apartments are much smaller than homes, which also drives the value of a good view up by a few notches. While your apartment may not have the luxury of facing a courtyard garden or a lake, a view that’s unblocked by other buildings close by and offers privacy would be a good plus point to have.
Natural lighting
Whether we live in places blessed with sunny climes or not, natural light is always something that people cherish.
Natural light eliminates dark corners and shadows making an apartment look more spacious than it really is. Also, opening the window and drawing the curtains apart in the morning to let in the sun is almost an automated ritual for many of us, and if your potential buyers sense that this is not a possibility, it is a definite put-off.
Similarly, the room that gets sunlight is also of some importance. If light pours into the bedroom but not into the living room or kitchen, then it’s a bit of a waste. In most cases, the bedroom lies vacant during the day as people who work from home or housewives tend to spend most of their time in the living room, kitchen or study. In an apartment, having natural light flood into appropriate rooms makes up for lack of space and might get you a better deal than you expected.
Social milieu
With cities expanding more and more into hitherto unknown areas the quality of the neighbourhood comes into sharp focus.
Naturally, buyers would like a safe and secure area with amenities close by. Well-lit streets, green spaces, great access to public transport, and a quiet environment are all factors that can boost the value of your apartment.
The social micro-milieu within the apartment complex is also crucial. If your apartment complex is mostly inhabited by middle-aged or older families, it might put off a large portion of your potential buyers.
Younger buyers might hesitate to come into such an area as they might prefer an apartment complex, which has people in a similar age range to foster social ties. If they are families with young children, they would also want similar families to ensure that their children have playmates.
The lack of an active apartment community that is perceived as dull, and socially inept, or inefficient society management are other factors that will cause buyers to balk.
Too much you
Yes, we do encourage personalising your home as much as possible, but it might not be such a good idea if you are planning to sell your apartment at some point.
Putting in too much wallpaper or textured paint, having unusually coloured tiles, painting walls with extraordinarily pop-out colours or having too many accessories like mirrors can create a dent in the first impression that buyers will have.
Customising the purpose of rooms can also be a turn-off in some cases. Converting a spare bedroom into a gym or a game room can, on one hand, show buyers the possibilities for personalisation, and on the other can prove to be impractical for some and stop them from envisioning their dream home.
