If you are planning to sell your home, you must consider the material facts or details that a buyer would consider when deciding whether to purchase a house. Here are some common material facts that might affect a house’s value or desirability:
Physical condition
Buyers will most likely investigate the physical condition of the house, including the following:
- Structural issues: Problems with the house’s foundation, roof, walls or other structural components can be very costly to repair and significantly impact the property’s value.
- Pest infestations and hazards: Traces of pest infestations, like termites or rodents, can deter buyers from buying a house. Moreover, the presence of hazardous materials like asbestos, lead-based paint, radon gas or contamination from mold or mildew can negatively affect the property’s value.
- Age and condition of systems: The age and condition of the heating, ventilation, air conditioning (HVAC), electrical and plumbing systems can impact the property’s desirability and value, as older systems may need more maintenance or replacement.
Location and neighborhood
Another common buyer consideration when purchasing a home is looking into the following:
- Neighborhood: The desirability of the neighborhood, including schools, crime rates and proximity to amenities, can greatly influence property value and appeal to buyers. Accordingly, proximity to airports, busy roads, or industrial areas can be undesirable due to noise or pollution and may reduce property value.
- Natural disaster risk location: Properties in areas prone to earthquakes, floods, wildfires or other natural disasters may be less desirable due to the increased risk and potential for higher insurance premiums.
Other concerns
The following may not always be applicable to all houses but it doesn’t hurt to know more about them:
- Previous repairs and renovations: Past work done on the house, whether it was completed with or without proper permits, can affect its value.
- Administrative and legal issues: Easements, zoning violations or unresolved liens can affect the use of the property and its value.
- Death in the house: While Massachusetts does not require its sellers and brokers to disclose any past occurrence of death in the house, it is still a consideration for some buyers who can directly inquire about it. If they do, sellers must provide the truth about the fact.
Sellers are generally have to disclose known materials to potential buyers. If you are thinking of selling your house, working with an experienced and resourceful real estate attorney can help you reach your goals while complying with the law.