Does living in a factored building increase your home value? Many factors affect the value of your property and how sellable it is at any given time, such as whether or not your house or development is maintained by a property factor.
Many factors which are well known to increase property value are things like proximity to good schools and local amenities. However, most people don’t consider how a well-managed property, which has been maintained by a property factor, can significantly increase your property’s value. Here’s how:
Property factors prevent wear and tear
The purpose of a property factor is to ensure a building is well maintained throughout the years. This means that regular checks and maintenance are undertaken to make sure that problems aren’t allowed to build up or go undiscovered, leading to expensive bills down the line.
It’s no surprise that properties which are well maintained are more marketable, leading to a higher return on investment. Wondering exactly what factors do? Here is our simple guide to property factoring in Scotland.
Property finances are well-managed, in one place
When a property is managed by a factor, an effective property management company ensures that the building’s finances are well managed and accessible in one place. For homeowners, and potential buyers, it’s attractive to know that all necessary bills are available in one place such as a quarterly bill.
Working with a factoring company means that buyers know exactly what financial situation they are opting into when looking into buying a property, which can improve the overall package to buyers.
For instance, buyers purchasing a property without a communal factor may not be aware of areas which will require work, and money, in the coming months and years.
When buying a factored property, potential owners can make plans for future roof repairs and other expenses based upon advice from the property factor.
Prospective buyers don’t have to manage anything
How often should you have your gutters professionally cleaned? When should you have your roof inspected for repairs?
There are so many things to think about when buying a property, and buying a factored property means that upkeep and communal cleaning isn’t one of those things.
For many investors and landlords, as well as homeowners with busy schedules, it’s good to know your home is in safe hands. Having a company to manage upkeep could be a real added bonus to buyers and another reason why having a factor can add value to your home.
Similarly, buyers will value the convenience of cleaning and organising being taken care of. Nobody wants to be the person rallying 20 residents to chip in for a shared expense or be the person trying to implement a regular cleaning rota. When buying into a factored property, buyers know that it’s all covered.
Up to date with all regulations
Finally, your property factor should be up to date with all current and emerging legislation that affects home ownership, such as interconnected smoke alarms in Scotland. Why does this add value to your home?
Buyers are safe in the knowledge that their new home is fully compliant with all laws. Of course, there is a home report to catch these sorts of things, but knowing that a property manager is on top of all things safety is a big bonus which can add real value to your home.
Find out more
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