10 Things That Decrease The Value Of Your Home
By any chance, have you ever asked yourself, “how much is my house worth?”. Look around. Does your neighborhood have a junk-strewn yard, loud dogs, or a penchant for wild parties? You see, these factors erode the value of your home. However, some of them are under the homeowner’s supervision, while several parameters are not easily changed.
Remember, there is a thin line between increasing and decreasing the value of your home.
Homeowner’s ultimate job is to increase the value of your home, as well as what you may (inadvertently or otherwise) be doing to decrease it. To some extent, significant renovations and repairs payoffs. Well, in other cases, you throw away or dispose of things you don’t love about your home. Here’s a catch, letting your home unrepaired is a surefire way to decrease its value.
While trying to add value to your home is a good step, consider that people have a variety of tastes. Hence, those may vary geographically and demographically. Needless to say, if your house fits the bigger slice of the population, the more significant number of people in the market will demand it.
Value of Your Home and Your Neighbors
Now, we will examine the factors which affect house valuation and see what (if anything) homeowners can do about them.
10. More Listings on the Housing Market.
The truth is, the real estate market rises and falls. Now, if you ever listed your property when the market is flooded, you’ll understand how difficult it is to unload your home at a reasonable price (not to mention when buyers are scarce). Plus, your house valuation is in trouble if your neighborhood has seen many short sales or foreclosure.
9. Neighborhood Issues.
Aside from short sales, other aspects like noise pollution can affect how much buyers will be willing to offer. Say you live by an airport or train station, noise and air pollution might devalue your home. In addition to that, power plants and landfills are bad news, too. These are proven and tested to affect value of your home negatively. It is wise to document your complaints and negotiate with authorities regarding these matters. Although, at some point, there won’t be much you can do.
8. School District Details.
Filthy schools in your area could drive down your home value. Commonly, home buyers want to move to places with quality schools. More often than not, they are mindful of the school district details they’re targeting in their search. Meanwhile, you can see through the line between good schools and wealthier neighborhoods, so it’s a complicated playing field.
7. Bad Neighbors.
Imagine your potential homebuyer is driving past your neighbors. That way, they can assess your home value in a multitude of ways. Seeing people arguing over mowing grass encompass all property lines–which can be spilled over to future owners. Unluckily, if you dispute the folks living next door, potential buyers may pass or offer a lower price.
6. Old Yard.
Your yard, right? Gnomes may be good outdoor companions for your family, but other people could find them a little creepy. Yard, among other things, creates an impression on the buyer. If caring for your yard is not on your bucket list, let’s grant the benefit of the doubt that it’s cleaner inside. Remember, strong curb appeal is essential to marketing a house. Say your home doesn’t have any, expect lower offers or none at all.
5. The Paint.
Let’s admit it. The paint is the deal-breaker when it comes to home selling. If your house is screaming out of desperation for a fresh coat, do not be surprised if that flaw could be wreaking havoc on your home’s value. It’s either you paint your house with neutral colors or don’t try at all. Give your best shot in picking the suitable color scheme to appeal to the most extensive buyer base possible.
4. Interior Design.
Stick to the plan: lure the potential buyers. Honestly, a house cluttered with your possessions is a big NO. If you are planning to repaint, avoid getting wacky. Awkward color combi, odd wallpaper, and bad flooring will appear as a future headache for the home buyer (rather than selling points)
Look around. Assess your home valuation. Probably your house requires a severe repair. From leaky roofs, busted plumbing, poor HVAC (heating, ventilation, and air conditioning) to mold problems, you need to work on that or risk shaving off a considerable portion of your selling price. Get a professional to do the job.
2. Itsy-Bitsy Kitchen.
A kitchen upgrade is a daunting task. Although, if you are a craftsman, you can take it as a project you can accomplish on your own. On the flip side, if you’re not friends with a hammer or drill, you better call in a professional to get the job done (unless you want to burn a hole in your wallet).
Yes, bathroom renovations and add-ons can increase the value of your home. But going overboard with items like gaudy faucets, loud wallpaper, and ill-chosen paint is like creating a trap to fall into. Stick to the mainstream, and watch how better standard features will serve you.
The True Value of Your Home
Warm and inviting (not filthy space) are the two adjectives that will help increase the value of your home. Are you staging your home today? Store stuff and clean up. Let your potential home buyer envision themselves in a home and not somebody’s leftover abode. List your property with us.