5 Factors That Devalue Your Home
Home buyers and property owners should be aware of the pitfalls that could devalue a property. While there are several parameters like the square footage and location that are out of control and can still have a major influence on the opinion of prospective buyers, there are some things that can increase the marketability of a property.
Here we discuss about some of the factors that will have a negative impact on your property’s appeal and how to take care of them. Read on to know more about the factors that devalue your home.
Everyone wants to buy a house that is in close proximity schools, supermarkets and emergency services. Recreation areas such as parks, community halls and other amenities also weigh heavily on how a buyer looks at the property. On the other hand, factors that negatively influence a property’s appeal include mobile phone towers, high-tension wires and frequently flooding neighbourhoods. Noisy highways and airports are also considered as eyesores.
2. Unappealing Curb Appeal
The curb appeal is surely a deciding factor when it comes to the value of a property. If the property appears to be too outdated and in a state of poor repair on the outside, it will reflect that the condition is some on the inside. A de-cluttered and neatly mowed and weeded garden, and a fresh coat of paint can make a lot of difference because the exterior is the first thing that any potential buyer will see. Some buyers also seem to be turned off by overly large landscapes, swimming pools and water features like fountains as they all reflect high maintenance.
Even if your property happens to be in the best area, a rundown and poorly maintained neighbourhood can push the buyers away from purchasing your home. Surroundings that look like they have been not maintained properly or are known for scarcity of must-have services like water and power cuts will force the sellers to cut down their asking price. Dodgy and high-crime neighbourhoods will obviously scare any potential real estate buyers.
4. Renovations Gone Bad
You might have done some DIY home renovation projects to increase the appeal of your home while keeping the costs down or the professional you’ve hired wasn’t the right guy after all. Whatever might be the reason, failed home renovations can definitely devalue your property as they don’t look like they are ready to move-in. On the contrary, putting some money on renovations to increase the appearance and functionality of your home will surely help in also increasing the value of your home.
5. Too Much Customization
Everyone has their own style of living and what might seem to be a perfect fit for you or your family members might not be as inviting to home buyers. Turning your garage into a home gym, unusual paint choices and a large greenhouse might all seem good for you but they may not be as appealing to the buyers looking at your home.
The bottom line is to always make your best efforts to keep your property well maintained and is in a condition to accept any changes to accommodate any changing requirements. Neighbourhoods change over time so you shouldn’t be too keen about how the area will look after some years. However you need to make sure that, with the help of your neighbours and the authorities, the area is safe and secure for all the residents. If you are still not able to decide, talk with a realtor about the strong points of your home to better highlight them for a successful sale.a