Naturally, you’ll want to get the most out of your money when selling your home- especially if you invested a lot in the first place. But there are a number of elements that decrease property value and will leave you with an undesired land appraisal. So before putting your house on the market, make sure the following factors are accounted for.
1. Unchecked Maintenance Problems
If people intend to buy a fixer-upper, they’ll want to save their cash for the repairs. So if your house has any upstanding maintenance issues it will immediately raise a red flag. Some of the issues to consider before putting your house up for sale are:
- Water damage like leaky roofs or mold
- HVAC (heat, ventilation, air conditioning) issues
- Plumbing problems
2. Clutter and Bad Staging
When viewing a home, people want to imagine themselves living in it. A poorly staged interior will give the wrong impression of the home’s true potential and therefore turn away potential buyers, causing a reduction in home value.
Even worse than poor staging, however, is clutter. Clutter distracts a viewer from the actual property, hides attractive features of the home, and makes the space seem smaller than it really is. Furthermore, an unkempt area can have people worried about what else in the house has been neglected that’s not immediately obvious.
3. Unsightly Curb Appeal
First impressions are lasting. A scruffy, neglected lawn and peeling paint job can immediately turn away potential buyers. If the outside of the house is uncared for, people will assume the same for the interior. The fewer people interested in buying your home, the lower the property value will drop.
Landscaping is another issue to consider in your home’s curb appeal. Invasive weeds or high-maintenance plants will have people second-guessing their interest in purchasing the property. Likewise, a cluttered or quirky yard will reduce the home value as well. So if you’re a yard gnome collector, consider packing them up before the open house.
4. Low Energy Efficiency
People invest their savings in a home to ultimately save them money over time. If your house has low energy efficiency, it will decrease your property value since it will be pricier to maintain. All of the following attribute to a home’s energy efficiency:
- Properly sealed windows
- Insulation
- Energy-efficient bulbs
- Energy-efficient boilers
5. The Wrong Renovations
Home renovations can be a great way to boost property value. That being said, the wrong ones can have an unwanted negative effect. For example, merging two bedrooms into one is unadvisable. The more bedrooms your home has, the higher you’ll be able to list it for.
Overpersonalized renovations can decrease your home value too. If there are many people interested in buying your house, bidding will go high. But if you renovate a space with particular taste, you’ll be minimizing the market. Quirky wallpaper can be enough to turn away a buyer, so anything more extreme will certainly make for a tough sell.
6. Poor Public Education System
People don’t just move into a home- they move into a neighborhood. If potential buyers have children or plan to, they will want a location with a reputable education system. But even without kids in the picture, the local school system affects the going rate of all the homes in the area.
7. High Neighborhood Crime Rate
The high crime rate is another neighborhood aspect that will reduce your home value. Though there’s not much you can do to change it, it helps to know where your community stands. Stay informed on your neighborhood crime rate.
8. Foreclosed Homes in the Neighborhood
Foreclosures in your area damage your home value because they can sit for a long time without repair. Additionally, they sell for a lower price, dropping the overall average market value of the neighborhood. Foreclosures within 660 feet of your home can decrease its value by nearly 1%.
