If you are taking in consideration to sell your property maybe it would be good to know what are the factors that could decrease the value of your home.
Unfortunately, there are some issues that could seriously affect the real value of your home. More than that, these issues could ward off the prospective buyers, even if otherwise, your property looks flawless.
Even though many of these problems cannot be solved by yourself, you still have to take them into account when you want to sell the house.
1| Home Location
From the homebuyer point of view, the property location is probably one of the most important factors in his purchasing decision. In fact, who does not know the saying “location, location, location”. However, the location involves many factors, not only the geographical position, such as:
– Easy access to public transportation and services, but still far away from airports or main roads;
– A good visibility and a great curb appeal, without trees, power lines or phone towers, which may block the visibility, and are an eyesore for any homebuyer, not to mention that they may be even a health hazard.
– Close from schools – this is an extremely important factor for people with children;
– Some potential homebuyers are afraid to buy a house that is on a flood plain.
– Another important factor in purchasing decisions is the neighborhood development perspective, although it is not quite predictable. Nobody knows exactly how an area can evolve in the future.
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2| A Poorly Done Renovation
Although any renovation, especially a major one, is done in order to increase the overall value of your property, sometimes it can happen do not have the desired effect, but on the contrary. An opposite effect have diminishes your chances to sell your home at a good price. This is frustrating for you that you have invested a lot of money in the renovation, only to compromise the appearance of your home. Poorly executed renovations will scare a prospective buyer, because he will have to invest a significant amount of money over the price of the house, only to fix these “renovations”.
3| Too Much Customization
A house should not impress through a too much customization of finishes. After all what you like, maybe another dislikes. For a sale to be successful, your house should be painted in neutral colors without exaggerating with walls painted in unusual colors.
Many changes that you’ve made in terms of rooms or outbuildings functionality may not correspond with what the future owner wants, even if these changes were made according to the latest trend. Therefore, the potential homebuyer may not appreciate the fact that you have turned the garage or garden shed into a gym.
Even if your investment is pretty serious, do not expect a big return. A unique garden, a gourmet kitchen, granite marble countertops or in your bathrooms may not bring the desired effect, especially if they are intended for a first time homebuyer. In short, do not invest and do not customize too much if you want to have a successful sale.
4| Unattractive Curb Appeal
It is rightly said that first impressions count. The exterior of the property is the first thing that is seen by the potential homebuyers. If your property appears in poor conditions, outdated and requiring major repairs, everyone will think that its inside is like outside. In other words, they have already formed an opinion, unfortunately negative about your home.
Old garden sheds or fences can also decrease a lot the overall value of your property, if they look in disrepair and requiring urgent and costly repairs.
However, there are many little things that could help you change the first bad impression such as a mowed lawn without weeds, clean and tidy property or a fresh paint.
What might be unexpected for you is that many improvements that you have made with heavy expenses such as swimming pool, water features, tennis court, greenhouse, etc., could turn off many homebuyers because the general tendency is for them to see only the expenses incurred by maintaining them.
5| Your Pets Can Drive Away the Homebuyers
It is true that many people love pets, but still no one wants to buy a home with scratches on the walls or doors or damaged carpet, not to mention the strong and unpleasant smell that is left by many pets. Many people suffer from allergies and this odor will definitely make them quit.
Fortunately, this problem can be easily solved. Consider taking your beloved pets to live elsewhere with friends or relatives while your house is on sale. Meanwhile, you should fix all the damages made by your pets.
6| A Dubious Neighborhood
A dubious neighborhood with untidy houses and noisy neighbors can make any potential homebuyer to withdraw, especially if the area is known to have a high crime rate.
More than that, if your home has a bad reputation regarding the former owners and is shrouded with stories and urban legends, then its value will drop significantly, and will be difficult to sell it even below the market price.
7| A Construction Site or an Ugly Neighborhood
A demolition and a construction site can scare a buyer, especially if it is sensitive to noise and is eager for solitude and privacy.
Even if your home is a pleasant exception, the ugly nearby buildings can spoil the overall impression being perceived by the potential homebuyers as an eyesore.