Things That are Reducing the Value of Your Home

958f0839d34a786ec52d85bbeaf5f105Usually, the location will have a lot to do with it. Buying a home in an area that provides residents with access to services and effective transportation is important. However, a house off the highway, near the airport, or next to the a college campus will be harder to sell. Visual appeal is just as important. In front of some houses, the power lines unsightly messy. Some buyers may be leery of purchasing homes that are on flood plains. To ensure maximum resale potential, consider how many of these types of issues exist near the properties you’re considering.

Perhaps you tried to do renovations, and they didn’t go too well. your home looks like a DIY nightmare, this can definitely devalue your home. Though putting money into renovations generally increases the value of a home, poorly done renovations can have the opposite effect. If buyers feel that the renovations will have to be redone, there’s a good chance they’ll make a lower offer or keep looking for a move-in ready home. 85

You chose to do work that was personal to you. Unusual paint choices (both exterior and interior) can turn off buyers, even if it looks great, and just like the den you saw in Veranda. The problem is that customizing your spaces is backwards. You want the buyer to feel like it is “their” home. By customizing it, it feels like “your” home when they walk in. If you’ve taken the guest bedroom and made it into an office by building built-in bookshelves, that’s a problem for a couple who expected a guest bedroom for a nursery. They will have to turn the room back into its original use.

Your yard doesn’t look so hot. The first thing potential buyers will see is the exterior of the property. If the house appears to be outdated or in poor repair on the outside, people will assume it is the same for the inside. Be sure the yard is free of any weeds, or dead grass and plants. DSCN1791

Your pet might have not done you any favors..damage to carpets, walls or a strong smell of animals are not attractive. Many people have pet allergies, and this would be a deal-breaker. It is a good idea to find somewhere else for your pets to stay until the home is sold. At the very most, make sure they are gone during open houses or showings. It’s not cute. A good cleaning and repairing of any visible damage will help to mitigate the potential devaluation of your home associated with pet ownership.

Also, a dodgy neighborhood with a high crime rate or homes on your block that look unkempt can scare potential buyers away. Even if your neighbors have unusual-colored homes or have made strange additions to their homes, this can be perceived by potential buyers as an eyesore.

Your home may not have the best reputation..well-known crimes, deaths or even urban legends associated with your house or neighborhood can decrease the value of a home immensely. Most people don’t want to live in a home where they feel that something awful has happened. Though these kinds of issues may be out of your control, they unfortunately do have an impact on the resale value of your home. comm-watch

Many buyers are leery of purchasing foreclosures that are being sold on an “as-is” basis. The fear is a rational one- the home could possibly be a money pit, or require vast amounts of repairs. Of course, some good homes go through foreclosures but be sure to do research and ask many questions before you shell out offers.

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2 thoughts on “Things That are Reducing the Value of Your Home

  1. If you live in a bad neighborhood, you should probably move before the neighborhood gets even worse. If it was decent when you moved in and its only getting more crime-ridden…get out while you can still get some money back for the house.

  2. I don’t understand why people buy homes in bad neighborhoods because they’re cheaper. Yes, they’re cheaper financially, but what about your own safety? Is a lower mortgage payment worth possibly getting robbed at gunpoint? No.

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