Seller’s Guide: 6 Things That Devalue Your HomeFebruary 24, 2021
You may be thinking of selling your current home and building your dream one. That would be a great move. However, depending on the state of your current house, selling may not be so easy. It’s important to get a savvy real estate agent, source financing, and prepare to roll up your sleeves. You should also be aware of all the things that will dissuade people from buying your house. Here are a few things that devalue your home:
6 Things That Devalue Your Home
A range of factors can affect the value of a home. Prior to purchase, potential buyers will often do a property records search. Several factors are involved and it goes beyond just size, location, and quality. Here are a few of the tops things that can drive down the value of your home and make it more difficult to sell:
1. Poor Presentation
Poor presentation is one of the biggest things that devalue your home and turns off potential buyers. Ensure you present the house in the best way possible. Everything should be clean. Clutter ought to be tidied away, and any outstanding renovation jobs should be completed.
It’s a good idea to declutter as well. It’s easy to accumulate a lot of stuff throughout your life and you might no longer need or use a lot of it. Instead of letting this stuff continue to take up space, clear it out. Not only does this reduce the amount of stuff you have to pack up, move, and sort through later, but it also helps give your home a fresh, clean look.
Plus, if decluttering includes clearing out cabinets, closets, and cupboards, it can make these spaces look bigger and more open. Potential buyers sometimes like to see how much storage is available. If you’ve cleared things out and things are stored nicely with some space, they’ll have a good impression.
In addition to your real estate agent, it may also be a good idea to consult with a home stylist. If your real estate agent has the experience, they can help you stage your home appropriately while avoiding common home staging mistakes. A trained eye can be a valuable resource that can help you sell your home quickly and possibly for more than you though
2. DIY Renovations
Buyers pay attention to the smallest of details. It is vital that you always hire a qualified and licensed contractor for any painting, tilling, gas, electrical, plumbing, or heating work. Doing these yourself if you are not qualified normally yields poor quality results, and it shows. Poor renovations like dodgy tiling and bad paint jobs can devalue a home.
3. Illegal Home Improvements
Building without planning approval or permits from your local council may render your home untouchable to buyers. People can use property history search tools to get more information about your property. This is why you need to keep your property background clean.
Once a property history search is performed, it will highlight all the approved adjustments made to the house. For example, if you have a five-bedroom house, but only two were council-approved, you could be in a world of trouble when trying to sell.
Agents and buyers will negotiate their price based on the approved two bedrooms. In worst-case scenarios, they may not even wish to do business with you. It’s best you perform the necessary due diligence and ensure all work to your home goes through the right planning and approvals. This will ensure you get the best rate as you sell and avoid these major issues.
4. Bad Conditions and Visible Damage
Put some effort into improving your home for the market. Worn-out paint, faulty doors or locks, or other visible damage will drive the value of your home down, regardless of location.
The condition of a property is an important factor for buyers. Most people prefer houses that are readily available and do not require large sums of money to renovate. Before you list or engage a real estate agent, ensure all faults are taken care of.
Patching things up and making necessary repairs are some important home staging tips. Taking care of these things will help you get a good deal from your house once it is sold and may even help you list and sell at a higher price.
5. Outdated Kitchens and Bathrooms
Bathrooms and kitchens are popular rooms for potential buyers. Sometimes, they can be the difference between a sale and a buyer walking away. If your bathrooms or kitchen are outdated, it’s a good idea to freshen them up before putting your home on the market. Not only can this help you sell the home faster, but updating a kitchen and the bathrooms can also increase your home’s value.
Noisy neighborhoods, such as those close to airports or train tracks, may devalue your home. Also, light pollution from a nearby highway or athletic complex could make buyers unsure as well.
Power Plants and Landfill areas have been proven to affect home values negatively. If your neighborhood is known for illicit criminal activity, not many people may be willing to move into your home. As such, the value of your home may suffer.
Choose the Right Agent
The right real estate agent will have your best interest at heart, experience with the local market, and will give you fantastic advice throughout the process. Your agent is supposed to get you the best possible outcome.
So, make sure you perform thorough research and background checks. If you don’t, you could ultimately end up with low offers or other issues. Take the time to compare agents and choose wisely.
Selling a house and moving into a new home is exciting, especially when the home you are moving into is your own custom home. However, the process can be extremely stressful.
One of the first steps you can take is to get your property valued. It’s important to know what could add value to your home and what might put potential buyers off. Regular maintenance of your property will set you up for success.