5 Factors That are Decreasing The Value of Your Home That You May Not be Aware of!
Terrible Curb Appeal
You never get a second chance to make a first impression. This holds true in real estate as well. Many buyers may just speed past your home if the curb appeal is not inviting. A well-maintained exterior leads to higher home value. On the flip side, a home with visible exterior damage, higher requirements to clean up and showing a lack of overall maintenance will drive down the home value. So be sure to have the exterior of the home in the best shape as possible.
A Never Ending Honey-Do List
If the list of repairs becomes too great, the value of the home begins to decrease. Buyers will eventually get a list of repair instructions during the inspection period. If that list is long requiring too much to address, buyers will walk away. As more buyers are scared off by the sheer amount of work needed and money required, your home will sit on the market longer. The longer it sits the less of a chance that you’ll receive asking price for the home and the value will decrease.
Less Than Desirable Neighborhood Conditions
Even if you’re home and your outdoor areas are in tip-top shape, your neighborhood can drive down the value of your home. Factors such as neighbors who neglect their properties, lack of amenities (shops, gyms, cafes, etc.), as well as the presence of eye sores such as city dumps, power stations and scrap yards.
The Layout of the Home
If your home doesn’t have a flow to it, buyers can be turned off. Consider consulting with a contractor to see what you can do to give your home better flow. Actions such as removing a wall or opening kitchen space could make all the difference. Buyers are usually looking for open spaces and lots of natural light. So give your home an unbiased eye test to identify actions you can take to improve entire layout of your home.
The kitchen is one area of the home where most experts say you get the best ROI, which is usually true. However, we understand not everyone has the budget to begin a full kitchen makeover. Therefore, consider some simple DIY action to improve its overall quality. Sound measures like changing cabinet hardware, painting the cabinets, eliminating drop ceilings, re-tiling the floor, adding a backsplash or simply buy used, yet newer appliances to replace the old, worn out models.