What Could be Lowering the Value of Your Home?
If you’re looking to sell your current home, you’re going to want to receive the highest value you can from the eventual sale. There are many elements of your home that could be increasing the value, but there are also equally many factors that could be lowering it. In this blog, we’ll go over some of those factors and how to prevent or overcome them.
Location is arguably the most important factor when it comes to the value of any home. Where you are can be a deterrent for many reasons, including lack of nearby businesses, services, activities, trails or parks. Long commutes anywhere generally aren’t desirable, so your proximity to other communities will matter. On the flip side, being too close to something or somewhere, such as a convenience store / gas station or a highway, can lower your home and property value. Understand whether the nearby schools are highly-rated, as most families that could be looking at your home will prefer a high quality of education. Also keep an eye open for any nearby foreclosures in your area. The circumstances of a foreclosure can vary, but they can be an immediate red flag for anyone looking in and around your neighborhood.
It may be the case that your home has become out of date, either functionally or stylistically. If your budget permits, try to upgrade or install at least one or two features in and around your home. You can generally get significant ROI (return on investment) from upgrading your kitchen or bathrooms. If you feel your backyard could use a boost in functionality or personality, consider installing a deck or another outdoor structure to create a more appealing space. Be careful not to upgrade your home too much, as a visible mismatch between the inside and outside of your home may deter possible buyers. If your home has too many outdated stylistic features like stippled ceilings or carpeted floors, this can also deter buyers from giving your home a chance, as they imagine having to conduct the renovations themselves.
A little elbow grease can go a long way to improving the saleability of your home. A clean home generally indicates a well-maintained home. Don’t be afraid to move some of the furniture to get into those hard to reach areas, they can stand out the most when buyers are having a look around. Unclean windows are definitely a turn off for buyers who are trying to look through them to the view beyond.
Don’t neglect your curb appeal in favour of your interior spaces, as curb appeal can be a very important factor when it comes to the value of your home. Make sure to put a focus on outdoor property maintenance while you’re looking to sell, as a well-maintained property indicates an equally well-maintained home. Your front yard and entryway are most people’s first impression, both online and in person. Avoid a bland or barren front porch and make sure that your home stands out visually. If your property is already well-maintained and decorated, consider the exterior features of your home such as doors, windows, roofs and walls. Over time, they’ve likely developed wear and tear, prompting a refinishing, reinstalling or simply repainting of the surfaces. Taking these measures will motivate more potential buyers to look further into your listing, possibly reaching out and/or making an offer.
If you have any further questions about selling, or would like to schedule an appraisal, feel free to reach out and let us know!