In the recent trends of falling house values and unstable real estate market, you should know what pulls down the value of your home. For the most part, you can make the upgrades and renovations to your home specifically because doing so can boost its market value. However, understanding the projects that can decrease instead of raise your home’s resale value is the first step toward eliminating these common mistakes.
Garage Space and Pools
According to Shrader & Associates, having a small garage or no garage is a big letdown in the home market. Most buyers want at least a two-car garage and storage space, so anything less puts your home at a disadvantage. No garage means the car sits naked in the driveway, open to elements.
In the neighborhoods of million-dollar homes, buyers are likely expecting to see a pool. However, it poses strict limits to your potential buyers. Most potential buyers see a swimming pool as added hassles they would rather do without. In addition, if your home is in a location where a pool is expected, it won’t add any value.
Damaged Roof and Outdated Appliances
Roofs are expensive and time-consuming to replace or repair, but a bad roof is a major blow to any home. You may think you are saving money by leaving a damaged roof for new owners, but the lower sale price isn’t worth it.
No one wants to invest in all new appliances the moment they buy a new home. In fact, you are not saving any money by leaving old appliances in place.
Apart from nearby foreclosures, there are other aspects of a neighborhood that influence the amount the buyers can offer. If you live by the train tracks, an airport, for instance, the resulting noise pollution may devalue your home. According to Shrader & Associates (www.yourmesotheliomalawfirm.com), landfills and power plants are bad news, too. Additionally, if the area is known for criminal activities, that is not good either.
The first thing that catches the eye is the yard. If the yard isn’t one of your priorities, it might make your home harder to sell. A poor lawn, untrimmed landscaping, unorganized drive, and sidewalks can lower buyer’s appeal, and intern brings down your home’s value. In addition, if your home is in desperate need of a fresh coat, that flaw could be sending dangerous signals on your home’s value. However, a buyer might still be put off by the color you choose. Pick a popular home colors in order to appeal to the largest group of buyers.
School District Details
School quality is always a top sell point for homebuyers; meaning if your neighborhood is not close to any school it might not fetch high offers. It might be close to some schools, but if the schools in the area aren’t flourishing and healthy, that could be a letdown to the value of your home. It is very normal for homebuyers to move to places with top-notch schools if they have kids or are planning on starting their family.
Asbestos and Other Environmental Hazards
Asbestos, mold and lead are danger to a home’s value as much as they are a danger to occupants. As word spreads about the potential health risks from inhaling lead, asbestos and mold, buyers are looking for a home without these elements. Other things include sinkholes, earthquakes, snow and strong winds.
As much as you want a fair value for your home, you must address the aforementioned issues that could drive down your asking price. A home with the flexibility to meet a big slice of buyers’ needs is more in demand than one highly customized to suit a particular lifestyle. Let your home buyers appreciate why they have to invest in your property.