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Owning property has historically been among the biggest investments someone can make. So whether you're buying or selling, you always want to get the best bang for your buck and make sure that you're getting great value. Knowing what to look out for as a buyer can help you find a property that suits your needs, whereas as a seller you need to know how to maximize the return you get for the property you bought. Perhaps there are some additions or upgrades that need to be done, or maybe there are a few days of TLC required on your property.
In this gallery, we'll go through 30 elements that decrease a property's value! Click on to discover them all, and then avoid them!
Failing to keep up with routine maintenance tasks, such as fixing leaky roofs or addressing plumbing issues, can decrease your home's value over time. Regular upkeep is essential to preserve your property's condition and attractiveness to potential buyers.
In today's environmentally conscious market, homes with poor energy efficiency may lose value. Investing in energy-efficient upgrades, such as insulation or energy-efficient appliances, can make your home more attractive to buyers.
Old or outdated electrical wiring can pose safety concerns and deter potential buyers. To maintain or increase your home's value, consider updating the electrical system to meet modern safety standards.
Opting to fill in a fireplace rather than maintain it could decrease your home's value. Buyers often desire fireplaces, and the perceived cost of restoring one may lead them to reduce their offer price.
Removing wallpaper and repainting before putting your home on the market is advisable. Many buyers assume it will be a significant expense, and the presence of wallpaper can make your home appear dated.
Brass fixtures, while subtle, can give a dated impression of your home. Replacing them can help modernize your property and enhance its overall appearance.
Even with beautiful countertops and fixtures, outdated kitchen cabinets won't go unnoticed by potential buyers. Upgrading your cabinets or even renovating your kitchen can increase its appeal.
Surprisingly, some buyers may not want a church close to their house due to increased Sunday traffic and congestion. Proximity to large churches can sometimes negatively affect your property's value.
The layout of your home can significantly impact its value. Compartmentalized or dated layouts can deter buyers who prefer open-concept designs.
Awareness of a death in the house, especially if it was a murder or suicide, can deter some buyers. Services now exist that allow potential buyers to check for such incidents, impacting their interest in your property.
Older homes may have beautiful hardwood floors beneath the carpet. Remove the carpet and expose those hardwood floors to add value to your home. Refinishing the floors can make a significant difference too.
Outdated paneling in the basement or rec room can make your home appear dated. It's advisable to replace it to modernize the space and enhance your home's appeal.
Illegal upgrades, like adding a new apartment without proper permits, can lead to a bad home appraisal. A bad appraisal can block potential buyers from obtaining funding for the home purchase.
While you may love your collection of snow globes and antique perfume bottles, it's best to store them away while your house is being shown. Overdecorating and items of personal interest must be removed to create a neutral and appealing atmosphere.
People are sensitive to smell, so a bad odor, like cigarette smoke, can deter potential buyers. A strong deodorizer can be an indicator of a cover-up. Instead, consider more pleasant scents like those of baked goods or fresh fruits.
Environmental elements like cellphone towers, power plants, and landfills can hurt your home's value when it comes time for a home appraisal.
Buyers might also be sensitive to other types of excessive noise around your property. Anything from living within hearing distance of a commuter train to an airport can affect your home's value.
Living on a busy street could negatively impact your property's value. Houses on, or that back up to, busy thoroughfares generally have less value than the exact same house would if it were in a quieter spot.
Regardless of how well-maintained a neighbor's house is, you might be in a bind if a potential buyer finds them on a criminal offenders list.
Regardless of where you live, there are probably some foreclosures nearby. If they are clearly marked as such (not all are), this can be a turnoff to some buyers. There's nothing you can personally do about this, of course, but it's good to be aware of it.
Opting for aluminum siding because it's durable, repels bugs, and insulates your home can work against you when it comes time to sell. Buyers often prefer homes without aluminum siding, as it can cheapen the appearance of the house.
If you have a koi pond or other decorative body of water on the property, ensure that it's clean and pristine. Clean it before you try to sell, as buyers prefer well-maintained water features.
While some buyers see a pool and envision warm summer days lounging on a floatie, a majority of buyers won't even look at a home with a pool. Most fear the maintenance, additional insurance, and general added expense that a pool demands.
Even if your home's lawn is in good condition, landscaping that's too quirky or personal could hurt your home's appeal. Real estate professionals advise against "too-personal touches" that might deter buyers who want to develop the yard with their style.
Landscaping has the potential to increase home value. If you've let your home's lawn go, now is the time to roll up your sleeves and bring out the gardening tools. Dead or dying shrubbery should be removed and replaced with healthy and lush plants, and there should be no weeds anywhere on the property.
If buyers drive by your home or decide to do a walk-through, what they see at first glance makes a difference. If your home is messy or unruly from the outside, it could sour a potential buyer's experience.
You might not pay much attention to wear and tear on your driveway, but appraisers will. They look for signs of physical depreciation, so consider resealing the surface of your driveway before you put your house on the market.
Homeowners near shale gas wells can take a major hit to property values. Many properties that are close to these operations tend to lose value very quickly.
Sometimes, the factors that affect your home's value have nothing to do with your property at all. One such example is a 'zombie house' in your neighborhood. Zombie houses are abandoned, neglected, or dilapidated homes with overgrown yards. They can really hurt the value of neighboring homes.
Whether you skimped on an upgrade to save money early on or just haven't had time to update certain features of your home, not keeping up with the neighbors could hurt your home's value. Homes without features that are common in the area, such as a patio or pool in Florida, will have an overall lower value.
Sources: (Yahoo Finance)
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Owning property has historically been among the biggest investments someone can make. So whether you're buying or selling, you always want to get the best bang for your buck and make sure that you're getting great value. Knowing what to look out for as a buyer can help you find a property that suits your needs, whereas as a seller you need to know how to maximize the return you get for the property you bought. Perhaps there are some additions or upgrades that need to be done, or maybe there are a few days of TLC required on your property.
In this gallery, we'll go through 30 elements that decrease a property's value! Click on to discover them all, and then avoid them!