Evaluating a home’s value is not an easy task to achieve, many homeowners like myself usually contract a professional appraiser to handle the job of evaluating the home. These professionals when appraising a property, take into account not only the condition of the house alone but also the condition of the inside of the house and the outside environment surrounding the house (neighborhood).
Are you planning to sell your house? Then getting it evaluated is the first step. In order to get a good asking price for your home, it is advisable to first get an accurate value of how much your home is worth, and that can be done by contracting professionals to appraise the property.
Many homeowners like yourself have embarked on the journey of finding smart ways to increase their home value without breaking the bank. There are many factors that can positively affect the value of your home, from changing your house number to a name, replacing the windows, to maintaining the garden. As much as there are factors that can help increase the value of your home, there are also factors that can bring down the value of your home. In today’s blog post, we’ve outlined the top 10 factors that bring down the value of your home.
10 factors that negatively affect the value of your home
There are numerous factors that if left unchecked can negatively affect the value of your home. Therefore, if you wish to sell your house, pay more attention to these outlined factors below, because they can cause a drastic reduction in the asking price for your home.
- Too many Comparable Listings
The theory of demand and supply comes to play here. Listing your home for sale when there are tons of houses up for sale in the same neighborhood can drag the market value down. When the market is flooded with many comparable homes, it becomes harder to drive the value of your home up, especially when there is a limited number of buyers.
- Location/Neighborhood Conditions
The conditions and location of your house can sometimes cause a reduction in the value of your property. There are many elements of the neighborhood that can be unattractive to buyers. For instance, if your home is located close to an airport or train track, then noise pollution can cause a reduction in your home value.
More so, if your neighborhood is currently suffering from a high rate of criminal activity, then your home will suffer a drastic reduction in value.
- School District Conditions
The schools in your district are another determining factor in the evaluation of your home. Many home buyers wish to start a family, and getting a school with a good reputation close to their homes is a necessity to them. Therefore, the quality of schools around your home can also influence the value of your home.
- Condition of the Yard (Curb Appeal)
The first characteristic of a house that attracts the buyer is the Curb appeal. Having a strong curb appeal can raise the value of your home, and just as you might have guessed–having a bad curb appeal will devalue your home.
Have you been to a nice home you admired before? What was the first attractive feature that got to your eye? The yard, right? Having a nice neat yard that is cared for regularly increases the value of your home. However, if you lack a yard or do not put more effort into taking care of your yard, then there’ll be a great reduction in the value of your home.
- Bad paint (Curb Appeal)
The condition of your home’s paint is another determining factor for the evaluation of your home. A good paint has a great curb appeal amongst buyers, not just the condition of the paint, but also the chosen color. It is advisable to repaint your home before putting it up for sale. Many sellers contract a professional to help them select and repaint the house before listing it on the market, and in doing so increase the value of their homes.
- Interior Decoration/Aesthetics
Now you have successfully lured a potential buyer to your home, what do you think they look out for next? The inner beauty of your home. Having a bad interior decoration means the buyer still has much work to do on the house, and this can greatly devalue your home.
- Too Many Repairs needed
If the house you wish to put up for sale requires numerous repairs to be carried out on it, then it won’t be a surprise to see the value of the house drop greatly.
When your home requires major repairs, like a leaky roof, dysfunctional heating/ventilation/air conditioning system, busted plumbing, etc. It is advisable to employ the services of a professional to handle the repairs before listing the property on the market. Leaving these repairs for the buyers may result in major devaluation of your property or you may not even get to sell the property at all.
- Low-Grade Inferior Kitchen
One of the most alluring features of a house is the kitchen. Many homebuyers, once they get into your house, after seeing your interior décor, they almost always move to the kitchen next. If you display a low-grade inferior kitchen to your potential homebuyer, then you will be shocked at the low price he/she will bid for the home. Therefore, it is wise to remodel and renovate the kitchen to raise its standard if you want to sell your house. Remodeling your kitchen is a good way to raise the value of your home. A top-notch kitchen is appealing especially among homebuyers looking to start a family.
- Abused Bathroom
Imagine taking a potential homebuyer around your house, and maybe he’s getting ready to make a good bid for your property; but then, he comes in contact with your Bathroom which is unkempt and abused, the result will be a drastic reduction in the value of your home. Renovating and remodeling your bathroom is a good way to increase your home’s value.
- Low-Grade Windows
Currently, in the Real estate business, energy-efficient windows are the leading trend in modern houses. Installing energy-efficient windows is one of the smartest ways to raise the value of your home. It is advisable to replace your old windows with modern energy-efficient windows, because it greatly improves your home appeal, reduces your energy consumption, and adds more value to your home. Having an outdated window just reduces your home value, it’s better to go for a new and modern one.
It is the goal of every home seller to raise the value of their homes before listing them on the market. There are common mistakes many home sellers make that result in the devaluation of their property. Luckily for you, we have carefully outlined the factors that can bring down the value of your home. Carefully consider these factors, apply the necessary changes and watch the value of your home rise to the top.