10 Surprising Things That Devalue Your Home
Are you thinking of selling or are just keen on preserving the value of your home? Check out the tips below to protect your investment and correct any mistake that devalues your asset.
1. Poor exterior paint quality
Faded, cracked, or peeling exterior paint is a turnoff. After all, it is the first thing people see in your house. Offbeat colors are also a letdown. Buyers favor neutrals like gray, white, cream, or beige.
2. Deferred maintenance
A backlog of serious repairs chips away at your home’s value. A leaky roof, damaged siding, or sputtering HVAC system should be fixed immediately. It is also cheaper this way.
3. Yard in poor condition
The value of your home will suffer if you lack curb appeal. Buyers want a nice yard, but not too nice, as the extra maintenance that goes with elaborate landscaping may be too much work.
4. Bad neighbors
Does your neighbor have loud dogs or a junk-strewn yard? This erodes your property value, too. The same goes if they a penchant for wild parties or are registered sex offenders.
5. Neighborhood foreclosures
When estimating the value of your home, appraisers check your neighborhood and look at comparable selling prices. Foreclosures make your property look bad.
6. Too much personalization
If you have offbeat stuff, like quirky wallpaper or unconventional fixtures, consider removing them before selling as these projects mean more work for potential buyers.
7. The address suffix
Suffixes like boulevard, place, and road make a home expensive. Inversely, street, drive, and avenue lower property values.
8. Plenty of carpet
Carpets mean extra work. They are hard to clean, easily damaged and notorious for retaining odors. Moreover, buyers prefer hardwood floors and are willing to pay more for it.
9. Proximity to certain establishments
Living close to certain facilities and businesses can lower the value of your home. For example, a bad school causes a drop of 22.2%, strip club 14.7%, homeless shelter 12.7%, cemetery 12.3%, and hospital 3.2%
10. Garage conversion
You might have thought it cool to convert your garage into a home office, gym, or playroom but buyers want a garage where they can park their cars. If you really want to convert your garage, do it in a way that you can easily convert it back to its original form.