When committing yourself to a significant financial investment, such as purchasing a home, you should be aware of causes that can drive the property’s sale price down.
It is not a secret that when it comes to the overall value of your home, local crime rates, various property taxes, and resale conditions can play a big part in how much your home is worth. But where do you begin? Well, we’ve compiled a list of six things that could influence the final sale price of your home. So, check it out and get the necessary facts before making your move.
Neglected Areas in Your Home
Every homeowner knows that any deteriorated areas that need attention can adversely affect the value of your house. The most common example will have to be the basement. Still, any other unadorned room in your home can also negatively impact its appeal. For instance, if your bathroom is missing a bathtub, this area of your home could be a negative factor in potential buyers’ decisions.
Additionally, you may have an unfinished attic or other unused space in your home. In that case, it’s important to note that you should make this area attractive and appealing to potential purchasers when they turn up to inspect. If you don’t act before showing the property to prospective buyers, they may think this area is unsafe or unsuitable as a living area.
Location of Your Home
Location is probably one of the most critical factors when it comes to the value of your property. It’s worth will largely depend on the area, and it is position. Your home can become more valuable in a great school district, a village-like community close to shops, cafes, and parks. These are elementary factors not to disregard when buying.
If you are selling your home, there are a few things you could do to make your home more desirable, such as improving the curb appeal by adding features and enhancing your patio or deck. However, you will never be able to change the location of your home, so make sure you consider that when purchasing a property.
Damage Caused by Pests
The most common problem that can negatively affect the value of your property is damage left behind by wood-destroying pests. Termites and wood-boring beetles are the most common pests that can wreak havoc in homes and commercial buildings. They can eat away at the wood, causing problems such as floor collapses, wall cracks and structural damage.
If you suspect such pests are eating away at your floors or wood beams, you should immediately contact a professional pest control company for help. Many other household pests are also attracted to moisture from leaking pipes and under the sink areas, so keeping those areas dry and clean will help prevent them from moving into your home.
The Wrong Improvements
Mistakes made during your home’s remodelling and renovations will affect your property’s purchase price. These errors are often the result of a homeowner trying to save money when renovating.
It’s essential to ensure you know what improvements you want to make and how much they will cost you. If the desired modifications are unnecessary and too expensive, then it may be best not to proceed altogether. The wrong improvements not only will negatively affect the value of your property. But they will also cost you a lot of money. So, if you’re considering making home improvements, do your research first and consult an expert to ensure you’re not putting your property value at risk.
Poor Kerb Appeal
Poor kerb appeal is the first thing that comes to mind when you think of a home that’s been neglected for too long. It’s why some people don’t even want to look at a house or apartment that doesn’t have a fresh coat of paint. Poor kerb appeal can be a deal-breaker for potential buyers if you’re selling your property.
Some simple things you can do to improve your property’s kerb appeal include mowing the lawn, trimming the bushes, weeding the garden, cleaning the windows and doors, and painting the front door.
Lack of Maintenance
Poor and inadequate maintenance is one of the primary reasons that can send the value of your home down. The sale price of your property is likely to be negatively reflected in the final asking price if the exterior or interior of your home is not well-maintained. It will be obvious you have not taken care of your home. As a result, potential buyers may be less likely to make an offer. Failure to keep up with regular repairs and maintenance will lead to more significant problems later. A roof that needs repair can lead to ongoing issues such as water damage, mold and mildew problems and pooling water in the house if there are leaks in pipes. These issues could cause significant damage to your home and make it less valuable in the eyes of potential buyers.
There is little you can do when a rowdy neighbour moves next to you. But you can undoubtedly choose the neighbourhood where you buy your home. If you live next to noisy neighbours who have regular parties, neighbours whose dogs constantly bark or whose front garden resembles a junkyard, it will be bad news for the value of your property. Ensure you are buying the property in a friendly, quiet, community-like street to rip the benefits of a higher price when the time comes to sell.
Suppose you’re looking to purchase a house or considering selling it in the future. In that case, it’s essential to carefully examine how each of the above-mentioned factors can help to improve your home’s overall value. But ultimately, none of those mentioned above will be the deal-breakers if your property doesn’t meet the market value. With rentals and real estate becoming more competitive thanks to their growing popularity, paying attention to these details is more important than ever, and making that extra effort to ensure yours stands out from the rest.