Realtors may stress the importance of location when it comes to property value, and it’s true. The location of your property does matter. At the same time, there are plenty of other things that can add value to a property, as well as devalue it. Today, let’s look at 7 things that can devalue property, which ultimately will decrease the selling price.
If the property is in a general state of disrepair, it’s quite possible the value of the home will decrease. This goes for things like broken windows, slimy mold growing on the siding, dirty carpet, leaky faucets, and so on. Those things that can be fixed or updated, such as paint or broken appliances, ought to be done before listing the home.
- Foul smells
Believe it or not, the way a house smells matters. If there have been pets living in the home, that dirty dog smell or cat litter smell can devalue your home. It’s not just pets either. If there is a smoker in the home, or if another strong odor is detected, it’ll serve you well to eliminate that smell before putting the house on the market.
- Shoddy renovations
While it may sound logical to complete a list of DIY projects around the home before listing it, be careful when it comes to doing some projects yourself. If you’re not a good painter, hire a professional. The same goes for other projects like replacing carpet, tile, or working with the HVAC or plumbing. The reality is that shoddy work will devalue your property.
You may not think clutter is a big deal, but too much clutter can bring the home value down. Take the time to go through each room (including closets) and get rid of the things you don’t need. Or, simply pack up some of the items for the sake of showing the home. While you may love having a hundred pictures (or plants, gadgets, pillows, etc.) scattered around the home, limiting or removing them for the sake of showing the home will help your home’s value increase.
- Illegal renovations
Home improvement is wonderful, but if you do so without getting your local council’s approval, this can ultimately devalue your home. Potential buyers who find out that an addition has been built without approval can renegotiate the price of pull it off the table all together.
- The outside in disarray
Curb appeal matters. By this, I mean that the outside of the house and yard ought to be in tip-top condition to keep the home’s value from decreasing. This means removing any junk from the yard, fixing broken shutters, cleaning gutters, trimming hedges, mowing, and so on. Keep in mind that your yard is the first thing potential buyers see, so you want to make a wonderful first impression.
- Outdated kitchen
If the kitchen is outdated, consider giving it a fresh overhaul. You may not have to do a complete remodel either. Start off by giving it a fresh paint job and update the appliances. If you can afford to put money in it, consider installing new cabinets and counter tops. An up-to-date kitchen will appeal to home buyers, so be sure you spend time weighing the pros and cons of updating yours.
You want to get the highest dollar for your home, so be sure to take these things into consideration before putting your home on the market. Taking the time to invest in getting your home ready will be well worth the effort. Buyers will notice!