A lot of homeowners look for ways to add value to their home, and we’ve even written several blog posts that show homeowners how to do just that, but not many people consider the things that devalue their home. And while a lot of people put considerable thought into how they can bring more value to their home, they usually neglect the devalue-izers.
Now, some factors that bring down the value of your home are controllable, while the others, unfortunately, are not. Either way, it’s always nice to know what’s working with you and what’s working against you. With that in mind, here is a list of 10 things that will devalue your home:
1.Comparable Listings
Unfortunately, there is nothing you can do about this one. When determining the value of your home, the estimator will compare your home to three other houses that have recently sold that are the same size as yours, possibly the same layout, and that are in or around your neighborhood. If the comps have performed well (i.e. haven’t undergone any foreclosures or short sales, and have sold for asking or above asking price), the better that is for you. However, the opposite is true too; if the comps of your home are still sitting on the market, or if several homes in your neighborhood have undergone a foreclosure recently, the value of your home will take a hit.
2.Neighborhood Conditions
This is another factor that you don’t have a ton of control over. If the condition of your neighborhood is poor, the value of your home will plummet. What does “poor” mean? A lot of foreclosures, dilapidated houses, overgrown lawns, cracked sidewalks, high crime rate, train tracks, nearby airport or turnpike…Just think of conditions YOU wouldn’t want to live with, and it’s probably on the list.
Unfortunately, time isn’t hard on just people—it’s often hard on places too. Your neighborhood might have been the new up-and-coming haven for families, but if the area has gone to pieces since you moved in, you probably won’t see a huge ROI—if any—from your home. Real estate is all about location, and if your home doesn’t have it, buyers won’t be interested.
3.Bad School District
Most parents want nothing but the best for their children, and parents who don’t probably aren’t looking to buy a home of your caliber…That being said, the people you want to buy your home are people who want their children in a good school district. And if your home isn’t in a good school district – or if your school district has seen a noticeable decline since you’ve moved in – parents are going to steer clear, thereby driving down the value of your home. Unfortunately, there isn’t a whole lot you can do about the school district you’re in. Studies show that schools with more involved parents perform better, but it would be difficult – if not impossible – to get every parent in the school district more involved in their children’s studies.
4.Disagreeable Neighbors
Unfortunately, people have to deal with a number of disagreeable individuals throughout their day; they don’t want to have to do so at home too. If your neighbors are the type to nitpick every little thing—your grass is too long, your flowers are too pink, your children are too loud, etc., etc., etc.—and if future homeowners realize this, you might be SOL. Nobody wants a Negative Nancy living next door, so unless you’re home is the Ritz Carlton of homes, homebuyers will move on to a home that may be just like yours, but without the, ah, issues.
Other things your neighbor can do to drive down your home’s value include: neglecting their lawn, painting their home an ugly color, owning a dog that barks all day long, getting into trouble with the law, starting a junkyard on their lawn…the list goes on and on, but you get my drift.
5.Curb Un-Appeal
Good, we’re getting into the stuff you can control. Curb appeal is everything when trying to sell a home, as it’s what initially catches a buyer’s eye. If caring for your yard isn’t high on your list of priorities, it may bring down the value of your home when it comes time to sell, as a messy, overgrown yard will drive away offers, or result in lowball offers—neither of which is good.
While a mowed lawn and trimmed shrubs are a start, if you have any outbuildings that are falling apart, or a rotting fence surrounding the yard, the value of your home may still suffer. Some other things that people consider a “downfall” when buying a home?
6.Paint
While the color of your home won’t drive down the estimator’s value, if the color is an eyesore, it will drive buyers away, thereby decreasing your home’s market value. When choosing a paint color before selling, we suggest steering clear of your own personal preferences, and going with a neutral. Tastes vary, and to get the most interest, your home needs to appeal to the majority.
If you’re trying to sell your home but know that buyers will be turned off by the color, Liberty Paint & Construction, LLC can paint the exterior of your home for a good price. Contact one of our house painters today to get a FREE ESTIMATE.
7.Interior Aesthetics
You may love your farmhouse décor, and your beach mural and your shelves of Star Wars collectibles, but when selling your home, these things need to go. Unfortunately, a lot of homebuyers just can’t see past all of your stuff to the potential of the home itself, and your design choices might just be a little too much for them. Before opening your home to viewers, paint over loud paint choices – store your Star Wars collection – and just make your home as appealing and as inviting as possible. Don’t worry, once your home is sold and you’re into your new one, you can put your storm troopers back up for all to admire.
8.Major Repairs
I feel like this should be a no-brainer, but in case it’s not, I’ve included it on the list: if your plumbing is busted, if your roof is leaky, if your house is riddled with mold, if you have a termite infestation or if your HVAC unit is shot, your home’s value will decrease. And if you don’t have these problems taken care of before putting your home on the market, I can almost guarantee you that you won’t receive asking price.
Before listing your home, go through it and check for things like leaky faucets, water stains and damaged drywall, and make note. If you can’t fix these things yourself, call our team at Liberty Paint & Construction, and we’ll be more than happy to give you a FREE at home estimate.
9.A Ho-Hum Kitchen
The kitchen has often been referred to as the heart of a home, and this is true for both people who love to cook and people who love to eat the cooking. That being said, you want to take special care when getting your kitchen ready for showings.
If you renovate the kitchen, make sure that you don’t personalize it too much, as your tastes may vary greatly from that of potential buyers. Don’t go too high-end with appliances (unless you’re in a ritzy neighborhood), as what you see as valuable, the potential buyer could care less about (and therefore, not want to compensate you for). If your countertops and backsplash are stained, clean them, as no one wants a reminder of owners-past.
If you are going to redo anything in the kitchen, have it be the cabinets, countertops and sink; nice cabinets and a large, open, shiny sink will really make people take notice. Also, if you invest any money into your kitchen, make sure it’s done right. If not, you’re basically throwing money away, because homeowners aren’t going to pay for cabinets or a countertop they’re just going to remove and replace anyways.
If your kitchen needs a remodel but you just don’t have the time, energy or skill to do it yourself, let us tackle the job. Contact our remodeling experts for a FREE ESTIMATE.
10.A Dingy Bathroom
The bathroom is another room that potential homebuyers pay special attention to. If your toilet has rust stains, replace it. If your tub is old and discolored, replace it. If your faucets are crusted in years’ worth of grime and gunk, replace them. If you don’t, the future homeowner is going to have to, which means they’re going to make a lower offer to accommodate those costs.
Now, when freshening up your bathroom, make sure you don’t go overboard. You may love wallpaper and brass fixtures, but be aware that a lot of buyers don’t, and that your personal tastes can negatively affect the final asking price.
Now, some factors that bring down the value of your home are controllable, while the others, unfortunately, are not. Either way, it’s always nice to know what’s working with you and what’s working against you. With that in mind, here is a list of 10 things that will devalue your home:
1.Comparable Listings
Unfortunately, there is nothing you can do about this one. When determining the value of your home, the estimator will compare your home to three other houses that have recently sold that are the same size as yours, possibly the same layout, and that are in or around your neighborhood. If the comps have performed well (i.e. haven’t undergone any foreclosures or short sales, and have sold for asking or above asking price), the better that is for you. However, the opposite is true too; if the comps of your home are still sitting on the market, or if several homes in your neighborhood have undergone a foreclosure recently, the value of your home will take a hit.
2.Neighborhood Conditions
This is another factor that you don’t have a ton of control over. If the condition of your neighborhood is poor, the value of your home will plummet. What does “poor” mean? A lot of foreclosures, dilapidated houses, overgrown lawns, cracked sidewalks, high crime rate, train tracks, nearby airport or turnpike…Just think of conditions YOU wouldn’t want to live with, and it’s probably on the list.
Unfortunately, time isn’t hard on just people—it’s often hard on places too. Your neighborhood might have been the new up-and-coming haven for families, but if the area has gone to pieces since you moved in, you probably won’t see a huge ROI—if any—from your home. Real estate is all about location, and if your home doesn’t have it, buyers won’t be interested.
3.Bad School District
Most parents want nothing but the best for their children, and parents who don’t probably aren’t looking to buy a home of your caliber…That being said, the people you want to buy your home are people who want their children in a good school district. And if your home isn’t in a good school district – or if your school district has seen a noticeable decline since you’ve moved in – parents are going to steer clear, thereby driving down the value of your home. Unfortunately, there isn’t a whole lot you can do about the school district you’re in. Studies show that schools with more involved parents perform better, but it would be difficult – if not impossible – to get every parent in the school district more involved in their children’s studies.
4.Disagreeable Neighbors
Unfortunately, people have to deal with a number of disagreeable individuals throughout their day; they don’t want to have to do so at home too. If your neighbors are the type to nitpick every little thing—your grass is too long, your flowers are too pink, your children are too loud, etc., etc., etc.—and if future homeowners realize this, you might be SOL. Nobody wants a Negative Nancy living next door, so unless you’re home is the Ritz Carlton of homes, homebuyers will move on to a home that may be just like yours, but without the, ah, issues.
Other things your neighbor can do to drive down your home’s value include: neglecting their lawn, painting their home an ugly color, owning a dog that barks all day long, getting into trouble with the law, starting a junkyard on their lawn…the list goes on and on, but you get my drift.
5.Curb Un-Appeal
Good, we’re getting into the stuff you can control. Curb appeal is everything when trying to sell a home, as it’s what initially catches a buyer’s eye. If caring for your yard isn’t high on your list of priorities, it may bring down the value of your home when it comes time to sell, as a messy, overgrown yard will drive away offers, or result in lowball offers—neither of which is good.
While a mowed lawn and trimmed shrubs are a start, if you have any outbuildings that are falling apart, or a rotting fence surrounding the yard, the value of your home may still suffer. Some other things that people consider a “downfall” when buying a home?
- High maintenance plants
- Pools, ponds and waterfalls (if you’re in a family neighborhood)
- Grave markers of pets past
6.Paint
While the color of your home won’t drive down the estimator’s value, if the color is an eyesore, it will drive buyers away, thereby decreasing your home’s market value. When choosing a paint color before selling, we suggest steering clear of your own personal preferences, and going with a neutral. Tastes vary, and to get the most interest, your home needs to appeal to the majority.
If you’re trying to sell your home but know that buyers will be turned off by the color, Liberty Paint & Construction, LLC can paint the exterior of your home for a good price. Contact one of our house painters today to get a FREE ESTIMATE.
7.Interior Aesthetics
You may love your farmhouse décor, and your beach mural and your shelves of Star Wars collectibles, but when selling your home, these things need to go. Unfortunately, a lot of homebuyers just can’t see past all of your stuff to the potential of the home itself, and your design choices might just be a little too much for them. Before opening your home to viewers, paint over loud paint choices – store your Star Wars collection – and just make your home as appealing and as inviting as possible. Don’t worry, once your home is sold and you’re into your new one, you can put your storm troopers back up for all to admire.
8.Major Repairs
I feel like this should be a no-brainer, but in case it’s not, I’ve included it on the list: if your plumbing is busted, if your roof is leaky, if your house is riddled with mold, if you have a termite infestation or if your HVAC unit is shot, your home’s value will decrease. And if you don’t have these problems taken care of before putting your home on the market, I can almost guarantee you that you won’t receive asking price.
Before listing your home, go through it and check for things like leaky faucets, water stains and damaged drywall, and make note. If you can’t fix these things yourself, call our team at Liberty Paint & Construction, and we’ll be more than happy to give you a FREE at home estimate.
9.A Ho-Hum Kitchen
The kitchen has often been referred to as the heart of a home, and this is true for both people who love to cook and people who love to eat the cooking. That being said, you want to take special care when getting your kitchen ready for showings.
If you renovate the kitchen, make sure that you don’t personalize it too much, as your tastes may vary greatly from that of potential buyers. Don’t go too high-end with appliances (unless you’re in a ritzy neighborhood), as what you see as valuable, the potential buyer could care less about (and therefore, not want to compensate you for). If your countertops and backsplash are stained, clean them, as no one wants a reminder of owners-past.
If you are going to redo anything in the kitchen, have it be the cabinets, countertops and sink; nice cabinets and a large, open, shiny sink will really make people take notice. Also, if you invest any money into your kitchen, make sure it’s done right. If not, you’re basically throwing money away, because homeowners aren’t going to pay for cabinets or a countertop they’re just going to remove and replace anyways.
If your kitchen needs a remodel but you just don’t have the time, energy or skill to do it yourself, let us tackle the job. Contact our remodeling experts for a FREE ESTIMATE.
10.A Dingy Bathroom
The bathroom is another room that potential homebuyers pay special attention to. If your toilet has rust stains, replace it. If your tub is old and discolored, replace it. If your faucets are crusted in years’ worth of grime and gunk, replace them. If you don’t, the future homeowner is going to have to, which means they’re going to make a lower offer to accommodate those costs.
Now, when freshening up your bathroom, make sure you don’t go overboard. You may love wallpaper and brass fixtures, but be aware that a lot of buyers don’t, and that your personal tastes can negatively affect the final asking price.