What Can Reduce the Value of a Property?
Frequently homeowners are aware of what to do to increase the value of their property before selling it to a new owner. Sadly you can overlook what actions can make your home a bad deal, from inadequate paint coverage on the walls to too many DIY projects.
It’s common to get excited and make a list of renovations to do as soon as you buy it. However, you may change your life plan and want to sell to a new owner in the future.
Take into account the following list so that your house does not lose its value:
7 Features that Will Reduce the Value of Your Property
#1 Not Maintaining Your Home in Functioning Order
Plumbing and heating are directly related to the value of your property and are essential to living in. Sometimes these problems are unavoidable, but with proper maintenance and care, the damages can be fixed in a good time before they worsen. Prospective buyers are likely to ask questions about the condition of the plumbing and heating. They will be less likely to want to make an offer on the house with significant repairs to be made.
#2 The simpler, the Better
Walls painted in bright, unusual colors, excessive wallpaper, or the presence of unique or exaggerated design elements throughout the house are discouraging factors. It just means more work to do once the new owners move in to return the property to a neutral state. Be sure before putting your home on the market to give it a neutral look so it can be an attractive option to a broader audience. Painting the walls and removing wallpaper is a good start.
#3 Don’t Give Away Key Areas
The more rooms your house has, the higher the price it can fetch. Sales prices are set by looking at the price of other similar homes in the same market. The number of bedrooms is an important feature used to compare two properties; when you start eliminating bedrooms, you are essentially changing the comparable value of the home.
#4 Make Your Home More Efficient
A savvy buyer will quickly identify a lack of energy efficiency as a waste of money in higher energy bills once they have moved in. For example, the lack of loft insulation, draughty windows, and even an old boiler can detract from the value of your home. It’s best to make your home more energy efficient before putting it on the market.
#5 Rising Mortgage Rates
Watch out when mortgage rates are low; buyers can afford to spend more on a home. With lower interest rates, monthly mortgage payments will be lower, and they will pay less over the life of the loan.
#6 Natural Disasters
Weather patterns can also change over time. A hurricane could come and cause flooding in your city. In that case, the overflow zone maps would change and require you to get insurance for floods. This requirement will significantly impact the value as people will be hesitant to buy property in a flood zone and avoid making house repairs in the future.
#7 Proximity to certain facilities and businesses
Studies show that living near certain businesses and facilities can lower or increase property values. Proximity to the following is associated with these drops in property value.
Tips to Increase the Value of a Property
The more your property improves in value than the original purchase price, the more resale profit you will make.
Tip #1 Make the Most of the Location
Let potential buyers know what options are nearby, for example, schools, supermarkets, gyms, public transport, restaurants, and recreation areas.
Tip #2 Renovations and upgrades
When done strategically, renewals increase the value and marketability of your home. Here are some of the best remodeling projects to increase value and recover project costs:
- Minor kitchen, bathroom, or bedroom remodels
- Wood Deck Expansion
- New appliances
- Desirable new finishes such as renovating the light fixtures, handles, and similars.
Tip #3 Keep This In Mind
Believe it or not, It doesn’t matter if your home is in excellent condition, the number of other properties for sale and the number of possible buyers in the market can affect the value of your home. If many buyers are competing for fewer homes, it is a seller’s market. Conversely, a market with few buyers but many homes on the market is called a buyer’s market.
Get an Experienced Homebuyer in Lynwood, WA
Regardless of the economic factors, the renovations made, or that need to be done to your house, with a professional house buyer’s company, your property’s sale is guaranteed. I Will Buy House is the best option to sell your house fast without worrying about anything. Zero fees or commissions, renovations to make, and lengthy paperwork involved.