While many factors can help you increase the value of your home, but there are certain things that can devalue it. Here are some of the most common factors that can reduce the value of your home significantly.
Trying to sell a house in a neighborhood where there are plenty of other houses for sale as well can be an excruciating task. People looking to buy a home in the area would most probably go for comparable listings, and shop around rather than sticking to one home.
If you have a home in an area where many other homeowners have failed to pay their mortgages, resulting in short sells and foreclosures, you would find a hard time selling it. The more the foreclosed houses near you home, the more losses you will incur when selling your home.
Another thing to look out for is varying tastes. Not every buyer who walks in through that door would have the same taste as you in home design and décor. As such, if your house has been designed and decorated according to your personal lifestyle, then chances are there that people who don’t fall into that particular lifestyle would not be interested in buying it.
Buying a home in a good neighborhood would be essential for the safety of the family. As such, if your home is located in a bad neighborhood, with some especially unfriendly neighbors, then your home would go for a much lower price then you quote.
If your home is located in an area without a couple of good quality schools, then you would most definitely have a hard time trying to sell it off. Homebuyers would most usually scout for a home in an area with schools for their children.
A home with a well-kept front yard would most definitely have a better value than one that does not. An unkempt yard would also devalue a home in addition to chasing away potential buyers. Homebuyers usually look for curb appeal as one of the selling points of a house. So if your home’s curb aka yard does not look good, or if you do not have a curb at all, consider a significant reduction in your home’s resale value.
A homebuyer would usually want to buy a house that has minimal repairs waiting for him/her when he/she enters it for the first time after the sale. A house with plenty of repairs can devalue it significantly. The extent of the repairs would also play an important role in determining the exact amount of money you would need to reduce when selling your home.
The home interiors would also devalue a home to an extent. Keeping the interiors clean and bright would lure potential buyers while cluttered, messy and dimly lit interiors would be sure to make a buyer walk out the door the next instant or ask for a significant reduction in the selling price.
Some common things can devalue your home, so if you intend to sell your home in the near future, consider certain aspects, such as location, interior, neighborhood, etc., in mind and act accordingly.