4 Factors That Harm Your Home’s Value
Your home is one of your biggest purchases, and like any investment, you want your home to appreciate when you are ready to sell. Here are four things that can get in the way and hurt the value of your home and property.
The phrase “if it ain’t broke, don’t fix it” does not apply to home appreciation. Dated and damaged structures still lower your property value, so it is important to regularly check the condition of your home’s structural components and systems. Examples of deferred maintenance include: damaged or old HVAC system, termite damage, leaky plumbing, frayed electrical wiring, cracked driveways. Stay on top of things by proactively downloading this comprehensive maintenance checklist from the U.S. Department of Housing and Urban Development (HUD) to help you improve and monitor your home’s condition.
Doubling as curb appeal and an essential structural feature, the condition of your roof significantly impacts your property value. A roof that is nearing the end of its life span or is leaking will decrease your home value and is worth replacing. Remodeling’s 2021 Cost vs. Value Report found that the average American homeowner spends $28,256 on a new asphalt shingle roof of midrange quality. At that cost, a new roof will increase the home’s value by $17,147 on average which works out to 60.7 percent of the investment!
Cringeworthy results from hasty, low-budget renovations can damage your property value and get easily discovered in a home appraisal. When you are ready to sell, buyers view poorly executed renovations as problems to fix. Expect lower offers if your home includes issues like warped floors, crooked tiling or uneven decking and railing.
While you may not have the green thumb skills of the previous homeowner, letting your landscaping go from “good” to “poor” can diminish your property value 5% to 15%. The Appraisal Institute recommends keeping landscape improvements on par with your neighborhood standard to protect your home’s value. If your current landscaping feels unrealistic for your lifestyle, replace your greenery with lower maintenance options.
Do you have home ownership goals on selling and/or buying in 2023? We are ready to put together a detailed plan for you!
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