4 Surprising Factors That Decrease Home Value
When buying a house, you likely think about how it’s the biggest purchase you have ever made or how much you are looking forward to making it feel like “home.” Have you considered how it can also be an investment for your future? Protecting this investment starts with understanding the factors that may threaten your home’s value.
Protecting the value of your home isn’t confined to your four walls, much less the entirety of your property. Neighbors who don’t take care of their yards or house or even cause disruptive noise around your neighborhood can negatively impact your property value! So before buying a house, be sure to check nearby homes for signs of neglect like overgrown landscapes, excessive clutter or unrepaired damage. Also, visit the house at different times of the day and on different days of the week to get an idea of the noise level of the neighbors and the entire neighborhood.
While home renovations are commonly believed to increase a home’s value, they can also pose problems. For example, an entirely new landscape might look great in photos, but potential buyers might see their free time spent on upkeep. A fire pit or pool might have been a great addition for your family, but young families with small children might view them as potential hazards. Before starting on a renovation or addition, stop and think if it has the potential to devalue your home or pose any concerns for buyers.
Outshining the Neighborhood
Spending money to upgrade your house is great if you plan to live there long-term. There are times, however, when having the best house on the block could negatively impact you. Here’s why this might not be the best strategy. If similar homes in your neighborhood are at one price point, all the upgrades in the world won’t make a buyer pay more for a home in that neighborhood, making the offer process difficult and disappointing for the seller.
Always think twice before getting into the do-it-yourself home improvement game. While the owner probably feels like they made all the right improvements, buyers might quickly spot the shoddy workmanship and unusual-looking finished product, forcing them to either walk away from the sale or causing them to low-ball you on price.
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