Major Things That Are Hurting Your Home's Value
Don't find out your home isn't worth as much as you thought. Avoid these 3 major things that can be
Are you planning to sell your home but aren't sure whether it's as valuable as it used to be? The property industry has been thriving over the last decade. In 2018, over 5.34 million units were sold in the U.S.
You stand a chance of making bumper profits from the sale of your property, but this is subjective to the home's value. Unfortunately, there are a few things that may significantly devalue your home.
Is your home valuable enough to earn you huge sale profits? Or are there things that are decreasing the value?
Keep reading to find out three major things that are drastically reducing your home's value and what you can do to restore it.
1. Unappealing Exterior Space
Your home's exterior is the first thing people see when they arrive on your property. If it's not visually appealing or impressive, potential buyers may not be interested to check out the interior.
The exterior space refers to the following:
- Property fencing system
- Patio, front yard, sidewalks, and curbs
- Lawn, garden, and landscaping features such as trees, flowers, and shrubs
- Exterior paint
- Roofing system
Below is a breakdown of ways in which unappealing exterior features can significantly reduce your home's value and what you can do to increase it:
Property Fencing System
A fence is not just for enhancing security and keeping pets within your property boundaries. It is also for curb appeal. An old or outdated fence can significantly devalue your home.
For example, chainlink fences are old school and no longer appealing in residential homes. Similarly, an old wooden or picket fence with rot and water damage patches is an eyesore on your property.
To increase your property's value, consider repairing or investing in a new fence. Some great fence material ideas for security and curb appeal include picket fences, wrought iron, wood, and vinyl.
Landscaping Features
A poorly maintained landscape significantly devalues your property. We are talking unkept lawns and gardens, untrimmed trees and shrubs, cracked curbs and sidewalks, old and unappealing landscaping structures, and much more.
According to research, investing in landscaping can increase your property's value by between 5 and 10%. Some of the measures you can take include the following:
- Plants trees and shrubs and trim them regularly
- Maintain your lawn or garden
- Revamp old landscaping features
- Care for your patio area and front yard and repair old fixtures
- Repair your driveway, curbs, and sidewalks
Taking care of your landscaping and exterior features will not only increase property value but save you a lot of money in repairs.
Exterior Paint
Your property's exterior paint is one of the things one sees when they visit your home. Is your paint old, chipped, and water damaged? Do you have a custom, unappealing color that buyers would not consider having on their property?
Giving your exterior a fresh coat of paint is one of the best ways to add life to the property. Choose a color that complements the property and blends well with other homes in the neighborhood. Avoid overly dramatic shades, especially if you intend to sell the home.
Roofing System
The roof is one of the most essential support systems of your property. Thus, it needs to be in excellent condition at all times. However, the following problems devalue your home and expose the interior space to damage:
- Worn or leaking roof
- Poorly maintained roof with faded color and damaged fixtures
- A worn gutter system
Increase your home's value by maintaining your roofing system. Renovating the roof may be costly, but it will pay off in the long run. What's more, you also protect the home from water damage due to leaks.
2. Outdated Fixtures
Nothing says old and cheap like outdated interior features in your home. Do you have old plumbing with worn and rusted pipes? Or exposed electrical wiring in your home?
Does your home have old HVAC that no longer works efficiently? Or do you have a water heater from the 90s? Do you still use old wallpaper, popcorn ceilings, wooden paneled walls, and vertical blinds in your home?
All these things significantly decrease your home's value and make it unappealing to buyers. You need to do away with old and outdated fixtures and replace them with modern ones.
Below are tips on how to revamp your fixtures and improve your home's value:
Interior Design Elements
Ditch old design elements and upgrade to modern ones. Some examples include the following:
- Get rid of old floors and replace them with new, modern ones
- Ditch the old wallpapers and invest in new ones
- Get rid of old furnishings such as old rugs and window furnishings and design your home with new and style-oriented ones
Sprucing up your interior design may call for knocking down walls, eliminating the small, traditional windows, and tearing down some fixtures. For example, prospective homebuyers today opt for open spaces as compared to boxed-up homes.
Thus, if you don't have an open layout, you may consider opening up your home a little. Other trends include floor-to-ceiling windows, french doors, open kitchen layouts, and much more.
If you don't mind splurging on interior decorating, you can make significant improvements to your home and increase its resale value.
Home Plumbing
Your plumbing system plays a critical role in supplying water and eliminating wastewater from your home. Old, visible plumbing pipes with rust and mold are an eyesore.
Replace old piping with new systems that last for decades. You could also insulate the pipes to prevent freezing which leads to bursting and leaking.
Check your hot water system as well. Replace the traditional water heater with tankless systems as they are energy efficient and convenient to use.
If you have a sewerage system, carry out yearly maintenance to pump the sewer tank and ensure the main drain line remains in excellent condition.
HVAC and Electrical Systems
Gone are the days when homes had outdated HVAC and electrical systems. Nowadays, technology has introduced energy-efficient HVAC systems that are energy star-rated. These do an excellent job of heating, cooling, and providing fresh air to your home.
Replace your old system with a new one. There are several incredible types of HVAC, and these include central heating and cooling, split, and ducted systems.
Similarly, old electrical wiring and fixtures won't cut it in today's market. Replace old wiring with a new, safer system. Ditch old, outdated, and hazardous fixtures with new, energy efficient ones.
You'll not only increase your home's value but also save a lot of money on lighting, heating, and cooling. Also, you'll protect your home from electrical hazards such as electrocution and domestic fires.
3. High-Maintenance Upgrades
As you research ways to sell your home fast, you found out that doing property upgrades makes the home appealing to buyers. Unfortunately, not all upgrades are great. Some push buyers away.
No one wants to buy a property with high-maintenance amenities that will cost thousands of dollars every year to maintain. Instead of increasing your property's value for the better, these upgrades make it almost impossible to sell the property at a reasonable price.
Some of them include the following:
Swimming Pool
While a pool is a great addition in a home, not everyone needs it. You need to regularly clean it, protect it during the cold season, and invest in heating. You need a lot of water to keep the pool running at optimum all year round.
Some pools are made from expensive and high-maintenance materials. A standard pool will cost you up to $37,000 or more to build. If potential buyers aren't willing to take on these maintenance needs, they'll ditch your property altogether.
Unnecessary Interior Fixtures
Fixtures such as a sauna, steam shower, and specialty built-ins such as aquariums make your property high-maintenance. These are custom fixtures, and not everyone would want them in their home.
Before adding them, think about your target buyers and current home value. Are the buyers willing to fork out an extra $200,000 because there are special amenities in your home?
If not, you won't get the value for your money after making the renovations. At the end of the day, you end up selling at a lower price and making losses.
Intricate Landscaping
Some landscaping features are expensive to maintain. Such include fountains and rock walls. You shouldn't expect buyers to pay for these as they are unnecessarily expensive.
Besides costing you much in maintenance, these features may also suffer damage if you don't care for them, and this will cost you more in repairs. In the end, they don't increase your property's value -- they only eat more into your pockets.
How to Increase Your Home's Value with Upgrades
Some upgrades are necessary, and they significantly improve your home's value and earn sale profits. Before upgrading, ask yourself the following:
- Am I upgrading to sell or for my benefit?
- Would potential buyers love these upgrades?
- Can I include the value of these upgrades in the market price?
- Are these fixtures high, medium, or low-maintenance?
Avoid high-maintenance upgrades if you want to sell. If the buyer needs such improvements, they will make them after buying the home.
Increase Your Home's Value to Sell Fast
Is your home's value decreasing due to the things mentioned here? If so, take action to restore or even increase the property's value, and you'll find ready buyers. Also, take care not to carry out unnecessarily expensive upgrades that will do nothing to increase the value of the home.
Are you ready to sell? Find an agent on our website today and initiate the process of finding the right buyer for your property.