7 Items That Can Hurt Your Homes Value
Do you have any idea what your home is worth? To some it may be priceless, but a potential buyer may only notice whether or not there are granite countertops, an open floor plan or a well-groomed yard when deciding whether to buy and what to pay.
It helps to know what could hurt your home's value, whether selling your home now or later, you will want to do what you can to get top dollar. Some items will be out of your control, while others have simple solutions.
Threat to value: Could be high; in some cases, 50% or more.
When determining a homes value the three most important factors are location, location, location.
Although you surely considered location when you bought your home, something in the area may have changed since then: rezoning, an increase in crime or a new city dump.
Obviously you can not uproot your house and move it but there are some things you can do if location has recently becoming hindering. If you have a view of the city dump, plant some privacy hedges to make it less of an issue. Play up your homes's strengths; make sure everything on the interior and exterior is perfect and be patient.
2. Lack of updates
Threat to value: Low to medium; usually, at least 10%
With an oversupply of homes right now, it results in buyers being a bit more picky. Rather than seeing the potential in an outdated kitchen or bathroom, a buyer will likely just move on to another home that requires less work and vision.
What can you do? For between $5,000 and $8,000 you can install granite countertops, update the light fixtures and add fresh paint and carpet. This will increase value and interest of buyers in a heartbeat!
3. Bad Floor Plan
Threat to value: Medium to high; up to 25%
An open floor plan is a huge plus in selling your home. If your floor plan is not as open and 'functional' as others, do what ever you can to make it feel more open. Eliminate furniture and clutter, or if possible take out a dividing wall to open up space.
Threat to value: Varies
In general the many foreclosures on the market are bringing down home values, but it is hard to quantify their effects.
According to a 2009 Harvard University and Massachusetts Institute of Technology study, a homes value drops by 1% , on average, if it is within roughly 250 feet of a foreclosed home. That study was based on 1.8 million home sales in Massachusetts from 1987 to 2009.
A home surrounded by foreclosures will lose it's value because an appraiser will use those homes as comparables.
So if you are in an area surrounded by foreclosures, and you don't 'Have' to sell your home....Don't.
5. Rental properties
Threat to value: Medium; up to 15%
Most people frown at the idea of living by rental properties. Rentals can effect your home's value by as much as 15%.
6. Major systems and structures
Threat to value: Medium to high; up tp 25%
Buyers want to walk into a home and think that they could move right in. Major systems and structural problems can kill potential deals in high-end neighborhoods. Have an inspection done before you list your house and fix the major things.
7. Fit and polish
Threat to value: Low; 5% to 10%
How is your homes curb appeal? Is the lawn mowed and weeds pulled? Is there chipped paint on the outside of your home?
This is a for sure negative for the value of your home, and turns buyers away almose immediatly.
What about the inside of your home? small things like a stain in the bathtub or a hole in the wall can be a huge turn off. These repairs are inexpensive and will make a world of difference in the sell of your home.
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