How Stuff Works: Home shares the Top 10 things that Devalue Your Home. As a homeowner planning to sell, it’s important to understand the key elements of what devalues your home and key tips to increase the overall bottom line.
10. Lots of Comparable Listings – The more appealing your home is, the more buyers you will attract. Make your home stand out from all the ‘For Sale’ signs by focusing on adding value to your home in places where it’s commonly known to have devalued.
9. Neighbourhood Conditions – Train tracks, airports, power plants, and landfills have been proven to all affect your home value negatively. If your neighbourhood has gone downhill, so could the value of your home.
8. School District Details – It’s a common element when shopping for homes that buyers are looking to live close to top-notch schools. This is important to buyers who have children.
7. Nasty Neighbours – An ongoing argument with your neighbours could potentially spill over to the future buyer. It’s a crucial step to make amends with neighbours as many buyers may pass up the offer or try to lower it.
6. Curb Apparel – The Yard – The yard is the first thing people notice when pulling up to a home. A lack of focus on the yard will devalue your home and may result in a harder sell when the time comes. Make it a priority!
5. Curb Apparel – The Paint – There is nothing like a fresh coat of paint to really grab the attention of buyers. By choosing a popular home colour scheme, you are appealing and attracting to a larger buyer base.
4. Interior Aesthetics – Buyers will take note of any clutter, excessive family photos, and the overall cleanliness of the home. Any sign of these elements can devalue your home. Focus on making it warm and inviting.
3. Repairs in Arrears – If you’re in need of any serious repairs, it’s a smart decision to get them fixed prior to putting it on the market to receive the most from your asking price.
2. A Kitschy Kitchen – Keeping your backsplash and countertops up to date can really add value to your home as the kitchen is the most carefully examined room by home buyers.
1. An Abused Bathroom – Any renovations, additions, and updates of the bathroom will definitely add value to your home. But keep in mind that sticking to mainstream and tasteful features will appeal to a larger buyer base and will ultimately serve you better.
Test yourself by taking the quiz of the ultimate things that devalue your home, to make the right decisions when looking to list your home on the market.