Many things can decrease your home’s value, such as the location of the neighborhood you are in, its crime rate, and the quality of nearby schools. There usually isn’t a lot one can do about such things, but some other factors are good to be aware of and take action on, as they are things an owner can affect.
It’s crucial to be aware of such factors because most don’t happen overnight. Some are like a slippery slope and you may not notice things until a real estate agent or a neighbor points it out. By then, it may take a lot of money and time to rectify the problem. To avoid that, here are seven things to watch out for that can diminish your home’s value.
1. Avoid amateur renovations
It may be tempting to extend your garage or renovate the kitchen on your own. If you are inexperienced in such undertakings, we strongly suggest against doing so. Just because you’re interested doesn’t mean you have the necessary expertise to pull it off.
Such amateur DIY projects can quickly decrease a home’s value. That’s one of the most apparent faults a prospective buyer will notice. If it isn’t up to code, much less the buyer’s standards, they know that they’ll have to spend some money to rectify what you did.
2. Think twice before installing a pool
Who doesn’t love a pool, right? Actually, a lot of people.
While you may look at a pool as the best way to relax with family and friends, others may see it as a set of potential problems. First of all, unless they are looking for a house with a pool, it will come off as an unnecessary expense. Secondly, it indicates maintenance costs for as long as they own the home. Plus, if they have small children, they might be wary of considering the property for safety reasons.
3. Try and address unruly neighbors
Got a neighbor with a yard full of trash or graffiti on their walls? Got someone nearby who’s always fighting with whoever is in the vicinity? These are not just nuisances. They can decrease the value of your home as well.
Annoying pets and gaudy exteriors are things that will bother both real estate agents and buyers. Unfortunately, almost all of these are beyond your control. But you can play your part by not escalating any neighborhood feud and do your best to establish good relations with all so that things play out as well as they can.
4. Clean up bad exteriors
Unkempt lawns? Too much yard art? These are eyesores for both your neighbors and prospective buyers. The problem with these is that you may get used to them but someone checking out your house will spot them from a distance.
Suppose your exterior paint looks uneven and faded. In such a case, you may not notice it yourself, but it will play a role in decreasing the value of your residence in the eyes of others. Also, such elements reflect poorly on the residents and their overall attention to detail, which can trigger warnings for prospective buyers.
5. Declutter the interiors
If you’ve been living there for a few years, chances are, you’ve accumulated a lot of stuff. That creates clutter that won’t be easily noticeable to the residents, family, and friends but always sticks out to visitors. Visitors could be repelled by what you take for granted, whether it’s too much furniture or things that block natural movement.
6. Stay away from too much personalization
After all, it’s your house and you should do everything to customize it to your taste. But there’s such a thing as too much personalization. If you’re planning to sell your house soon, this is one of the things you’ll have to watch out for.
End-to-end carpeting, photos covering the walls, too many art pieces, and a multi-colored kitchen are only some of the things that can deter buyers. From their point of view, your house is filled with you. There’s little room for them.
7. Get those repairs sooner now
Nobody wants to buy a house and then spend thousands of dollars repairing it. So, whether it’s leaky or rusted pipes or cracks in the foundation, repair it before any such things get revealed during a professional inspection. It is better to take care of such things sooner than later too. The longer you postpone, the more expensive the repairs will get.