5 Things That Could Devalue Your Home
5 Things That Could Devalue Your Home
BY DAVID BAILEY
Mortgage and Lending with The Mortgage Outlet NMLS
5 Things That Could Devalue Your Home
When it comes to listing your home on the market, a common concern is wanting to increase its value and allow it to stay competitive in the local area. Many people work to remodel their property or make minor upgrades to increase the selling potential of their home. Although you should take certain steps to increase what your home is truly worth, there are a few mistakes to avoid to prevent reducing its overall value. There are many different factors that determine the property value. If you know which ones are working against your home then you can prevent losing equity
- Using Bold Paint Colors
To appeal to a larger group of buyers, use neutral paint on the walls and with the trim. Bold colors stand out like a sore thumb in neighborhoods and can allow them to look outdated or too customized.
Similarly, using colors that are quirky or unpopular in the interior space can detract from the property value and is seen as an extra expense for buyer who will want to repaint the space. Stick with contemporary shades and use an accent wall in one or two rooms of the home for added detail that looks modern. A general rule of thumb is to avoid using colors that are too specific to your personal taste.
- Remodeled Kitchens
Known as the most important room that buyers focus on when shopping for a property, kitchens are often remodeled and upgraded by homeowners in hopes of increasing their property value. Although having a kitchen that includes fancy appliances and a decorative backsplash can look appealing, it can also be overly done and appear awkward in the average house.
Upgrade your kitchen to a certain degree without going overboard and causing the room to look awkward. It should still match the style and design of the rest of the home to ensure that it flows well and feels comfortable. Avoid overly customizing the space, but instead keeping it neutral to ensure that it appeals to more buyers.
- A Neglected Yard
The yard and landscaping of your home is what ultimately makes the first impression with buyers and will determine their interest in the property. If you can’t win them over with the exterior of the home, then you likely won’t sell them on the interior space if you’ve already left a bad taste in their mouth.
The lawn should be manicured and tidy without children’s toys or yard tools left out. Add shrubs, flowers, and potted plants around the house to fill in bare spots and enhance how welcoming the home looks. If the yard is well-cared for, it will assure buyers that you’ve also worked hard to maintain the property and have kept up with repairs. If the curb appeal is lacking, it will cause buyers to question how much it’ll cost them to redo the landscaping and will work against your chances of getting a higher offer.
- Bad DIY Projects
With Pinterest and DIY Home Renovation shows a hit in today’s society, it’s common to see homes that have incomplete or poor DIY projects that were performed by the homeowners. Unfortunately, many of projects look unprofessional and hoaky for a feature that can quickly reduce the selling price of the home. Buyers will want to avoid making an offer due to the time and money that they’ll need to invest in redoing the projects themselves or by hiring a professional. Hire a contractor who can redo the projects before listing your home to ensure that everything looks complete and attractive to potential buyers.
- Wasted Square Footage
Your home may be too big for your family, but it doesn’t mean that you need to neglect the square footage that isn’t being used. Show buyers the potential of every room in the home by creating a purpose for the space. If you have an attic that is filled with junk, transform it into a home office or entertainment room. For basements, consider refinishing the space and using it as a guest room or home gym. Refinishing specific areas will also increase the property value with the added square footage that can be used.
Before listing your home on the market, there are a number of features and rooms to inspect to ensure that you avoid reducing your property value. By preventing common mistakes and maintaining a neutral style, it will work to increase the overall appeal of your property and help you sell at a higher price for a home that you can truly be proud to show to future buyers
POSTED BY
— David Bailey, NMLS # 3458
Owner, The Mortgage Outlet, NMLS # 36861
Office # 631-589-3600
Cell # 631-767-8948
Fax # 866-466-5218
http://www.themortgageoutlet.us/
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