Many things factor into how much your home is worth, such as the location, the square footage, the school district, and the number of bedrooms and bathrooms. Although several of those parameters aren’t easily changed, some are under a homeowner’s control. In other cases, you may have to put up with some of the things you don’t love about your home, but letting a house slip into disrepair is a surefire way to decrease its value.
Lots Of Comparable Listings
The housing market rises and falls, and if you’ve tried to unload a home at a reasonable price during the real estate chaos that occurs during one of the lows, you’re probably all too aware of how difficult that can be when the market is flooded. The more comparable homes on the market, the harder it is on your house’s particular value, especially when buyers are scarce. It’s even worse if your home is located in an area where many homeowners have failed to pay off or unload the property.
Neighborhood Conditions
Apart from nearby foreclosures, many other aspects of a neighborhood can detract from how much buyers will be willing to offer. If you live by an airport or train tracks, for example, the resulting noise pollution might devalue your home. Light pollution from a nearby highway or athletic complex could make buyers wary, too. Power plants and landfills are bad news, too. They’ve both been proven to affect home values negatively.
School District Details
If the schools in your area aren’t healthy and flourishing, that could be driving down the value of your home. It’s prevalent for homebuyers to want to move to places with top-notch schools. People with children will usually be especially cognizant of the schools’ quality in the areas they’re targeting their search.
Repairs In Arrears
Suppose your house requires a serious repair, like a leaky roof, busted plumbing, a defunct HVAC (heating, ventilation, air conditioning) system, or a mold problem. In that case, that will most certainly be a point of contention. You need to get major repairs sorted out or risk shaving off a significant portion of your asking price; otherwise, you’re just asking future homeowners to foot the cost. They won’t. Get a professional to do the job if you’re not confident you can make the repairs yourself.
An Abused Bathroom
The bathroom is another room where you may want to pay some attention, but again, be sure to tread carefully. While you want to make sure you enjoy the fruits of your labor — especially if you aren’t planning on moving anytime soon — you want to ensure that lots of other people will like it, too. Bathroom renovations and additions can help increase your home’s value, but going overboard with items like gaudy faucets, garish wallpaper, and ill-chosen paint can be an easy trap to fall into.
