Many things can drive down the value of your home. As a homeowner and a seller, you should be familiar with these factors. Some of them, like market situation, interest rates, and the economy, are beyond your control, while others are very much under your influence. So, to get the highest possible ROI, you must know the dos and don’ts of real estate when it comes to selling. To make this process easier for you, we curated a list of eight things that can hurt your home value. Let’s dive in!
Unsuccessful DIY projects
It’s common for homeowners to take on a home improvement project to drive up the house’s ROI. It is a fantastic idea that can bring you a lot of money, but only if you know what you’re doing. What does this mean? Let’s elaborate.
Many people think of themselves as super handymen. While you certainly can do essential maintenance around the house, this doesn’t mean you’re ready to take on a massive home improvement project like bathroom or kitchen renovation. Now, if you don’t stop at “I can totally do this” and actually try to do it – you will probably fail. This leads us to the first thing that can hurt your home value – DIY projects gone wrong.
If you’re not a professional, leave this type of project for those who are. This is the only way that you can make a profit. Otherwise, you’re just decreasing your home value and, thus, bleeding money because nobody wants to buy a house that needs a tone of repairs and it’s not a fixer-upper.
Neglected curb appeal
First impressions matter the most, and when it comes to selling houses – curb appeal can make or break the sale. That’s why you need to pay special attention to it. After all, if prospective buyers don’t like what they see outside, they will probably be skeptical of the inside. And you don’t want them getting wrong impressions without even stepping inside.
Therefore, boosting your curb appeal is a must. Mow the lawn, refresh your flowers and planters, give your shrubs and trees a makeover, and eliminate all the debris. In addition, make sure there is a fresh coat of paint on the house itself and the drive-in is clean to make it safe for the prospective buyers. All these things may seem less important than the ones inside your home, but don’t fool yourself – you must tend to both equally.
Chipped wall paint
Like exterior paint, flaky, chipped, or low-quality paint inside the house will turn off potential homebuyers and lower your property value. So, a new coat of paint on the kitchen cabinets, walls, and frames will transform the space.
In addition, consider hiring a professional to do the painting. This way, you may avoid buying the wrong brush or roller, applying too much or too little paint, or making any of the other frequent painting blunders homeowners make.
Furthermore, when choosing a color palette, the rule is always to pick neutrals. Unlike bold colors and wallpapers, everybody likes neutral shades. If you want a splash of color, you can always incorporate it through decor.
Lack of maintenance
It is essential to keep your house in good shape and undertake general home maintenance duties regularly. Allowing your house to fall into disarray and neglecting it will reduce its value and harm its listing price. As a result, buyers will want to negotiate repairs to prevent considerable costs after the sale. This is why most purchasers insist on an inspection clause in their contract.
Therefore, the homeowner must ensure their home is well kept and in no need of significant repairs. Keep an eye on your roof, HVAC system, electricity, insulation, rodents, etc. If you have a problem with any of them, you’re in a real pickle!
Carpeting will be in excellent condition during the first few years. However, it will rapidly begin to show signs of degradation, collect odors, and be challenging to keep clean. Buyers will be wary of wall-to-wall carpeting because it is expensive to replace and can gather indoor allergens. This is why wall-to-wall carpets are one of the things that can hurt your home value. So, if possible, prioritize hardwood, laminate, or tile flooring.
If you have carpet in your house, get it professionally cleaned regularly to extend its life. And it’s crucial to have it deep-cleaned before selling your property.
Every home manages to collect possessions over time. You usually don’t realize how much stuff you’ve accumulated until you’re preparing to put your house on the market. Unfortunately, a cluttered house is unlikely to sell for a lot of money. You wouldn’t want to buy a messy house either.
The truth is, prospective buyers won’t get the right picture of your home if they can’t see anything from all the clutter. In addition, the more personal stuff you leave, the harder it will be for them to imagine themselves living there. So, make sure you declutter and depersonalize your home before putting it on the market, as this can hurt your home value.
Offensive odors not only generate a negative and lasting impression but can also reduce your house’s value. Whether the lingering stench is caused by cigarette smoke, pet odor, or mold, you must identify and remove the source of the scent. This is the only way you could sell your home for the top dollar.
It is essential to maintain your home clean to avoid undesirable odors. Vacuuming and dusting regularly, wiping down counters and surfaces, and cleaning the bathroom and kitchen are all part of routine cleaning. In addition, consider hiring a professional cleaner to clean your house when needed.
Unnecessary house upgrades
We discussed unsuccessful DIY projects; now, let’s focus on unnecessary house upgrades. As a homeowner and a future seller, you must know that not all home improvements bring a high ROI. In fact, you can lose money on some of them. Therefore, you should be very careful when choosing which updates to do.
For example, a master bedroom upgrade, a deck, and an outdoor kitchen might be money left in the drain. As appealing as they may seem, these upgrades won’t bring you a high ROI. Since they cost so much, you will only lose money here.
Instead, opt for a simple kitchen and bathroom renovation and window replacement. With these, you can earn double and more than what you invested.
Moving after you sell the house
Now that you know all about the things that can hurt your home value, you will sell your property fast and get a great deal. Once you do, you should start planning the relocation to your new home. This process is stressful, so you should do everything to make it as smooth as possible. One of the things you must do is hire trustworthy movers to help you reach your destination quickly and without any trouble. Long-distance moves in California or any other state tend to get complicated, so make sure to find the right moving crew!
With so many things that can hurt your home value, you must keep up with real estate market trends and do proper research before you put your house on the market. We gave you eight factors you need to keep an eye on, so make sure not to miss any of them when inspecting your home and setting up a price. Pay attention to little things and details as much as you do to the big ones. This is the only way to avoid decreasing your home value.