Everything in and around our properties affects its value, so even if you spend for a full-scale reno, there could still be a chance that you’ve done more harm than good. Sure, a renovated house is no doubt more valuable than an outdated property in a state of disrepair, but not all upgrades result in a surge in value, unfortunately.
Considering that, let’s point out all the surprising factors that may ruin our home’s value and get them addressed before listing your property.
- Your Unruly Next-door Neighbor
Your next-door neighbor bearsa significant role in making or breaking your home’s value. If one of the reasons you’re selling your home is the frequent noise complaints you make because of your neighbor’s weekly partying, then the new owners of your home will surely experience the same thing.
Any issue you have with your neighbor can ruin your home’s promising value. Even their own poorly maintained yard, especially if your potential buyers have to pass along the front of their property before reaching yours.
- Flashy New Paint Colors
When you’re prepping your home for selling, remind yourself that it isn’t the time for you to express your distinct style. Homebuyers view your home to envision themselves in it, not to explore your aesthetics. Save your style for your new home, and stick to neutral color options as you pick a new paint color for the interiors and exteriors.
- Extravagant Garden Ornaments
Some of us can’t help but display lawn gnomes and other extravagant decorson our gardens, but homebuyers might see them as an eyesore rather than an aesthetic enhancement. It’s best to keep them hidden when buyers come to inspect.
- A New Luxurious Kitchen Appliance
Definitely unexpected, but when it comes to remodeling your kitchen to make your home sale-ready, it’s better to keep to the countertops and cabinetry. Splurging for a new luxurious appliance like a brick-fire oven or stovetop grill won’t be necessary, as frugal homebuyers might only regard them as an additional expense. Not to mention vegans or vegetarians who won’t have a reasonto possess those.
- Invasive Plants
That willow tree in your landscape might look whimsical, but the “magic” they do is destructive. Their fast-spreading roots can invade your drainage and pipework, resulting in costly plumbing issues. The problem will be even worse if your tree is a Japanese Knotweed, so much so that the law requires homeowners with this tree to report its presence so they can be taken down.
- Unfinished Basement
Aside from reminding homebuyers of a couple of horror movies, an unfinished basement also ruins your interior’s appeal, causing your home’s value to drop. Therefore, invest some time and bucks to transform your creepy basement into a functional and livable space.
Despite not being considered “livable square footage” by the MLS, a finished basement still offers a high return. (70- 75% of your investment) That means earning at least $7,000 if you spent $10,000 for renovations. While you’re at it, don’t forget to install durable window well covers. It can increase the energy efficiency of your basement, which buyers will appreciate.
Following our awareness of these home value leechers, let’s get them fixed as soon as we can, and expect an onslaught of inquiries once we put up our universally appealing property in the market.