A few things that De-Value Your Home
Ever flip through a home news magazine and see the same gorgeous 5 bed room 3 bathroom home with a picturesque lot month after month and wonder “Why won’t this home sell?” .... And beside it see a variation of different homes much smaller and much less desirable to the eye selling faster? For the same price?!
There are many factors which are set into play which devalue your home, some avoidable and unfortunately some very unavoidable.
Location Location Location !
Even within a prime city there are many factors which can make your location more or less desirable. It is crucial to look for any immediate eye sores within your sight line of your home. Although these certain ‘quirks’ may not bother you at the time they could very well harm your re-sale in the future.
Another important thing to consider is the ease and access to public transportation, schools, highways etc.... Although it is not the best idea to be directly beside anything which could cause a lot of noise, the closer the better!
When looking at homes watch out for flood-plains as this in time can affect the re-sale value!
Often some of these things are unavoidable it is best to try to eliminate as many negative location factors as possible as the location will be the most important driving factor of your homes re-sale.
Neighbours can play a big factor into the re-sale of your home! Although throughout the years your neighbours will change certain areas have a better reputation for over all maintenance. When purchasing a home your not just buying that home in particular you are also buying the neighbourhood and the life style. We recommend that when looking for a home look around at the other homes on your street.... Does anything immediately catch your eye in a negative sense? If the homes around you are un-kept and the area has a reputation of a dodgy neighbourhood un fortunately what you see is what you get.... Even if your home is very well kept from the outside if your neighbourhood and neighbours haven't done the same thing it can create a negative aurora surrounding your home.
Stigmas and Reputations
The reputation of your neighbourhood plays a large factor into how quickly homes are sold. Well known crimes or deaths that have occurred in your area can greatly affect the value of your home. As neighbourhood plans are set in place areas can change and shake that reputation. However those things take many years to over come.
Stigmas are a difficult thing to escape because it is an association attached to the home. Although the association may be long gone more often than not people will remember that home for that reason. For example ever heard of that 'haunted house' near your neighbourhood ? Although some people would love to be a part of that history only certain buyers are willing to take on the stigma and stories that fall into that home.
The majority of people are un-phased if there is a pet which has previously been in the home, however it is always a good idea that the presence of your pet is not to prevalent. If your home smells strongly of pet odor or has visible pet damage many potential buyers can be scared away especially those with allergies. Having these problems is a quick and easy fix! A thorough cleaning and immediate attention to certain esthetic defects which need to be fixed for potential new owners can increase home value.
Everyone always says ‘don’t judge a book by its cover’ but unfortunately most people do.... If your home from the outside appears to be out dated, un kept, or if there are features within your yard that potential buyers could associate as expensive up keep these can be driving factors to move people away. Curb Appeal is also very dependent on the neighbourhood you are moving in to. If you are moving into a neighbourhood where the majority of homes have a pool this is an expense the buyer is more than likely already aware of. If your home is the only home in the neighbourhood that has a pool this could be a negative factor to buyers as it does not fit the continuity of the neighbourhood and could call for added expenses throughout the year. The outside is just as important as the inside with your home because it is the first thing that people see and it is best to blend in.
Landscaping can also devalue your home. Make sure that your lawn and gardens are well kept and tasteful. Although you may like your massive a ray of over flowing gardens the average person may look at it as difficult to up keep and subconsciously can deter them from wanting to move into your home because they don’t want to deal with the financial and time consuming burden.
Over the Top Customization
Every house has its own personality which differentiates it from its neighbors or competition. The key is to make sure that the personality of the home doesn't’t out shine the home. There’s nothing wrong with having an eccentric decorative flare as long as it is not something that would scare away potential buyers. If certain customizations are not valued within that home (ie- a home geared towards first time home buyers having marble floors throughout and other costly upgrades) it devalues your home over all because your asking price may be to out of budget. Or perhaps you’ve decided to go colour crazy. Your home could be at the top of a buyers budget but the cost to re-paint could steer them towards another home.
It is best to customize your home as you want but also keeping in mind customizations that work with many different design tastes.
The most important thing in any home is maintenance. If you maintain your homes structure and interior over time you eliminate future larger problems from occurring. These are just a few things to bear in mind when you are looking at homes to purchase or looking at what cost to sell your home. We always recommend using a Real Estate Professional for every real estate investment you make so that they can guide you to the best areas which meet your needs within your price range.
If you have any questions in regards to the buying or listing process please contact one of The Fresh Approach Real Estate Team Members with Keller Williams Realty Solutions and we would be more than happy to help!
The Fresh Approach Team,
Allana Thompson, Christy D’Oliveira, Kyrsten Feere