6 Surprising Things That Decrease Property Value
Beautiful home that might hide surprising things that decrease property value.
You want to ensure you get the most profit out of your property, whether you sell it or rent it out. That entails ensuring that your home looks great, is well-maintained, and is in excellent shape. In this manner, when a possible buyer or renter passes by, they'll be impressed with how great everything looks. Property value, however, is a complex concept that depends on various circumstances. And while it's critical to understand the fundamentals, unexpected elements can influence your home's worth. As a result, we listed six surprising things that decrease property value. Read through and learn how to avoid losing money with your property.
1. Bad Renovations
Many homeowners choose to do DIY renovations because, when done correctly, they can be less expensive and equally effective as professional ones. However, if a poorly done renovation is not fixed or rebuilt by the time you decide to sell, your property's value can drastically decrease. Buyers are more likely to pass on the purchase completely or demand a reduced price if they believe they would have to spend money having your work redone.
As a result, it's crucial to give any renovations serious consideration. If you hire a contractor, ensure they are reliable by reading reviews and referrals.
2. The Interior
When prospective buyers enter your house, they'll immediately notice several things. Do your possessions fill the house to the brim? Do all the walls in your home include family photos? Is the house dark and dusty? If you don't find the time to fix these problems, your property might not sell for the price you've asked for.
Another smart move is to repaint the interior, but again, avoid going overboard. Unusual wallpaper, flooring, and colors are not likely to be seen as selling points by prospective buyers but rather as a headache. Storage problems in your house could also be a source of disagreement. Therefore, you want to make the property feel welcoming, cozy, and not overly lived in. Manage storage and do a thorough cleanup before a showing. You want people to picture themselves living in a brand-new house, not someone else's abandoned residence.
3. Pets
Pets that are smelly, noisy, or dirty might reduce your asking price drastically, especially if you have a lot of them. Potential buyers will be looking for anything requiring updating or repair work due to pet damage. If scratches, chewing damage, stains, and odors are present, expect buyers to want to pay less for the property. To sell your property for its pre-pet worth, you must fix any damage before you stage it for prospective buyers.
In addition, remember that the most significant problem is pet odor, which you can get rid of only after extensive cleaning. First impressions are crucial, so if buyers enter a property and immediately feel an overpowering pet odor, they might reconsider making an offer.
However, this doesn't mean you must give up your furry friends. Simply make an effort to monitor the damage they may cause and pay attention to their hygienic needs. Give them frequent baths and ensure they are out of the way when holding viewings. In addition, put away their bowls, beds, and toys. The fewer pets you have inside your house, the better for potential buyers. So if you can move them to your new residence or another place, that would be even better.
4. The name and number of your street
Some of the most surprising things that decrease property value are the name and number of your street. Homes on streets with awkward names are valued much less than properties on streets with more familiar names. In addition, your property may sell for less if you reside in a house where the word street is in the address. As these address suffixes frequently seem more prestigious, homes with addresses that include boulevard, avenue, and drive have a higher value.
On the other hand, whether you believe in numerology and superstitions or not, house numbers can be significant. For instance, if you live at number 13 (considered an unlucky number), you might want to set your home's price slightly lower than your neighbors at number 11 or 12.
5. A death in the house
You can have more difficulty selling your house for a high price if anyone has ever passed away there. Superstitious buyers frequently choose to avoid properties where known fatalities have happened. Along with the obvious morbidity, it's also a common belief that haunted houses are associated with sites where fatalities have occurred. This belief becomes more potent if a murder or suicide happens on the property.
6. A swimming pool
You never expected a swimming pool to be on the list of surprising things that decrease property value. Right? In truth, swimming pools can lower the value of your home for multiple reasons. For instance, some buyers may be hesitant to buy a property with a pool or other water features because they may think it will bring unneeded additional costs and increased house maintenance. Also, the pool may be seen as a hazard by parents of young children. And, of course, a pool can negatively impact your home's value if it is in poor condition. Therefore, when planning the pool installation, it's critical to weigh the advantages and disadvantages.
Final thoughts
As you can see, there are many surprising things that decrease property value. Some of them you can fix, like the look of the interior. But some are out of your hand, like a death that occurred on the property or the house address. However, you can make a great first impression and receive your asking price with the right advice and assistance.