Key Takeaways:
– Property values can fluctuate due to various factors, including market conditions, interest rates, and the economy.
– Some factors that can negatively impact property value are within the homeowner’s control, such as unappealing renovations or neglecting maintenance.
– DIY projects that are not executed properly can hurt property value.
– Curb appeal is important and can be improved by updating exterior paint, lighting, fences, landscaping, washing windows and siding, and replacing the front door.
– Unsightly interior wall paint, wallpaper, tiles, or flooring can discourage potential buyers.
– Regular upkeep and maintenance are necessary to maintain property value and prevent major expenses in the future.
– Carpeting can be a turn-off for buyers due to wear and tear, odors, and allergens.
– Excessive clutter should be cleared out before listing a home to improve value.
– Unpleasant smells, such as cigarette smoke, pet odor, or mold, can negatively impact property value and should be eliminated.
REDFIN:
Property values fluctuate as a result of many factors, and as a homeowner, it’s important to be aware of factors that can drive home value down. Some of these factors are out of your control, such as market conditions, interest rates, and the economy, while others are very much in your control. From unappealing renovations to neglecting maintenance on your home, some projects, or lack thereof, can negatively impact your property value. It’s best to be aware of what hurts property value so you can protect your home and get the most ROI when it comes time to sell.
1) DIY projects gone wrong
Many homeowners take on home improvement projects to not only make their space more livable and enjoyable but to also add value to their greatest investment. Whether it be a bathroom addition, adding a deck, or purchasing a fixer-upper with the promise of profit for flipping it – most people start a project with the idea that it will increase the value of the home. As exciting as the projects may be, they can sometimes turn out not as expected and hurt your property value.
Are you wanting to build a deck, extend the kitchen, or remodel the bathroom? Even if you’re an expert at smaller DIY projects, it’s better to leave the bigger remodels and renovations to a professional. If not executed properly, they can hurt your property value.
2) Lack of curb appeal
First impressions make a difference when selling a home. So, your curb appeal should entice prospective buyers and help your home sell faster. If you’ve noticed the exterior paint is chipping off or your trees and shrubs have seen better days, chances are potential buyers will notice too. Luckily, you can achieve great curb appeal with some minor adjustments.
- Update the exterior paint. The color of your home is oftentimes one of the first things a buyer will notice. Faded, chipped, and flaking paint can dramatically decrease your curb appeal and hurt your property value.
- Update the exterior lighting. If the pathway leading to your front door is dimly lit or your fixtures are outdated, now is the time to update the exterior lighting. Exterior lighting helps your home feel more inviting and complements your landscaping. From post lights, LED lights, solar lights, and wall mounts, the options are endless.
- Switch out your old fence. Worn fences are an eye-sore and can take the attention away from your home and hurt your property value. Replacing your fence for a new one can give your yard the boost it needs by enhancing the greenery, and showing prospective buyers that you care. Fencing comes in a variety of different options such as wood, vinyl, aluminum, wrought iron, and composite. Consult with professionals to determine what material is best for you.
- Hire a professional landscaper. When selling your home, it’s best to go with an easy-to-care-for and clean landscape design to appeal to buyers, and increase the property value of your house. Simply edging the beds, mulching the garden, and pruning the trees and hedges can transform any landscape.
- Wash the windows and the siding. It doesn’t take long for your house and windows to form a layer of dust, dirt, fingerprints, or even algae. This can leave your house looking dingy and gray and hurting your property value.
- Replace your front door. It’s no surprise that front doors quickly begin to look worn and tired with daily use and harsh weather. Replacing your front door is a quick and cost-effective way to add curb appeal or add a pop of color to your home.
3) Unsightly interior wall paint
Just like exterior house paint, streaky, chipped, or low-quality paint could discourage potential homebuyers and hurt your property value. A fresh coat of neutral paint on the cabinets, walls, and trim can make all the difference. Consider leaving the painting to the professionals. This way, you’ll avoid the chances of buying the wrong brush or roller, using too much, or not enough paint, or any other common painting mistakes homeowners can make.
Busy and bright wallpaper, tiles, or flooring can also divert the attention of the buyers away from your home. The best rule of thumb is to always choose neutral options for permanent items. Then incorporate color with your decor and furnishings.
4) Lack of upkeep
It’s important and necessary to keep your home in great condition and regularly perform general home maintenance chores. Letting your home fall into disarray and neglecting it will hurt your property value and could have dire consequences on your list price. Buyers will want to negotiate repairs to avoid any major expenses following the sale. This is why most buyers require an inspection contingency in their contract.
If something breaks, be sure to fix it. And if you don’t know how to fix it, hire someone who does. This will prevent any issues from getting out of hand. It’s often more expensive to remedy any problems the longer you wait. Keep an eye out for any problems with your roof, foundation, HVAC system, gutters, and if a rodent or pest infestation emerges. If you develop any of these issues it’s important to hire a professional immediately.
5) Carpet everywhere
Your carpet will be in great condition during the first few years of owning your home, but will quickly begin to show signs of use, start retaining odors, and can be difficult to keep clean. Not only will buyers be wary of wall to wall carpeting because it can be expensive to replace, but it can also collect indoor allergens. If possible, it’s best to stray away from carpet and opt for hardwood, laminate, or tile flooring.
6) Excessive clutter can hurt property value
Every home manages to accumulate belongings throughout the years, and you usually don’t realize just how much clutter you’ve collected until you’re about to list your home. Just as dirt and grime build-up, so can clutter. If your room is overcrowded with stuff, it’s a good idea to clear some of your belongings out. Donate items you no longer need or want, and find hidden, permanent homes for the items you use just once in a while. Decluttering is an inexpensive way to add value.
7) Unpleasant smells
Not only do offensive smells leave a bad and lasting impression, but they can also hurt your property value. Whether the lingering odor is cigarette smoke, pet odor, or mold, it’s best to identify the root of the smell and eliminate it. Avoid masking the smell with a strong perfume or fragrance. To avoid unpleasant smells altogether, it’s best to keep your home clean. Routine cleaning includes vacuuming and dusting regularly, wiping down countertops and surfaces, and cleaning the bathroom and kitchen.
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Property Chomp’s Take:
Property values are subject to fluctuation due to a variety of factors, both within and outside of a homeowner’s control. Market conditions, interest rates, and the overall economy are some of the external factors that can influence property value. However, there are also certain factors that homeowners have control over, and it is important to be aware of them in order to protect one’s investment and maximize return on investment when selling.
One factor that can negatively impact property value is the execution of DIY projects. While many homeowners undertake home improvement projects with the intention of increasing the value of their homes, these projects can sometimes turn out differently than expected and actually hurt property value. It is advisable to leave larger remodels and renovations to professionals, as improper execution can have a detrimental effect.
Another factor that can affect property value is the lack of curb appeal. First impressions are crucial when selling a home, and the exterior appearance can make a significant difference in attracting potential buyers and selling a property quickly. Faded or chipped exterior paint, outdated lighting fixtures, worn fences, and an unkempt landscape can all detract from curb appeal and decrease property value. However, making minor adjustments such as updating the paint, lighting, fence, and landscaping can greatly enhance curb appeal and demonstrate that the homeowner takes pride in their property.
Unsightly interior wall paint can also be a deterrent to potential buyers and negatively impact property value. Streaky, chipped, or low-quality paint can create a negative impression. It is advisable to opt for a fresh coat of neutral paint on cabinets, walls, and trim to create a more appealing and marketable interior. Hiring professionals for painting projects can help avoid common mistakes that homeowners may make.
Lack of upkeep is another factor that can hurt property value. Regular maintenance and timely repairs are essential to keeping a home in good condition. Neglecting maintenance can lead to more significant issues that are costlier to fix, and potential buyers may negotiate repairs to avoid future expenses. It is crucial to address any problems promptly, whether they are related to the roof, foundation, HVAC system, gutters, or pest infestations.
Carpeting throughout the home can also detract from property value. While carpets may be in good condition initially, they tend to show signs of wear and can collect odors and allergens over time. Buyers may be hesitant about wall-to-wall carpeting due to the expense involved in replacing it. Opting for hardwood, laminate, or tile flooring is generally more desirable and can help maintain or increase property value.
Excessive clutter is another factor that can negatively impact property value. Accumulating belongings over the years is common, but when it comes time to sell, it is important to declutter and create a more spacious and appealing environment. Donating items that are no longer needed and finding permanent storage solutions for infrequently used items can help create a more visually pleasing space and potentially increase property value.
Unpleasant smells can also hurt property value and leave a lasting negative impression. Cigarette smoke, pet odors, and mold are examples of offensive smells that should be addressed and eliminated. Masking the smell with strong fragrances is not a solution; instead, it is important to identify the root cause of the odor and take appropriate action. Routine cleaning and maintenance can help keep a home smelling fresh and appealing.
In conclusion, being aware of factors that can hurt property value is essential for homeowners. DIY projects gone wrong, lack of curb appeal, unsightly interior wall paint, lack of upkeep, excessive carpeting, clutter, and unpleasant smells are all factors that can have a negative impact. By addressing these issues and taking proactive measures to maintain and improve their homes, homeowners can protect their investment and increase their chances of obtaining a higher return on investment when it is time to sell.
