How is the price of a property calculated? It is not just the structure that needs taking into evaluation; the street, neighborhood, the age of the house, the decor, the location, view, etc., all these aspects are valued. The street and the community aren’t under the house owner’s control, but the house/property is. As an owner, you should pay attention to how you can improve your property value and the things you should avoid. Most owners do not realize that some of the works they get done on the house lead to a decreased value. It is hard to understand what action is good for the house value and what can unknowingly decrease the value; however, we do have a guide to figure the dos and the don’ts.
5 things that devalue your house
Let’s start with the exterior. Yes, the inside matters most, but most wouldn’t want to look at the inside ( still talking about houses) if the exterior isn’t good. The first impression is essential. If you want the house to sell at a good price, turn up the curb appeal. The first thing you notice about a house as you pull up is the curb, and so the curb needs to be attractive. Something about the exterior should attract potential buyers. So if you have never been a yard care person, now is the time to change it. A great yard can instantly increase the value of your house. However, a shoddy or overly complex yard may decrease your home’s value.
You don’t know what kind of family or person will move into the house, so stick to the basics. Keep it minimal yet classic. Avoid high-maintenance plants and shrubs. Not everyone is into yard life. Stick to the trend but at the same time keep it minimal.
The goal is to attract potential buyers, and the easiest way to do it is by working on your interiors. Every individual has a different taste, but there are a few designs and styles that everyone can get on board with. However, floral or rainbow-themed aesthetics and interiors are not for all. If the house has these kinds of interiors, it will be tough to sell. So stick to the commons such as pastels, white, beige colors that are calm and soothing. A fresh coat of paint would be the best but don’t go overboard. Also, tacky wallpapers and flooring will most likely serve as a hindrance, so get rid of it before bringing down the price value.
Before a showing, make sure you declutter so that the interested party can get an idea of the space.
The bathroom is one of the most overlooked parts of the house; however, it can make or break the price value. A distasteful bathroom can quickly lower the value of your home. Some owners go crazy with the bathroom design, clashing decoration, and paint. The bathroom shouldn’t be too plain, and it also shouldn’t be too gaudy. Stick to tasteful features. Keep it minimalistic and classy. You can go overboard with any one key element, either make the tub the center of attraction or the basin. Adding key elements will raise the price value of the house.
Stick to the trends; wallpapers are no longer the aesthetic, so if you have it, take it down and add a fresh coat of paint. Ready your property for the market. Also, give the toilet a thought. Most new owners do not want past reminders of the previous owners. The bathroom floor is another critical factor you would want to check out when preparing your house for the market. Remember, the idea is to get the best price and to do so; you need to dress the house according to the current trend, which is minimal and classy.
Damage is another factor that can immensely devalue a property. Since the buyer knows that the house isn’t in good condition and needs a repair or two, he will not give you a high price. Since you aim for a high price, you should quickly fix the things that are in desperate need of attention, or else you will lose a significant portion of your asking price. If you aren’t great with a hammer and nails, you might want to turn to a professional. Nobody will pay good money for shoddy DIYs. Leaky taps to stained grout; all these things are the deciding factor of the amount you receive. Do not let the buyer find any fault in such areas.
The property isn’t the only thing the buyer is going to look at. The surroundings, locality, neighbors, etc., take every such thing into account. For instance, take two houses of similar structure; one is located in a posh locality while the other resides in a shabby alley. Although the houses are identical in all aspects, the price will vary due to the locality. The one in the posh area will be expensive, and the one in the alley will be cheaper.
The neighbors are also a price deciding factor. Based on this, buyers can lower the price. Is the area where the house is located safe, is it resident-friendly? All these features will affect the price of a property. The locality isn’t in the owner’s hands, but the house is. Avoid doing remodeling or restructuring that lowers the value of the home.
There you have the top 5 things that can devalue a property. When putting a property on the market, the goal is to get the best deal, and so you need to make the property market-ready. Fresh coats of paint or fixing the front steps are the best way to increase the value of a house. Avoid doing things that lower your property value, such as incomplete repairs, unappealing paint/wallpaper, or unattractive landscaping.