The real estate market is making a comeback in most parts of the country. Sellers are appreciating a healthier home buying market and buyers are making far better deals than they might have in the recent past. There are still factors however that can hurt the value of a property. Here are the top aspects that many experts agree can devalue your dwelling.
In this case, size does matter. As Americans, our love affair with the automobile has now extended to the warm place we want to park them. It not only is home to the car but the overflow of stuff we possess. It houses the storage bins full of stuff we are not using and stuff we can’t seem to part with, sports equipment, seasonal decorations, lawn equipment, and not to mention all the tools needed to maintain your home. So, a single car garage or carport will often be discouraging.
There are many factors about the lot that might deter buyers.
Sloped Lots- These can cause extra effort in mowing which is a deterrent to older buyers and busy professionals. The infinite shifting of the earth may cause problems in the drainage and stabilization problems within the home itself. It also limits the recreational value to a family. This may also cause the homeowner extra effort and cost to clear in the winter season.
The Corner Lot- These lots while usually bigger and with only one neighbor might seem like a selling point until you consider that you still have traffic on two sides. Noise is usually a huge factor in buying a home.
Easements- The idea that you might have to share a part of your land with neighbors or the public is usually restrictive. For instance, giving the public access to a park means anyone can be on your property at any time. That can be unsettling. Sharing a driveway can cause huge neighbor disputes. Easements can also limit certain types of redevelopment.
Cul-de-sacs and T-intersections- These cause problems mostly in the evening hours. You should realize that with people coming and going at all hours will cause bright lights to sweep through certain rooms. Some will be put off by this effect when considering buying a home.
While, I myself, am a huge fan of grand old trees. I realize that raking the falling leaves in the autumn, is not a job everyone wants to deal with. They might need be trimmed or cared for by professional companies. Thus, financial costs can also be an issue. Large yards, complicated landscaping, dying shrubbery, dead grass, all require extra upkeep and will be limiting to certain types of buyers.
We must also consider the curb appeal. Houses with odd color choices, such as pink and purple flowers that clash with the green shutters make potential buyers see dollar signs adding up. Too much rock or mulch that need to be updated every year can also have buyers worrying about additional costs of maintenance. A yard that feels blah will not invite buyers to want to come inside.
So, the considerations are simple. Appearances make a difference. Messy neighbors are a warning to potential buyers. Noisy neighbors will have the same effect. Families will seldom want to buy a home next to the party crowd nor will elderly buyers.
If they are too many applicable comparisons in the neighborhood or too many foreclosures. They are both prohibiting factors to home buyers. Everyone wants a good deal. If they buy can buy virtually the same amount of home at a lower price, you will be passed over. If the neighborhood has become a wasteland of foreclosures, many people will shy away realizing their home value is deflated by other people’s misfortune.
Other frightening problem can be registered sex offenders in the neighborhood or high crime rates. People want to feel that their home provides a safe atmosphere to raise their children so they will often forgo looking at properties in neighborhoods where criminals or criminal activity seems commonplace. This will applies to younger people and the elderly. Safety is a huge factor.
In today’s world, education is a must. So bad school will limit families from buying your home.
Multiple story homes- They provide extra square footage which is a plus /minus depending on the buyer. This also indicates higher cost in utilities and maintenance fees. Unless they contain a main floor bedroom and bathroom, they will dissuade many buyers. Those with small children worry about the stairs and their child’s safety. Elderly buyers will be deterred by the same problem.
Cleanliness and Upkeep- A well maintained, clean house is appealing but by the same measure, the opposite is true.
Renovations-The truth is that remodeling can add value if you use certain guidelines, for example, painting, unless you use a wild paint scheme. While a hot pink bedroom might make your daughter smile, chances are potential buyers will be deterred by the color.
Another potential type of hazard is the backyard pool and outside kitchen. Many buyers will be discouraged by these amendments. While they may be enjoyable, the cost and maintenance of such amendments may seem daunting to their financial budget and their time constraints.