Your home is one of your biggest purchases, so it makes sense that you would want to protect your investment. But you may not be aware of everything that can lower your property’s value. Some are obvious; some are less so.
Look at the points below to understand these factors well:
1. Market saturated with similar listings as yours
The housing market can be very unstable; there are highs and lows. If you put your house on the market during a time when the market is saturated with similar properties, it can get difficult to sell.
2. Poor quality of exterior paint
Your home’s exterior is the first impression people get of your house. So exterior paint that is faded, cracked or peeling is a big turnoff. Try not to paint your home’s exterior with a very bright colour. Most buyers favor neutral colors like gray, white, cream and beige. So try to keep the exterior paint updated.
3. Curb appeal
Pull up to someone's house, and what is one of the first things that catches the eye? The yard, right? If caring for the yard is not one of your priorities, it may make your house harder to sell when the time comes. After all, strong curb appeal is essential to selling a house: It sells more than half the homes on the market. An old shed or a decaying fence also could affect your home's value, as could having too many artificial installations around your yard. Even elements such as pools, ponds and waterfalls could decrease the value of your house, especially for buyers with small children or for green thumb types who are looking forward to developing a new yard for themselves.
4. Lot of repairs required for your house
If your house needs a serious repair, like a leaky roof, busted plumbing or a defunct HVAC system, then that will most certainly be a point of disagreement. You need to get major repairs sorted out or risk shaving off a significant portion of your asking price. If you ask the homebuyers to bear the cost, they will not. Get a professional to do the job before putting your home up for sale.
5. A lot of personalization
If possible, keep aside things that are too personal like photographs. Give the buyers an empty canvas so that they can visualize the house as theirs. Also, when a buyer tours a house, they take note of all the projects they will need to do. If you are going to do something quirky, try to ensure it can be easily removed or reversed when it is time to sell.
6. Neighborhood Foreclosures
A foreclosure close to your home hurts your home’s property value. That is because appraisers look at comparable selling prices in your neighborhood when estimating your home’s value. What is more, foreclosed homes may sit vacant without any maintenance for a long time. This can also decrease your property value.
7. Bad neighborhood area
When you are selling real estate in Nanaimo, your neighborhood also holds a lot of importance. Before a potential homebuyer can get to your house, he has to drive past your neighbors, and they can take a bite out of your home's value in a multitude of ways. If the schools in your area are not healthy and flourishing, that can also drive down the value of your home.
One of the main things to remember while trying to boost your house's value is that people have a wide variety of tastes. A property with the flexibility to suit a big size of the population will be more in demand than one highly customized to any one lifestyle. The more people who find a house attractive when it hits the market, the better off you will be.
Connect with a good Nanaimo realtor. Real estate agents are experts who understand what the potential buyers look for in a house. They will examine your house thoroughly and suggest you ways to update your house and increase your property value.