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Top 7 Things That Can Lower Your Property Value Of Your Home

Things can Lower Your Property Value Nanaimo

Your home is one of your biggest purchases, so it makes sense that you would want to protect your investment. But what about the things that affect your home’s value that you can’t control?

Look at the points below to understand these factors well:

1. Lot of comparable listings

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 be pretty difficult to sell.

2. Curb appeal

Pull up to someone's house, and what's one of the first things that catches the eye? The yard, right? (Or lack thereof.) If caring for the yard isn't 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 rotting 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.

3. Poor Exterior Paint Quality

Your home’s exterior is the first impression people get of your house. So exterior paint that’s faded, cracked or peeling is a big turnoff. Another negative is painting your home an alarming color. Buyers favor neutral colors like gray, white, cream and beige. So pick your colors with care and repaint the exterior when it starts to look bad.

4. Your property requires a lot of repairs

If your house needs a serious repair, like a leaky roof, busted plumbing, a mold problem or adefunct 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 if you're not confident you can make the repairs yourself.

5. Neighborhood Foreclosures

A foreclosure close to your home hurts your home’s property value. That’s because appraisers look at comparable selling prices in your neighborhood when estimating your home’s value. What’s more, foreclosed homes may sit vacant without any maintenance for a long time. This can also affect your property value.

6. Too Much 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’re going to do something quirky, try to ensure it can be easily removed or reversed when it’s time to sell.

7. Bad neighbours and neighbourhood conditions

When you are selling real estate in Nanaimo, your neighbourhood 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 aren't 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 particularlifestyle. The more people who find a house attractive when it hits the market, the better off you will be. Connect with a good 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.

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