Wednesday, July 22, 2015

10 things that may Negatively affect your Home's Value

This is a great read for both buyers AND sellers. Sellers - this helps you price correctly. Buyers - consider these things when choosing your next home!

1. Bad location. This can come down to freeway noise, power lines, you name it. See: Location Issues That Make it Hard to Sell

2. No garage or small garage. Unless you're living in a condo, retirement community or historical or in-town neighborhood, most buyers will look for at least a two-car garage.

3. Garbled floor plan. Small rooms and bathrooms, an inconvenient floor plan or a layout that requires you to access bedrooms or bathrooms through other rooms will detract value from your home.

4. Outmoded appliances or systems. Who wants an electrical system or plumbing system incapable of handling modern conveniences? Would you buy a home if the appliances were worn or broken?
Phipps remembers walking into one house with clients who casually opened the oven door -- and it fell off.

5. Stale or overly personal decor. Sure, [insert color] is the hot wall color right now, but for how long?  What is more important? Letting the buyer see your home or photos of your kids?

 6. A bad roof. Roofs are expensive to replace and a good roof is considered standard equipment in a house. If your roof has problems, expect to take a hit in the price.

 7. A pool. Forget what you might have heard. An in-ground pool in most parts of the country doesn't automatically raise the value of your home.
Having a swimming pool will automatically limit your market when it comes time to sell, he says. It's constant upkeep, they get cracks, the equipment goes down and it's expensive to replace, and the liability is high.
Consider your home value and location. In a million-dollar house, not having a pool is a detraction but will not necessarily increase your value.

8. Poor maintenance. If you've got an old roof and deteriorating exterior paint/siding/trim, I don't care if the home is immaculate inside, you won't even get the buyer out of the car. If the curb appeal is in disrepair they buyer starts out on a negative note thinking about what else may be poorly maintained.

9. Environmental hazards. Besides being a danger to human health, lead, mold or asbestos can kill home value.

10. A laundry list of needed improvements. A list of must-dos just to conduct everyday life will scare off a lot of potential home buyers. Especially with first-time buyers since most of them are already scraping cash together just to close.

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