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8 Things That’ll Drive Your Home’s Value Downward

10.30.19

You wouldn’t stay in a job if they periodically reduced your wages, to the point where, in real terms, you’re earning significantly less money than you did when you first began the job. Yet many of us do end up not only leaving money on the table, but taking a hit when it comes to our finances. This happens to homeowners that don’t actively ensure that the value of their real estate is moving in the right direction. One of the issues is that sometimes the value can move downward without us even realising it; that’s why we have to be on guard. It’s worth noting that not all factors that contribute to your home’s value are within your control, however. Below, we take a look at some of the most common aspects that can compromise the value. 

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Depreciating Neighbourhood

You can do your bit for your own property, but there’s not much you can do for the wider area in which you live. If there’s an economic downturn in your city, then it’s likely that your home’s value will depreciate. It is worth noting that sometimes these things do go up and down, however. Also, while we say that it’s largely beyond your control, there are things you can do to keep the chances to a minimum — you can get involved in local politics, for instance. 

Lack of Upkeep

It makes sense that some people are wary about buying a property. There are issues with renting, too, but at least you don’t have to worry yourself with concerns about general upkeep and the like; it’s not on you. When you’re a homeowner, it is. One of the things that’ll reduce your home’s value the most is simply not staying on top of all the general upkeep jobs as well as you could. Viewed in isolation, they might not seem like all that important — but if you group them all together, then you’ll see how much they can affect the quality of your home. It’s a good idea to fix jobs as you see them. They might take less than an hour to resolve, but if too many of them add up, you’ll look at a long list of jobs just to get your house back into a good state. 

Too Much Flavour 

You do, of course, want your home to have some of your personality. It’ll make it a much more enjoyable place to be. However, you should avoid putting too much of your personality into your home. A property that has too much flavour might be interesting and unique, but it’ll become much harder to sell. It’s unlikely that you’d find someone who matches your personality completely. As such, it’s best to make changes that are easily neutralised. You can paint over walls that were you through and through; it’s harder to paper over a property where every decision has been taken with your style in mind. 

Structural Damages

Ultimately, while how a property looks will have an impact on the house value, it is always possible to change them. It might not even take that much time, even if you do have to outlay some cash to bring them up to scratch. The big property issues are the ones that are virtually unseen. Take structural issues, for instance. If the issue is left alone for too long, then you’ll be hit with a big bill in order to get things back into good shape. As such, it’s important that you’re on the lookout for structural matters, especially if the property is old. 

The Presence of Pests

It would be bad enough to live with pests in your property even if they didn’t have any long-lasting effect on the quality of your home. But alas, they do. They can affect the wiring, the foundations, or destroy the decking in your yard, all of which can be expensive to repair. Also, let’s not forget that a person would be unlikely to buy a house is they knew that it had a pest problem. Fortunately, bug and termite treatment are more effective than ever before. Call in the professionals, and get rid of them. It’s always best to handle these issues as soon as possible — the longer that they’re there, the more damage they’re able to do to your property. 

Lack of Curb Appeal

It’s not just the interior of your property that you need to worry about. The exterior of your home can have just as big of an impact. You’ll be so used to your house that you probably walk up to the front door without even paying attention to what’s going on outside, but that’s not how potential buyers will see it. To them, your home’s curb appeal is the first thing they’ll notice. And if it’s not up to scratch, then you’ll be getting off on the wrong foot. As such, one of the easiest ways to give your home’s value a boost is to focus on improving the front area of your home. Even a few small improvements can go a long way. 

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Too Much Clutter

If you’ve got a beautiful house, then you’ve got to let it shine. In some homes, there’s too much clutter in the way — it overruns the house. Packing things up and getting rid of them can help bring the magic of the house to the fore. 

Noise and Light Pollution

It’s important to keep in mind what home buyers are actually looking for when it comes to a property. They want their place to be a retreat from the chaotic world. As such, it’s important that this is what it is. If your property lets too much external light and noise pass into the home, then take steps to stamp them out. Soundproofing the property and installing blackout curtains will do this. It’s best if the house is located in a pleasant community, but you don’t want the community to be felt when you are inside the home, trying to relax. 

Author: kamal

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