11 Things Lowering The Value of Your Home

Like any investment, you want your home protected and nurtured in the hopes its value grows. So it's important to understand what can lower the value of your home whether you plan to sell your home in the near future or not. In this article, we'll go over some of the things that can hurt your property value - both in your control and those that are out of your hands.

Things inside the home

photo via bidvine

1. DIY Home Improvement Projects

Completing home improvement projects on your own can provide a great sense of accomplishment once the dust settles. Anything from new tile to increasing the square footage of your home could actually help your home value. However, if your work is sub-par or you didn't bother to look up the local building codes you needed to follow and do home renovations without a permit, you could find yourself in quite the pickle. 

Code violations can equal fines and even necessitate removing the work that was done and completely redoing the project so it meets code standards. All of which equals a lighter wallet for you and lower offers on your home when you go to sell if the prospective buyer learns about the problems.

2. Unsightly Kitchens and Bathrooms

Most prospective home buyers are going to take a close look at these two areas of the home because it's where a lot of time will be spent for themselves or guests. If your kitchen and bathrooms have never been updated or look to be in definite need of repair with peeling paint, leaky faucets, and more, buyers will mentally begin to lower their offer as they consider the costs associated with getting these rooms in a condition they can live with. 

Worse yet, it could scare them away from making an offer altogether.

photo via Petr Magera

3. Converting The Garage

Not only do you remove the garage/parking area that’s a major draw for buyers, but if the floor is lower than the rest of your home, you’ve now created a homeowner's insurance issue if you find yourself in a flood zone, creating higher premiums. You may be ok with it, but potential buyers may find it a turn-off to an otherwise perfect home.

Things outside the home

photo via Rajesh Appalla

4. Landscaping

If your home hasn't seen a hedge clipper or lawn mower in some time, it may be time to dust them off. Poor landscaping, or the lack thereof, not only cancels out any curb appeal your home may have, but also causes far more headaches for you or a potential buyer.

Overgrowth of trees, grass, and weeds located close to your home can cause issues with insect and animal infestations, and increase fire hazards and physical safety hazards if a dead tree decides to land on your home during a particularly wet and windy storm.

These are things potential buyers and a good real estate agent will be aware of when considering if they should make an offer or not.

photo via Zohair Mirza

5. Your Roof

While a well-maintained roof will provide years of protection to you and everything in your home, a neglected roof can cause both a drop in property value and offers on your home. When it's apparent repairs or replacement will be needed, potential buyers and their real estate agents will take this into account when or if they submit an offer.

It's also worth noting that even if the buyer or agent feels the roof is fine, a home inspection is probably going to uncover any issues or looming issues the buyer may face.

6. Your Location

The saying, "Location, Location, Location" has endured as long as it has for a very good reason; regardless of whether you think your home is located in Shangri-La, homes that are located in more centralized, popular areas with good school districts tend to fetch higher prices.

Homes located near undesirable businesses and activities will see the biggest hit in property values. Landfills, sewage treatment facilities, and even power lines can have adverse effects on homes of equal comparison in more popular areas.

Things beyond your control

photo via Kvnga

7. "Zombie Homes"

Vacant or neglected nearby homes that have been left to fall apart and grown over with weeds, etc. can have an adverse effect on values as well. Whether it's a home someone owns but doesn't live in or a home with residents that can't or won't maintain it - a single home can cause havoc on the entire neighborhood's home values.

photo via Kevin Woblick

8. Noise Pollution

I always recommend to buyers that they pay close attention to the inside and ambient noise outside the home when showing listings. Homes located close to interstates, fire stations, hospitals, airports, and railroads are all potential sources of high levels of noise pollution that can cause interested buyers to walk away if it's too overwhelming.

photo via Matt Maloney

9. Foreclosures

Much like the Zombie Homes, foreclosed homes in your neighborhood affect home appraisals and hurts property values. What's more, foreclosed homes can also turn into Zombie Homes themselves if it's left vacant long enough.

photo via Kenny Eliason

10. Bad Neighbors

In some ways, this could be part of the "Zombie Home" issue if your neighbors aren't keen on upkeep. But in general, messy neighbors or ones with frequent encounters with law enforcement can have an effect on the desirability and have an overall negative effect on the community.

11. The Housing Market

photo via Sigmund

In the real estate market, things can shift from the seller's favor to the buyer's for a variety of reasons. It can even shift so that it favors no one at times, but more often than not you'll find yourself in either a buyer's or seller's market. In a buyer's market, home inventory is flush and buyers have the pick of the lot when it comes to homes, making sellers more competitive with their asking prices and other incentives to have their house chosen over another.

In a seller's market, housing inventory is down and buyer interest is high so sellers can command higher prices for their homes and be less flexible with buyer requests.

Conclusion

While there are some things you just can't control that may affect your home value, the bottom line is to take care of your home whether you plan to sell someday or not. Regular maintenance of your home ensures you have many years of stress-free living ahead of you. It also ensures when the time does come to sell, real estate agents and potential buyers will be able to see the care that's gone into your home, making them more confident about making an offer, and more willing to offer top dollar for a home they really want.

www.CharlestonPalmettoHomes.com  |  Ashley.Melton@AgentOwned.com  |  843-670-2333