5 Things Lowering The Value of Your Home Right Now

Whether you’re thinking of selling your home or staying put forever, you likely want to ensure your home’s value grows over time. So today, I’m going to let you know about 5 things that could be lowering the value of your home right this minute.

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 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 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.

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 an 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.

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.

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.

Conclusion

While some things you just can't control 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 and thoughtful decisions about upgrades to your home ensures you have many years of stress-free living ahead of you. 

To learn additional things affecting your home’s value including the mysterious “Zombie Homes”, read my full article, “11 Things Lowering The Value of Your Home” on my website, CharlestonPalmettoHomes.com.

   By Ashley Melton, Realtor®