Factors that could drain a homes value
July 8, 2011
Home sellers do everything they can to improve their property's value before putting it on the market, including staging and renovations. However, real estate agents
warn that some factors could actually work against a home seller and devalue their property. Some of these issues are in their control while others aren't, but being aware of them might provide home sellers some perspective when it comes time to list their property.
Above all, location may be the most important consideration when home buyers look to buy a home
. A property that's far from key services and transportation options or surrounded by unattractive elements such as cell phone towers is not as marketable as a home in an ideal location, reports Investopedia
. Home sellers can't do much about many of these matters, and it's possible their home was actually once ideally located and the neighborhood changed around them. At the same time, an
experienced local real estate agent may be able to find creative ways to enhance the property's positives and downplay its negative aspects.
Many home sellers try remodeling their property to increase its value, but poor renovation choices can have the exact opposite effect. According to the Discovery Channe
l, repainting a home to a garish color, going overboard on kitchen or bathroom renovations or over-personalizing a property can sometimes devalue the home. That's why most remodeling experts suggest homeowners undergo fairly modest renovations if they plan to sell their home soon. By choosing neutral colors and
depersonalizing the property, it may encourage a home buyer to feel more at home in the property.
An unattractive front yard
The front yard is the first thing a prospective home buyer sees, and they can become immediately soured on a home for sale if the yard is unkempt and unappealing. A home that looks outdated or worn down on the outside can deter a home buyer, reports Investopedia. At the same time, a lawn with complicated fixtures, landscaping and amenities might turn off a home buyer looking for something that requires less maintenance. Home sellers are encouraged to keep their yard neat and simple.
The home's interior
Home buyers want to feel comfortable in a prospective home, but they can quickly be put off if the property they're touring gives them a bad vibe. Pet smells, an unclean interior and evidence of shoddy upkeep can all deter a home buyer, making it important for home sellers to keep the property clean and maintained.