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Maximizing Property Value: 7 Strategies for Success

By
Real Estate Agent with RE/MAX Associates RS - 0019092

Numerous factors can cause property values to fluctuate, so it's critical for homeowners to be aware of those that could lower their home's value. While some of these factors—like interest rates, the state of the economy, and market conditions—are beyond your control, others are largely under your control. A home's property value can be adversely affected by certain projects, or lack thereof, ranging from ugly renovations to careless home maintenance. Knowing what depresses property value will help you safeguard your house and maximize your return on investment when the time comes to sell. 

 

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1) Home improvement projects done poorly
In addition to making their space more comfortable and enjoyable, many homeowners undertake home improvement projects in an effort to increase the value of their largest investment. Whether it's building a deck, adding a bathroom, or buying a fixer-upper with the intention of flipping it for a profit, most people begin a project believing that it will raise the property's value. Even though the projects might be exciting, they occasionally don't turn out as planned and depress the value of your home.

Do you want to remodel the bathroom, add an addition to the kitchen, or build a deck? It's best to leave the larger remodels and renovations to professionals, even if you're an expert at do-it-yourself projects. They may lower the value of your property if they are not done correctly.

 2) Making first impressions poor
In the process of selling a house, first impressions matter. Thus, you want your curb appeal to draw in potential buyers and hasten the sale of your house. It's likely that prospective buyers will notice if you've noticed that the paint on your exterior is chipping off or that your trees and shrubs have seen better days. Luckily, a few small changes can result in excellent curb appeal.

 

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    • Revamp the paint on the outside. A buyer will frequently notice your home's color as one of the first things they will see. Paint that is flaking, chipped, or faded can significantly lower curb appeal and lower the value of your home.
    • Revamp the external lighting. Update your exterior lighting now if your fixtures are old and the pathway leading to your front door is poorly lit. External lighting accentuates your landscaping and gives your house a cozier feel. There are countless options available, including wall mounts, post lights, LED lights, and solar lights.
    • Replace that outdated fence. A worn-out fence detracts from the beauty of your house and lowers its market value. By adding more greenery and demonstrating your concern for potential buyers, a new fence can give your yard the boost it needs. There are many different types of fencing available, including composite, wrought iron, aluminum, vinyl, and wood. To find out which material is best for you, speak with experts.
    • The landscaping. To attract buyers and raise your home's property value when selling, it's best to choose a landscape design that is simple to maintain and presents well. Any landscape can be made to look completely different by just mulching the garden, trimming the trees, and edging the beds.
    • Clean the siding and windows. Your home and windows can quickly accumulate a layer of dust, grime, fingerprints, or even algae. Your house may appear gray and dingy as a result, which will lower its value.
    • Change the front door. It should come as no surprise that daily use and inclement weather quickly cause front doors to appear worn out and tired. A simple and affordable method to improve your home's curb appeal or add a splash of color is to replace your front door.

 

 

3) Peeling or worn paint
Similar to exterior house paint, low-quality, streaky, or chipped paint can deter buyers and lower the value of your home. A new coat of neutral paint applied to the walls, trim, and cabinets can completely transform the space. Vibrant and busy flooring, tiles, or wallpaper can also draw the buyer's eye away from your house. When selecting permanent items, the best practice is to always go with neutral options. Next, use color in your furnishings and décor.

4) Deferred maintenance
Maintaining your house in excellent shape and carrying out routine general home maintenance tasks are essential. Neglecting and allowing your house to get messy will lower its value and may have an impact on your listing price. It is advisable for buyers to bargain for repairs in order to prevent significant costs after the sale. The majority of buyers demand an inspection contingency in their contract because of this.

Ensure that any broken parts are fixed. Hire someone who knows how to fix it if you don't. By doing this, any problems won't get out of control. It’s often more expensive to remedy any problems the longer you wait. Watch out for issues with your gutters, HVAC system, roof, foundation, and if a rodent or pest infestation appears. It's critical that you contact a professional right away if you experience any of these problems.

5) Carpeting 
During the first few years of owning your home, your carpet will be in excellent condition, but it will soon start to show signs of wear, retain odors, and be challenging to keep clean. Wall to wall carpeting can attract indoor allergens, which is another reason why buyers may be leery of it in addition to the fact that it can be costly to replace. Avoid carpeting as much as possible and go instead for tile, hardwood, or laminate flooring.

 

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6) Stuff, stuff and more stuff 
Over time, every house manages to fill up with possessions, and you usually aren't aware of how much junk you've accumulated until you're ready to list your house. As grime and dirt accumulate, so too can clutter. You should consider getting rid of some of your possessions if your room is too full. Give away stuff you don't need or want, and locate discreet, long-term homes for stuff you use occasionally. One low-cost method of adding value is to declutter.

7) The nose knows
Odors that are offensive can lower the value of your property in addition to leaving a negative, long-lasting impression. It's best to locate and get rid of the source of the odor, whether it's mold, pet odor, or cigarette smoke. Steer clear of using a potent perfume or fragrance to cover up the odor. Maintaining a clean home is the best way to completely prevent offensive odors. Regular cleaning entails dusting and vacuuming on a regular basis, cleaning the kitchen and bathroom, and wiping down surfaces and countertops.

 

 

by Redfin.com

 


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Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing Christopher!!! Great suggestions!!!

Maintaining your house in excellent shape and carrying out routine general home maintenance tasks are essential. Neglecting and allowing your house to get messy will lower its value and may have an impact on your listing price. It is advisable for buyers to bargain for repairs in order to prevent significant costs after the sale. The majority of buyers demand an inspection contingency in their contract because of this.

May 08, 2024 03:59 AM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Christopher. If sellers approached preparing their house for sale as if they were considering buying it, they would be well prepared for the market. Enjoy your day.

May 08, 2024 05:40 AM