What lowers property value? Besides a plunging market, you can make mistakes that hurt your property's value. Here we will take a look at some of those common mistakes.
You're a homeowner now. You can kiss bland uniformity goodbye once you hand your keys to your now-former landlord. The world is your canvas. At least, the part you now must pay a mortgage on. You're the artist. You'll shape it to delight the senses.
You may have big dreams for that new home, but cool your jets. This is a time for careful thought, not for quick, modern design notes on cocktail napkins. You can make changes to update your new home. But, some may lower its value. This is no small thing.
If you thought that ugly light fixture was a turn-off, read on. Potential buyers will find some things very unappealing.
There’s Good, There’s Bad and There’s Ugly
Every homeowner will leave a mark on the homes they own, this is an inevitable fact of life. The only question you need to ask yourself is if your mark will be a good one. Will you be the homeowner who planted a gorgeous maple tree that became a beloved climbing tree? Or, are you the one who glued neon green shag carpet to the hardwood floors?
We made a short list of some easy, dramatic ways to destroy your home's value. We hope you can avoid these when you sell. Now, this is an important point to note: if you’re in your forever home, go hog wild. If you don’t need to sell that puppy ever, feel free to do whatever thrills you. Your wild choices could block options like refinances and reverse mortgages later.
Having made those disclosures, let’s talk about home value-destroying projects!
4 Things That Can Lower Your Home’s Resell Value
Now that you own a house, people will be giving you all sorts of weird advice. You’re going to have to learn to tune it out, because generally, random people don’t know. Most people own two or three homes in their lives. So, they lack much experience with market values and upgrades that make a house really pop.
Realtors, contractors, and other home pros know what's in and what's a timeless, classic fix. These are the people to ask when you really need a second set of eyes.
Related: Selling Your Las Vegas Home
But, before you even get that far, let’s count down some of the worst ideas for your new home.
What Lowers Property Value - #4 Really Personalizing the Place
Look, we know you’re eager to make your house your own. But step away from the lime green wallpaper and the orange tiles. Just for a minute. Think this through. Some buyers can see past over-personalization. However, others simply cannot. Realtors once advised sellers to paint everything beige. It creates a blank palette for buyers to start from.
If you want to use quirky wallpaper, choose something that’s easy to remove when you go to sell. Choose a mostly neutral tile. Scatter the orange ones like confetti. In short, tone it down a bit. However, feel free to paint to your heart’s desire — just plan to repaint before you put the house on the market.
A buyer's first impression of your home shapes their thoughts as they walk through. They’re simultaneously calculating two things in their heads: “How much can I afford to pay for this house?” and “How much will I have to pay to fix this place?” Each intolerable thing they encounter, like that orange tile, adds to the repair budget. As it grows, the price they’re willing to pay shrinks.
Oh, you left the flamingo wallpaper in your bedroom? The repair budget is getting pretty heavy. And these are just the visible things. They haven't yet started the inspection period. The point here is: do you, but do it in a way that can be reversed before anyone shows the house.
What Lowers Property Value - #3 Converting the Garage to Anything Else
There’s a difference between using your garage as a gym and making it a gym permanently. When it’s a permanent gym, you can’t push some stuff out of the way and pull the car in real quick to get it out of the rain. In fact, you probably don’t even have a garage door anymore!
Many have made this hasty decision. They've turned their garages into master suites, gyms, playrooms, and offices. They did not consider the long-term effects. After spending thousands on the project, they find it hard to resell their homes.
No matter how well the conversion was, the buyer thinks, "Where will I stash my lawnmower?" Even if the yard is tiny, it's a valid question.
Buyers have expectations when (READ MORE HERE)
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