Your home’s resale value will depend on several factors. And to get the best outcome, it is crucial to assess the whole property, instead of focusing on a few parts. The primary reason many homeowners sell their homes is to make extra money from the transaction. For the 16% already selling, it is to downsize into something more manageable.
Regardless of your reason, here are 3 things that lower your home’s resale value.
- Poor property maintenance
When a potential house buyer walks into a property for sale, it only takes ten seconds to make that decision. In those few seconds, they take in a lot of details about the house – right from the entry point. A poorly maintained house manifests in several ways. It may have a bad smell upon entry, full of clutter, stained walls, and cracked tiled floors. Faulty fittings and fixtures can also be a major put-off that negatively impacts the resale value.
Indeed some people don’t mind minor faults. However, since you don’t know where your buyer draws the line, it is better to ensure everything is in order. Experts advise that your windows, doors, walls, flooring, and roofing must be in excellent shape. If, for example, your roof is leaking, it is advisable to hire a roof replacement company to repair the damage before putting the house up for sale.
- Unpleasant history
In real estate, a home with a bad history is considered ‘stigmatized.’ In many instances, such properties have stayed on listings for several months and even years without generating positive interest from prospective buyers. Perhaps, when you bought it, the history may not have been much of a concern to you.
Unfortunately, others may not feel the same as you did when you put it back up for sale. Instances of unpleasant history include highly-publicized divorce, robbery, homicide, etc. Due to the negative psychological image attached to the property, the resale value may be significantly reduced. According to real estate research, the property resale value may decrease by as much as 10%. If your house has an unpleasant history, you may want to keep that on the low unless a prospective buyer asks. You can also consult expert decorators, builders etc., on changes you can make l to create a more pleasant atmosphere.
- Air and noise pollution
This problem is usually regarding the location of the house. The EPA says 45 – 55 decibels is the maximum limit for indoor and outdoor residential areas. Anything more than this is categorized as noise pollution. Therefore, if your house is in a noisy area with high air pollution, that can lower the resale value. Noise and air pollution are elements you cannot hide from buyers. It would be wise to expect a lesser value for the property just to be fair to the buyer who expressed interest. On the other hand, you can include features to the house that lower the pollution indoors.
To conclude, if you carried out home improvements without local council permission, that could affect the resale value. No buyer will want to take up the cost of a house likely to bring them legal problems.