Surprising Things That Decrease Property Value
If you’re thinking about selling your house, you’re probably asking, ‘What factors influence property value?’ Although you are already aware that variables such as location, land size, and the state of the real estate market have a significant effect on property prices, you might be stunned to learn that certain minor details will raise or decrease your home’s value by thousands of dollars.
Here are six factors that will reduce your property’s value.
No garage or a single garage
Homeowners love their garages just as much as they love the vehicles that go in them. Garages have changed from being practical places to park and secure vehicles to being necessary excess storage for sporting equipment, motorcycles, lawn equipment, and holiday decorations. Houses with no garage are less appealing.
Though swimming pools are an essential luxury in many parts of the country, they can also reduce the value of your house in other areas. In-ground pools necessitate regular upkeep, which is unappealing to retirees or those trying to ease their lives. Similarly, when pool equipment fails or has to be replaced, the resulting costs may be overwhelming.
The prospect of another recurrent liability will put off prospective buyers who are still squeezing their finances to purchase the house of their dreams. Another significant pool-related problem is safety. Many households of small children despise the “what-ifs” that swimming pools reflect and may avoid properties that have this additional monitoring requirement.
Subpar Educational Institutions
For various causes, being in a top-tier school district is a primary concern to most homebuyers. Staying close to a low-performing school will lower house prices and restrict the market to buyers who do not have school-aged kids or who can afford the additional cost of private education.
Proximity to interstate, airport, or train
Although there is a case to be made for convenient access to commuter trains, freeways, and other modes of public transportation, it can be difficult to sell. Buyers appreciate a convenient venue, but not at the cost of their quiet time or air quality. Houses too close to freeways, trains, and airports are avoided mainly by homebuyers who are put off by gas emissions and the relentless hum of traffic.
Homes on sloped lots can be difficult to sell for a variety of reasons. For starters, lawn maintenance becomes a problem, particularly on steep slopes. Mowing lawn and raking leaves, in particular, take on a whole new dimension when you’re trying to keep your balance.
Second, based on where the house is located, sloped lots will often cause runoff or drainage problems from higher elevations. Ultimately, apart from skiing and sledding, lots with a dramatic slope can restrict outdoor entertainment options, which is a downer for families with young children.
The first thing people notice when they enter a home is the appearance of the floors. If there are cracked tiles or scratched hardwood floors it can convey that the home has not been well cared for and lower the value to a potential buyer. Dirty or worn carpeting can also be a big indicator. Be sure that floors are clean and in good repair before putting your home on the market. Clean carpets will enhance the appearance that a home is well maintained.
If you’re a seller dealing with one or more of these property marketing issues, it’s normal to feel helpless to change the odds to your advantage. Improve the situation by recruiting a real estate agent with an established track record in advertising and selling properties of all kinds.