5 Things That Can Lower the Value of Your Home
Although it might not feel like it, your home isn’t just a place to live: it’s also an investment. As a homeowner, it’s crucial to be aware of the factors that can potentially lower the value of your property so that you take care to maintain it over time. That way when it does come time to sell, you can be confident that your home is ready for new owners.
Here are 5 common factors that can have a negative impact on your home’s value:
Neglected Maintenance
Deteriorating paint, cracked tiles, leaky faucets, or outdated flooring can detract from your home's value and cause exponential damage over time. Regular maintenance and updates are essential for preserving your property’s habitability and worth.
Poorly-done DIY Projects
While DIY projects can oftentimes be a cost-effective way to make improvements, when they’re poorly executed they may have the opposite effect. Shoddy craftsmanship can be a major turn-off for future buyers and can even have structural ramifications. If you're considering DIY projects, be sure to invest time and effort into doing them right…and if you aren’t in the position to do it yourself, hire a licensed contractor instead. Remember that doing it yourself doesn’t always save you money — sometimes it ends up being much more costly in the long run.
No Curb Appeal
First impressions matter. Peeling paint, dead or overgrown landscaping, and an overall shabby appearance can give the impression that the property isn’t being well taken care of inside either. Regularly maintaining your home's exterior — including landscaping, tree trimming, and painting as necessary — is essential for sustaining value.
Un-permitted Additions
Un-permitted additions or renovations can lead to safety and legal issues, resulting in a possible loss of value. It’s important to make sure that the work you do on your home is up to code and done in a way that won’t impede a future sale. Un-permitted structures or additions are usually a big red flag for the entire home, because it might mean that whatever updates have been done to the rest of the house also aren’t up to code.
Lack of Updates
Homes that haven't been updated in years can lose value in a competitive market. Features like an outdated kitchen, bathroom, or flooring can make your property less appealing over time. Don’t make trendy changes every few years, but do consider what classic updates are worth investing in as they come up. Maybe the kitchen needs some new counters and it’s a good chance to update the cabinet hardware? Make strategic changes that have a timeless appeal and try to make these improvements slowly, over time.
By being aware of the factors that can lower the value of your home, you can take proactive steps to maintain and even enhance its worth over time. Regular maintenance, updates, and addressing any issues promptly are key to preserving the value of your investment. And make sure not to take on any DIY-projects that are far beyond your skillset. It might seem like a cost-effective choice at the time, but you could end up causing more problems and having to hire a professional anyways. Remember that a well-maintained and thoughtfully designed home will not only be a comfortable living space, but also a valuable asset.
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Julia Van Valkenburg, Realtor
OMNI Homes International
julia@buyselltucsonhomes.com
