What Hurts Property Value? 7 Things to Address Now
13 February 2024
Property values fluctuate as a result of many factors, and as a homeowner, it’s important to be aware of factors that can drive home value down. Some of these factors are out of your control, such as market conditions, interest rates, and the economy, while others are very much in your control. From unappealing renovations to neglecting maintenance on your home, some projects, or lack thereof, can negatively impact your property value. It’s best to be aware of what hurts property value so you can protect your home and get the most ROI when it comes time to sell.
1) DIY projects gone wrong
Many homeowners take on home improvement projects to not only make their space more livable and enjoyable but to also add value to their greatest investment. Whether it be a bathroom addition, adding a deck, or purchasing a fixer-upper with the promise of profit for flipping it – most people start a project with the idea that it will increase the value of the home. As exciting as the projects may be, they can sometimes turn out not as expected and hurt your property value.
Are you wanting to build a deck, extend the kitchen, or remodel the bathroom? Even if you’re an expert at smaller DIY projects, it’s better to leave the bigger remodels and renovations to a professional. If not executed properly, they can hurt your property value.
2) Lack of curb appeal
First impressions make a difference when selling a home. So, your curb appeal should entice prospective buyers and help your home sell faster. If you’ve noticed the exterior paint is chipping off or your trees and shrubs have seen better days, chances are potential buyers will notice too. Luckily, you can achieve great curb appeal with some minor adjustments.
Update the exterior paint. The color of your home is oftentimes one of the first things a buyer will notice. Faded, chipped, and flaking paint can dramatically decrease your curb appeal and hurt your property value.
Update the exterior lighting. If the pathway leading to your front door is dimly lit or your fixtures are outdated, now is the time to update the exterior lighting. Exterior lighting helps your home feel more inviting and complements your landscaping. From post lights, LED lights, solar lights, and wall mounts, the options are endless.
Switch out your old fence. Worn fences are an eye-sore and can take the attention away from your home and hurt your property value. Replacing your fence for a new one can give your yard the boost it needs by enhancing the greenery, and showing prospective buyers that you care. Fencing comes in a variety of different options such as wood, vinyl, aluminum, wrought iron, and composite. Consult with professionals to determine what material is best for you.
Landscaping. When selling your home, it’s best to go with an easy-to-care-for and clean landscape design to appeal to buyers, and increase the property value of your house. Simply edging the beds, mulching the garden, and pruning the trees and hedges can transform any landscape.
Wash the windows and the siding. It doesn’t take long for your house and windows to form a layer of dust, dirt, fingerprints, or even algae. This can leave your house looking dingy and gray and hurting your property value.
Replace your front door. It’s no surprise that front doors quickly begin to look worn and tired with daily use and harsh weather. Replacing your front door is a quick and cost-effective way to add curb appeal or add a pop of color to your home.
