What’s my home worth? Refrain from the following devaluation risks for the starters.
The final goal of homeownership is to get a good resale value. You purchase your first home in an up-and-coming neighborhood, live in it for a few years, make a few changes, and voilà! You can move onto your new home mission by selling this one.
We all want to sell our homes for the best price, but certain factors (or you can say detractors) can lower the resale value of your home. Scroll down to find out what factors contribute to the devaluation of your home. This brief post will give you a closer insight into what price you should expect in your situation.
Living Next to a Commercial Property
Your neighbors are Mr. & Mrs. Richard and Aunt Barallena? That’s all well and good; they are good people. A 24×7 crowded McDonald’s drive-thru? Nah, not happening. The irresistible smell of hamburgers and fries might seem like a selling point, but most people don’t really like to live in commercial areas because of the hustle. So this could downsize your resale value by approximately $10,000.
A Dangerously Sloped Backyard
Everyone dreams of an extensive backyard where their kids can play soccer ball and dogs run and have fun. A sloped backyard can turn out to be a major fail for your potential buyers as it can pose safety risks. Your potential buyers might now be in a mood of doing detailed landscaping to make it functional.
Carpet harbors allergens and dust and is more susceptible to evolving design trends. As a home seller, you can usually get away with it in a finished basement or children’s bedrooms, but if the carpeting is done throughout your main floor, be prepared to lose some points on the property value estimate.
Quality of Your Kitchen Cabinetry
Any cabinetry that is prone to warping, peeling and water damage influence your home’s value like anything. Cabinets are quite expensive to replace, so a potential buyer might not consider a home that would require some serious kitchen upgrades.
Living on the Height Of a Sloped Driveway
A sloped driveway can lead to a plethora of problems: cracks in the pavement, Rainwater drainage issues, and slippery conditions during harsh weather, and scraping under your vehicles. It’s not the best for families, so homebuyers tend to consider this factor and turn down fairly good deals just because of this safety concern.
Living in Close Vicinity to Power Lines
Despite the research that proves otherwise, many homebuyers falsely believe that living close to high voltage power lines can cause cancer. Others, however, simply see them as an unpleasant sight from the window and would prefer to live in a neighborhood with underground power lines.
Calculating a house value estimate is not a very difficult feat if you are aware of all the factors that make up the overall value of your home. However, there are certain things that you might not see, but they really do matter to potential buyers and significantly downsize your home’s value.