4 Factors Reducing the Value of Your Residential Property
Photo by Dan Meyers on Unsplash
If you’re looking to sell your home in the near future, it may be a good idea to start looking at the different aspects that could affect the value of your property. While factors such as location and nearby amenities are beyond your control, there are several things you can do to ensure that your property seems more appealing.
When homeowners decide to list their homes for potential sale, they rely on the expertise of pros like the real estate agents Langwarrin residents use to market their properties. However, if you’re going to wait until then to start making necessary changes, your property may stay on the market longer than you expected. Use this article to start making good changes today.
These 4 Aspects May be Devaluing Your Property
If not properly dealt with, these factors may cause you to accept a much lower asking price than you envision. Get it sorted now already, for in case you need to sell in a hurry down the line.
- Curb Appeal is all Wrong
While you might think that potential buyers are more interested in the inside of your home, the reality is they judge your home before they even set foot in the gate. When a prospective buyer stands in the street in front of your home, they mentally analyse the whole picture. A shoddy and neglected garden can leave them uninterested in what lies further than the fence.
If you want to instantly improve the overall view of your home, review the following tips for a quick exterior spruce-up:
- Give your home a fresh coat of paint: This will have benefits both inside and out. Even painting sun-beaten window frames will make a huge difference.
- Update the fence: If your fence looks a bit worse for wear, it’s a good idea to replace it or simply add a coat of paint or varnish. Gates may also benefit from a revamp.
- Replace outdoor accessories: A few of the outdoor accessories that can be repaired or replaced include the mailbox, doorknobs, knockers and house numbers.
- Upgrade outdoor lighting: Update light fixtures by replacing traditional bulbs with LED alternatives. Change fittings were necessary. Add a few solar lights in the garden for a fresh, modern approach.
- Clean up the garden: Your wild garden may look like the cosiest forest environment from your perspective, but from the other side of the fence it might look like a huge mess. Trim shrubs and trees, clean out garden beds and mow the lawn often, as you never know when a prospective buyer may be driving past.
- Clean up: Hose down gutters and pathways and check for any areas that need to be repaired.
- Illegal Home Improvements
Certain home improvements can only be carried out once the necessary permissions have been acquired from the local council. Doing renovations or making improvements without the official go-ahead may cause a huge delay during the selling process.
- Outdated Kitchens
The adage, ‘A kitchen sells a house’ may seem a little far-fetched but in real estate it has proven to be true on many occasions. That means, if your kitchen has old, dated cabinets, you may need to repair or modernise them before putting your house on the market.
Regarding décor and design, you want to focus on creating adequate storage space and using colours that aren’t overwhelming. Opt for a neutral or rustic colour palette if you’re repainting, so it fits with many buyers’ preferences.
Be sure to add new hinges on rickety cupboard doors and it may be a good idea to replace all the handles and knobs. Also replace older taps and add a fresh new backsplash to the area behind the stove. It’s an instant upgrade and easy to do!
- Neglected Repairs
Another top reason that homes may lose value has to do with the general state of the home. If the property comes across as being in a state of disrepair, you’re going to struggle to sell it at the price you had in mind. This is a point that the leasing agent Langwarrin homeowners rely on for rentals will agree on. A neglected home is equally difficult to rent out as it is to sell.
This proves the value of preventative maintenance and spending a little money on general repairs is a wise investment.
If you’re planning to sell your home in the future, it’s recommended that you start with repairs long before the time. That way you can budget easily and plan to do a certain amount of repairs and renovations each month.
Look for sales that will benefit your renovations. For example, check local hardware stores for promotions on handles, doorknobs, paint and garden accessories. Doing this will ensure that you can get your home in tip-top shape at an affordable cost, before you place it on the market.
Keep in mind that all the work you put into this project will add value to the space. This will in turn mean more money in your pocket!