Despite the growing economic uncertainty the United States are experiencing, 92% of real estate markets are booming! Folks who want to sell their houses can do so and there’d be no shortage of buyers who’d eagerly submit offers, some will even submit offers above asking price!
This sounds amazing, right? Of course it does! However, buyers are going to be hesitant if they see any of these factors that lower property value.
1. Regular maintenance has been neglected
Upon the first walkthrough, buyers aren’t going to pick apart every little detail. They’re doing a quick look to see if they even like the place. However, when it’s time for the home inspection, that’s where buyers are going to be paying attention! The home inspector isn’t going to overlook the problems buyers can’t see.
As a homeowner, the best way to ensure that a potential buyer would want to negotiate for a lower price is to be mindful about regular maintenance. These things should include:
- Have the HVAC system serviced regularly
- Have the home inspected for termites every one or two years
- Look for signs of wood rot
- Repair any cracks in the foundation
2. Old and outdated bathrooms and/or kitchens
There’s a reason why home improvement shows focus on kitchens and bathrooms. People don’t want inadequate storage options, tacky pink bathtubs, formica countertops and stained linoleum floors! They want functional spaces that are spacious, have updated amenities, appliances and flooring.
Buyers who walk into a house with outdated bathrooms or kitchens will take this into consideration when submitting their offers because they’re factoring in how much they’ll have to spend to bring it up to date.
3. Questionable craftsmanship
It’s completely understandable that when we need a service or repair done, we’re going to shop around for the service provider with the best prices. Unfortunately, sometimes you get what you pay for. If you choose the wrong contractor or repairman, their craftsmanship could be less than ideal. They may cut corners, ignore codes or do work without a permit.
Common and obvious signs of questionable craftsmanship include:
- Tile work is crooked or not improperly grouted
- Additions don’t match the rest of the home
- Electrical wire work isn’t done to code
4. Unkempt landscaping
Buyers aren’t just interested in how the property looks on the inside. People want homes with a yard that is, at the very least, maintained. This means the grass is mowed, the shrubs are trimmed and the flower beds aren’t riddled with dead plants.
However, you can improve your property’s value if you take steps to boost curb appeal. You can do things like power washing the house, the driveway, walkways, patio and deck. You could hire a professional landscaper to create stunning gardens, lay new pavers for the walkways, and so much more.
5. Roofing needs to be repaired
The roof cannot be overlooked because it’s a major structural component of the house and adds curb appeal! Buyers aren’t going to look favorably on a house that’s missing shingles, if it’s covered in moss and other debris, and other obvious signs of neglect. Even if you don’t know what signs to look for regarding when the roof needs to be repaired, the home inspector will definitely point the problems out. This, unfortunately can affect the value of the home, because like the kitchen or bathroom upgrades, buyers are thinking about how much they’d have to spend to get it repaired.
Pro tip: It’s a good idea to have your roof once in the springtime and once in the fall.
Typically, buyers are going to be picky about the condition of the house and if they feel the house is worth what it’s listed at. If you want to maximize the value of your home, keep these things and mind. We also have other great tips for improving property value!