Surprising Features That Can Lower Home Values
Many things can enhance the value of your house when you sell it – like top-quality bathroom tiles, having an open-plan kitchen, or a well-constructed garden shed. But, if you’re thinking of adding one of the below features to your house, you may want to reconsider. These are notorious for making houses less desirable and can lower home value.
People often associate having a pool with wealth, so it may sound surprising that pools can lower your home’s value. In wealthy neighborhoods where everyone has a pool, then there’s no harm in having one. But in middle-class areas, pools can be a disadvantage – especially if they are not well maintained. If you need to do renovations on your pool to help sell the house, that can also be quite expensive. Potential buyers may be wary of buying a house with a pool because of the maintenance costs involved. They also may dislike it if the pool covers a large area of the garden.
So if you’re considering a new pool, you should first look at whether other people in your area have one. If not, be realistic about what it could do to the value of your house.
You may be tempted to convert two bedrooms into one large bedroom by knocking down the adjoining wall. You may even want to convert one of the bedrooms into a bathroom.
When you sell your home, many buyers will be specifically looking at the number of bedrooms that a house has. If yours has one less than it did before because of conversion, then your house may not be as appealing. Having a big extra bathroom won’t boost the value of your home as much as having an additional bedroom will.
Poor DIY work
Many homeowners love to do DIY projects, partly because they are often less expensive than hiring a professional. But if they aren’t done well, they can detract from the house’s value. To be fair, even professional renovations can lower home value if they aren’t done well. If a buyer gets the feeling that there’s a lot of work that will need to be done on a house, they may offer a reduced price (or maybe put it off altogether)! Therefore you must ensure top-quality workmanship on any home improvements.
Poor renovations often involve those that change the layout of the house. For example, if you remove a separating wall to combine two rooms, you might reduce its total value as you reduce the total number of rooms, even though you may enjoy having one bigger room. If you’re worried about the value of your house, consider seeking professional advice from a home evaluator before proceeding with any renovations.
An unattractive exterior
Appraisers give your house a value that is based on both market trends and recent sales in the area. Having an unattractive exterior is a sure way to put off both the appraiser and prospective buyers.
It’s good to bear in mind that people who value your house will be comparing it with other properties in the area, and if it looks unattractive, it will probably yield a lower home value.
There are many ways to give your house an attractive makeover. For example, you could spruce up the garden, give the house a fresh coat of paint, or renovate the entrance to make it look more aesthetically pleasing.
Some homeowners decide to convert their garages into home gyms, home offices, or spare rooms. Unfortunately, that can harm property prices and lower home value. Therefore, if you do decide to convert a garage, do it in a way that allows you to turn it back into a garage when the time comes to sell.
Bright colors are a personal preference – some people like them, and others don’t. It’s safest to use neutral colors when you paint house doors and walls as those will appeal to more people. While you might like doing things differently, it might put potential buyers off if they can’t see past the color. Wallpaper with unusual, dated, or bright patterns can have the same effect, as it’s usually highly individualistic.
Poor energy efficiency
Having a home that’s energy-efficient means paying lower monthly utility bills and this can help in paying off your mortgage in the long run. Having old and inefficient heating, or a lack of double glazed windows can lower your property value since buyers will need to spend money to install or upgrade them. It’s best to keep up with modern upgrades so that when you sell your house, it’s energy-efficient and is compliant with regulations. As a bonus, you get to save on your monthly utilities while living there too.
A creepy history
Certain houses can be notorious for having a bad history or even be haunted, which can be off-putting for prospective buyers. While a messy divorce can deter some buyers, a history of murder or hauntings can greatly lower home value.
All in all, if you are concerned about what might lower home value, it’s best to talk to an expert. We at Duke Warner are here to help- click the link below to get started!