Common Reasons – Your Home Could Be Losing Its Value, When You Put Up Your Home For Sale!
It is essential to understand that while the value of home is the main factor, many other factors could drive up the current market value of any Home for Sale. At the same time, there could be an equal number of reasons that bring it down.
External Factors -
- ILL-MAINTAINED PROPERTY: The importance of first impressions cannot be overstated. It is sometimes the deciding factor for the sale of your property. Ultimately, the value of a home is what someone is willing to pay for it.
If a Buyer sees overgrown lawns, cluttered rooms, damage caused by mould or bug infestation, damage due to fire or weather, sewage problems, or structural problems, it would devalue the property and end up costing you in terms of sales price.
- OVER-IMPROVING: Renovations appropriately done can increase property value. However, we need to remember that buyers prefer the least expensive home in a good neighbourhood. Most would prefer to modify it themselves to fit their needs.
Therefore, any niche home improvement, such as stone, cladding your exterior or having a swimming pool, do not attract buyer interest. In fact, they are likely to alienate a significant number of potential homebuyers who are looking for a no-frills home for sale.
- A MATTER OF TASTE: Referring back to the story I told in the beginning, décor is a matter of personal taste. What would be appealing to one might offend the sensibilities of the other. In this case, I am sure the owners loved their figurines and glitter, but they ended up alienating the buyers who could not imagine themselves in that home. A perceived ‘bad’ choice of wall colour, wallpaper, or any component of the décor does the same. Homes that are neutrally decorated and furnished have limited potential to offend.
- PETS: While we all love our pets, this love is not reciprocated by a prospective buyer. Pet odours, pet hair and their messes can be a put-off. In theory, deep cleaning can easily remove these. In reality, this negatively affects the sale price.
- Unsavoury HISTORY: Home with tales of residing ghosts or stories of gruesome death on the property often drives down the price for a home.
While you cannot change the history with the help of your realtor, you can put a good spin on it. It is best to inform the buyers in advance. This would take the sting out of it and will make it harmless.
Working with experienced professionals is always advisable. The best real estate agent in Mississauga, AJ Lamba, would give you a free and accurate home evaluation. They will list the problem areas and help you resolve them in the best manner. They can help you create a home for sale that prospective homeowners would be more likely to buy. Creating a space, they can picture themselves moving straight in would ultimately translate to a higher final sale price.