November 21, 2016

10 Things That Lower the Value of Your Home

Unusual decor, neglected maintenance, unnecessary additions... Here are some of the factors that work against the selling price of your home.
10 Things That Lower the Value of Your Home

An eccentric decor or overwhelming wallpaper can negatively affect the value of a home. 

1. Location

This is the number one criteria that influences the selling price of a home. It’s better to have a less attractive property in a beautiful neighbourhood. If the opposite is true, it’s essential that you focus on the home’s proximity to amenities, such as schools, parks or neighbourhood shops.

2. Unusual room configurations

Having the master bedroom in the basement may not appeal to people who are used to having it on the ground level or upstairs. There’s no problem setting up your rooms as you please, as long as they can be quickly and inexpensively converted when the time comes to sell your home.

3. Eccentric or old fashioned decor

A garish or gaudy decor will be a turn-off for potential buyers as they will struggle to imagine themselves living in the house. An outdated home gives the impression that it has not been maintained in years.

4. Repairs that need to be made

Even if a buyer falls in love with a house, they may not buy it if it requires thousands of dollars in renovations. It’s best to do the renovations yourself, especially if the investment is profitable such as renovations to the kitchen and bathroom.

5. Poor condition

Cracked tiles, chipped paint, scratched floors: all of these details are good reasons to negotiate the price downward. Painting work that is done "with taste and professionalism" can generate a return on investment of up to 300%, according to the Bank of Montreal.

6. Unfinished basement

A large unused room that does not look “lived in” is not appealing to anyone. Even though finishing a basement can be very expensive, it’s best to make it as presentable as possible, even if it means simply installing curtains or painting the concrete.

7. Wall-to-wall carpeting

Wall-to-wall carpeting has fallen out of style in favour of hardwood floors, which are more luxurious and more in demand by buyers. For warmer feet, it’s best to buy carpets, as opposed to wall-to-wall carpeting.

8. Wallpaper that is overwhelming

Wallpaper has made a comeback and there are many beautiful and tasteful options to choose from. However, too much wallpaper can make a room seem suffocating and it’s a lot of work to remove it.

9. A poorly maintained back yard

It's time to get out the lawn mower! A fresh coat of paint on the deck and fence is also useful for enhancing the appearance of the back yard. It also goes without saying that you should repair or clean any damage to the lawn caused by your dog.

10. A swimming pool

Although a pool is nice on hot days, swimming pools are not very in demand by buyers, as many homeowners do not want to maintain it and see it as an unnecessary expense. If the house already has a pool, ensure it is clean, safe and inviting.

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