October 11, 2023

7 Things That Lower the Value of Your Home

You’re preparing to put your home up for sale. Did you know, however, that there are some things that could reduce its value? Since you want to get the best price, take some time see if there is something that is hurting your home’s value.

What causes value to drop

There are many things that can reduce the value of your home.

1. Location

Is your house located in a quiet or noisy neighbourhood? Is it in a flood zone? Are there schools and parks nearby? What about public transportation? Location is the number one factor for buyers. Highlight the positive points.

2. Needs major renovations

If buyers consider that your house is “outdated,” then there’s a good chance it’s in need of major renovations. Many buyers are put off by older homes that have not been updated in a long time. Investing in a kitchen or bathroom renovation often pays off when you sell your home. For some ideas, check out the article, How to renovate your bathroom without changing the tiling.

3. Unusual rooms

If ground-floor bedrooms are used for other purposes, then this unusual layout might deter potential buyers. Turn them back into a bedroom to improve your chances of selling.

4. Carpets everywhere!

Was wall-to-wall carpeting installed over your hardwood floors back in the ’80s? This is a big turn-off to buyers who think about all the work involved in removing the carpet and then sanding and varnishing the floors to restore them to their former glory. Take the initiative and do the work yourself. Buyers with allergies and asthma will thank you.

5. Unfinished basement

Some might find an unfinished basement appealing since it’s like a blank canvas where they can create their dream space. Unfortunately, this is a barrier for many, and you may have to lower the price of your home.

6. Poorly maintained backyard

A freshly cut lawn and a well-maintained flower bed or two could make all the difference between an offer to purchase or no offer at all. Bringing a little love to your backyard makes it easier to sell.

7. Presence of hazardous materials

Asbestos, lead, radon, pyrrhotite, mould … words that no one wants to hear! These materials can affect your home’s air quality as well as its value. Contact a professional before putting up the “For Sale” sign.

What is your property worth?

Selling a home is a stressful process for many people. After all, you want to get the right price. Before putting it up for sale, it is always best to talk with a chartered appraiser who will be able to give you a true picture of its value. To learn more about value, see the article How to estimate the market value of your home.

See also: 

Municipal Assessment or Market Value?

Home Improvement: How Do You Prioritize Renovations?

To Sell or to Renovate: the Five Factors You Should Consider

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