When it’s time to sell your home, there are a few factors that will determine what you’ll get. Property value, market value, and much more.
But what determines your property’s value?
There are many things that can help, or hinder, the value of your home. Some things you can control, other’s you cannot. To find out what makes property value decrease, keep reading.
What Makes Property Value Decrease?
Whether selling or thinking about investing, you should know what decreases home value. Here is a list of things for which to look.
1. Your Neighborhood
The state of your neighborhood isn’t yours to control, and that makes things difficult. It doesn’t seem fair that your home value could hinge on what others do with theirs. But, it’s an unfortunate truth.
If your neighbors have trashy yards, or if the HOA doesn’t enforce standards, it can look bad for everyone. Before buying a new home, take a drive around to look at the homes. You should also talk with the HOA and find out how strict they are.
2. Your Curb Appeal
What hurts property value most? Your curb appeal plays a large part, and it’s something you can control.
Curb appeal can hinder value through a few different ways:
- Your yard– weeds, yellow grass, and dirt patches
- Your paint– peeling paint or a bad color
- House siding– mold growing on siding
- Your Roof– missing shingles, wrong shingle type or color
- Your vehicle– chipped paint, non-working car, car parts
These things might cost money to fix, but they’ll be worth it. Fix up your yard, paint your house, and protect your paint job on the car. It might not seem like it, but these are factors in how people perceive how you’ve treated the property.
3. The Interior
When you get an appraisal, they’ll look at every nook to value your home. Any water damage, cracks, or foundation issues are recorded. But the interior paint jobs and installations will be too.
Before getting an appraisal, make sure you remove all mold and water damage. Also, check the faucets, the hoses, and appliances to make sure everything is in working order. Remember that everything counts when it comes to valuing your home.
4. The Surrounding Market
When it comes to the value of your home, the value of other people’s homes factors in. The market value around you is a direct reflection of how much you can expect to get.
If you’re able to put in an extreme amount of work, it can raise the percentage. But, in most cases, your home won’t exceed the area in which it’s selling. That’s something you should often keep in mind before buying.
More About Selling Property
Knowing what makes property value decrease gives you an edge. You’ll know what to look for, and it can put you ahead of other homeowners looking to sell. It’s all about being wise to what contributes to property value.
Want more advice on selling your property? Here are some remodeling ideas to help your home’s value.
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