7 Factors That Could Be Hurting Your Homes Value
With the real estate market always fluctuating, homeowners looking to sell cannot afford to deal with more problems. Yet, there always seems to be something wrong lurking that can affect your home’s value, from noisy neighbors to a leaking toilet faucet. It’s easy to get caught up in the potential rewards of getting a cash offer for your house that you forget paying attention to the nitty-gritty. The fact is, would-be sellers cannot afford to make a mistake now that the housing market is gradually rebounding amid the pandemic. If you are asking yourself, “how can I get a cash offer for my house in San Diego? Don’ worry! Here are the top 7 factors that could be causing your home to depreciate.
Postponing to fix your home repairs is probably the worst thing a homeowner can do. After all, there’s no way a buyer would be willing to purchase a house with a leaky roof, sputtering HVAC system, or broken windows at market value. Whatever the reason that may be causing you to defer making repairs, whether it’s a lack of finances or just mere laziness, it’s important to note that the longer you wait to fix them, the more expensive it will be.
Outdated Kitchens and Bathrooms.
An outdated kitchen or bathroom can significantly affect the aesthetic value of your home. These areas are the most commonly used rooms, and thus they tend to date quickly. On the flip side, remodeling your kitchen or bathroom is a sure-fire investment. The Remodeling Magazine reports that a kitchen or bathroom remodel could add between $18,206 to $40,216 and $13,688 to $49,961 in value to your home, respectively.
Be careful about the kind of home renovations you make, as the quality of workmanship can affect your home value. The level of workmanship, materials, and finishes are usually taken into account in a home appraisal. So understandably, if the workmanship is shoddy, your home value will deteriorate.
An Unsightly Yard.
Your yard is the first impression people get of your house, and it’s is unlikely that your buyer will be willing to go inside if they’re distracted and turned off by your messy lawn. This holds for a neighbor’s unkempt lawn as well. Therefore, always keep your yard’s landscape clean and at par with the neighborhood’s standard. Don’t go too big on your landscaping project, like making it too elaborate or installing a koi pond, as many homeowners won’t like to handle the extra maintenance.
Foreclosures tend to sell below market rate, and thus homes in the neighborhood will inevitably suffer price declines. This is especially so when there’re numerous foreclosures in the neighborhood or a given foreclosed sits for too long. Besides, having an abandoned house net door won’t do you much good as well.
Excessive Noise Pollution.
Being within close proximity to a highway, airport, or train track is a desirable perk for homeowners as it eases their transportation needs. However, it’s an entirely different thing when a home is built close to a commuter rail or airport or on top of a freeway as the noise emanating from such infrastructure can be highly distracting. Factories are also notorious for producing massive noise pollution, which can also be a nuisance. Essentially, excessive noise generally implies lower values.
Does your neighbor have an unkempt yard, loud dogs, or a taste for wild parties? Hate to break it to you, but they are likely to diminish your property value. Do you have renters nearby and a landlord who doesn’t care? Unruly renters and their poorly kept home can be one of the biggest turn offs for a home buyer. Knowing they have little chance to change the situation until the tenants move and the landlord hopefully repairs the house, raises the rents and attracts a better tenant.
So there you have it, seven common factors that may hurt the value of your home. If you’ve already fallen victim to one of these issues, take proactive measures to make home improvements to secure the value of your home. Need to sell your house fast in San Diego? Then consider finding a cash home buyer in San Diego as they offer faster closing times and less fall-through risk with the purchase.