photo credit: Leo Reynolds
As you know there are several factors that can make your home more attractive to a buyer. A home in a great neighborhood is obviously going to be worth more than one in a sketchy neighborhood. A home with a great school district is going to add more value than the struggling school districts. A house on a quiet street will be worth more than a home near a busy freeway.
I have found 6 things that could cause you to hurt your homes values such that may not be so obvious such as:
1. Your house sticks out like a sore thumb.
I know you might have thought painting your house Bright Purple was a great idea. But some people may not have the same sophisticated style you do. Or if your house is just dramatically a different style than your neighbors your value could suffer. Some homes are just harder to value when your the only Modern home and the rest of the block decided to build craftsman style homes. There is nothing to company which can cause a confusion on what to place the value of your home. Also if your the biggest home on the block and you may not get the full value.
2. You’re missing a bedroom, or a family room.
Another reason why keeping up with the jones’s works. It’s perfectly fine to have two bedrooms, or even just one, in the neighborhoods that caters to singles and childless couples. But if your neighbors all have four bedrooms, your house should, too. If you own one of the few houses in the neighborhood that has only two or three, your home value might get punished for that. Likewise, if family rooms or “great rooms” are the norm and your house doesn’t have one, your appraisal could take a hit.
It doesn’t mean that you should spend the money remodeling your home and adding more unecessary spending. If your plan is to move within a few years, skip the remodeling, and let the next homeowner decide what to add.
3. Your house is un-coordinated.
Homes that are consistent in style and finish are typically worth more than those that are mixed with different influences. Another value killer: remodels that either don’t get finished or partially done.
If you’re thinking “My white appliances are fine, but I will get a stainless dishwasher,” that’s not good for your home’s value. If you do decided to renovate do enough that you can say it looks like new or updated. That could be 10% difference in value depending on how nice the result.
What you want to avoid is an overall impression of a mismatch . . . the appeal of your house increases when it is consistent.
4. Your home isn’t aging well.
Buyers are also obsessed with youth. Young houses will get the highest values, But you can boost the value of an older house by keeping up with appearances.
Appraisers have a rating system that takes in both age and maintenance. So if you have a 15-year-old home, you want to get a good rating, because it could cost you a big adjustment. . . . a well-maintained home can often bring as much as 10% more than the house around the corner.
5. Your neighbor is a problem.
The hording neighbors across the street can lower your appraisal by 5% to 10%. If the mess is bad enough, you might not be able to sell your house at all.
Neighbors don’t have to be human to hurt your home’s value. A cemetery, funeral home or school can reduce your price, as can a landfill or power plant. A University of California at Berkeley study showed homes within two miles of a power plant had values that were 4% to 7% lower than comparable homes farther away. Subdivisions near dumps lost 6% to 10% of their value.
This is a factor to consider whether you are selling OR buying. Someday, you might need to sell your house. Check out the neighbors carefully!
6. Your tax assessor is wrong.
If you bought your home during the boom years, your previous appraiser may well have relied on the description of your home by looking at the county tax records. Lending standards were so loose and the volume of sales so high then that many houses sold with not much more than a drive-by appraisal.
Now that lending standards are higher, appraisers are doing things like actually measuring a house’s square footage and sometimes finding it comes up short. Occasionally the news is even worse if, say, the home itself isn’t where it’s supposed to be. One realtor reported that they had listed a house where the survey was wrong, and the property line went through the kitchen of the home.
Make sure you do your homework!
Or, here’s the best idea.
The best thing you can do is hire a real estate professional like me. I know all the ins and outs of the market – I can help you evaluate your house AND position it for sale. Call me today to set a Market Evaluation of your home.
Thach Nguyen 206-334-8773
Posted via Seattle Real Estate-Seattle Homes For Sale
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