Homeowners often try to make improvements to their property to increase their enjoyment of their home and increase its property value. However, some changes that may seem like a good idea can actually lead to a decrease in property value. Similarly, neglecting to properly care for a home can also force you to reduce your asking price come selling time. Plus, there are some factors that are just out of your control that may impact your property value.
In today’s article, I’m going to cover a variety of factors that fall under those three umbrellas. First, let’s talk about home improvements. If you want to protect your investment, think twice before implementing the following changes.
Home Improvements to Think Twice About
Colored Kitchen Cabinets
Personal touches are crucial for transforming a house into a home, but those personal touches are not always good for selling a property. The kitchen is a vital part of any home and “unique” touches like colored kitchen cabinets can turn off potential buyers or reduce your selling price because buyers will consider the costs of repainting or replacing the cabinets in their offers.
Fun Tiles, Wallpaper, or Textured Walls
Funky touches are great, but they can drag your selling price down when it comes time to sell. One person’s beautiful wallpaper is another’s time-consuming remodeling project. If your goal is to sell your home in the future, skip some of the personalized projects like different floor and backsplash tiles, wallpaper, and textured wall or ceiling treatments.
If you’re dreaming of a huge master suite but need to combine two bedrooms to achieve it, wait before taking a sledgehammer to the adjoining wall. Reducing the number of bedrooms in your home could lower your property value even though you aren’t reducing your square footage. If you have five or more bedrooms, however, then combining two should be fine.
Getting Rid of Closets
Just like some people may want to combine bedrooms to create one larger room, some homeowners knock down closet walls to increase the usable square footage of rooms. Unfortunately, this creates a storage problem and can make it harder to sell your home in the future.
Adding a Pool
Pools require maintenance, and not everyone will be willing to deal with that burden. Depending on where you live, adding a pool can decrease your property value and also limit who may be interested in purchasing your property in the future. Before taking the plunge, take a look at the property values for homes in your area with pools. If they are on par with non-pool properties, then dive in! Take note, however, of the type of pool. In-ground pools and above-ground pools can impact property values differently.
Converting Your Garage
If you are thinking of converting your garage into a home office or other useful space in the interest of gaining more space, pause before doing so. Many people appreciate having a garage. A garage not only provides safe covering for a vehicle but it is often used for housing gardening and lawn care equipment as well as bicycles and other recreational vehicles. It may be more practical to build an addition and keep your garage, which should increase your property value rather than decrease it.
Repairs to Remedy
Siding or Exterior Paint
Peeling paint, missing siding, or outdoor mildew can limit interest from potential buyers and impact your property value. By maintaining the outside of your home, you not only keep up that “wow” factor, but you protect your home from wind and water damage too. Giving the exterior of your property a fresh coat of paint, fixing missing siding, or power washing your home can go a long way towards boosting your curb appeal.
Your roof protects your home and is an investment in and of itself. To protect the value of your home, make sure that you regularly check your roof after strong storms come through the area. If you spot signs of wear, have a professional roofer come out to see if you need a repair or replacement. Similarly, if you see signs of damage like sagging, missing shingles, or water stains inside your home, call a reputable roofing company.
Florida summers are no joke. If your HVAC or other cooling or heating system is starting to make noise or is otherwise in need of repair or replacement, take care of it before listing your home to avoid having to lower your selling price.
Your curb appeal matters. If you want potential homebuyers to be excited about the potential of your home, you want it to look good from the outside. Removing dead trees or shrubs and planting easy to care for plants can go a long way towards protecting your property.
Factors Out of Your Hands
Some factors are out of your control when it comes to protecting your property value. The number one thing out of your hands? Your neighbors.
The homes surrounding yours will impact your property value. For one, comps are often used in assessing the value of a home. If homes around your property are selling for more than they have in the past, then it’s a safe bet that your home has also increased in value. If you have the nicest home on the block and the neighbors’ homes are not being kept up, then your home value may actually decrease.
If your neighbor’s yard has become a parking garage for their car projects, potential homebuyers may look elsewhere for their new home.
Another factor that can impact your property value that you cannot do much about is the traffic that goes by your home. In some cases, homeowners purchase a house and then changes like new construction bring additional traffic to the area, impacting their property value.
Of course, the market itself also affects property values, and unfortunately, there is nothing any of us can do about it. Right now, thankfully, property values are up. In fact, it’s a great time to sell a home since listed properties are selling quickly. If you have been on the fence about listing your property, don’t delay! This hot market will not last forever. Contact me to learn more about what it takes to get your property listed and sold quickly.