Since the recession hit, the housing market has remained pretty poor. Many people from all across the globe have experienced trouble selling their homes, and when they have managed to sell up the price they receive isn’t usually the price that they originally wished to sell at.
The state of the housing market is probably the biggest reason why people are forced to sell their homes at low prices. But another reason to why this is often the case is because there are a few different things that are causing the devaluation of the home as well. Some of these things unfortunately can’t be changed by homeowners, but others can. Either way here a 6 things that may be devaluing your home.
#1 The Neighbourhood
There are many different things about a neighbourhood that can cause the devaluation of the homes within it. Some common examples include flight pathways being directly overhead, landfill sites and how safe the neighbourhood is. However, there are plenty of other aspects concerning a neighbourhood that can detract potential buyers, and the problem is not much can be done about this. The best advice is that if you feel your neighbourhood is going downhill, get out and sell your home as soon as you can.
#2 Other Houses That Aren’t Selling On Your Street
There aren’t too many things that can deter potential buyers, and devalue a home, more than other houses on the street failing to sell. This is because it immediately makes buyers start thinking “what’s wrong with this area”. Nonetheless it isn’t the end of the world. Many buyers understand how difficult it is to sell a home in the current housing market, and won’t factor it into their decision on whether to buy or not. It’s also not a problem if the house itself is in really good condition. This is because if someone falls in love with a home the chances are they are going to make an offer.
#3 How Good the Schools In The Area Are
The proximity a home is to a good school has a huge impact on the its value. This is due to the quality of the schools in an area being a determining factor for many people looking to purchase homes—especially those with children. How good the local schools are will significantly impact the price that buyers are willing to pay.
#4 The Way The Interior Looks
A home with an old, run-down interior is going to struggle to reach a good price in the current market. This is simply because buyers generally tend to want modern, up-to-date homes that don’t require a lot of work on their behalf. The rooms you need to make sure are looking good are the kitchen, bathroom and master bedroom, as these are the rooms that buyers are most likely to make a decision based on.
#5 Things That Are In Need Of Repair
If anything in your home needs repairing, no matter how big or small, it’s most likely devaluing the price of your home. Things such as mould, busted plumbing and faulty electrics are the most common problems, but there are plenty of other things that could be in need of repair. If something needs repairing and you can’t do the job yourself, it’s recommended that you get an expert to do the job for you. For example if you need some plumbing done in your Seattle home, you should look for some Seattle plumber experts to take care of the problem for you.
#6 A Run-Down Garden
A lot of people don’t realize that a run-down garden can devalue a home, but it does. This is largely because people looking to buy a home tend to look at a run-down garden as an extra cost to take of so will make a low offer as a result. If you’re selling your home, before you put it on the market always make sure the garden is looking pretty good.