4 Mistakes That Can Bring Down Your Home’s Value
The temptation to make your home stand out from other properties in the neighborhood is sometimes irresistible. You believe if your home had distinctive features you will add a lot of value and drive up the asking price substantially. But when you put your ‘unique’ home on the market, these unique features can actually drive down the sales price.
Surprised? Well, a home with unconventional character will likely attract fewer buyers than the one that has a common theme – in harmony with other properties in a community.
Buying the largest or smallest home
Have you ever noticed that as you enter a locality you get an instant feel about its demographics? If your home stands in contrast with the demographics, it will be harder to sell. In the world of real estate, the demographics have an impact on many things such as the preferable size of lots and prices. So if your home is significantly larger than other homes in the neighborhood, it won’t draw much interest from protective buyers. Many buyers in that price range will first look to neighborhoods filled with larger houses. The same goes true for significantly smaller homes.
Chaotic exterior
One of the easiest ways to make your home stand out is to give it a unique paint job. This strategy can do more harm than good if your home is situated in a neighborhood that has a common theme. Conflicting colors or a chaotic exterior can actually drive down the sales price and put a lot of buyers off. Try to repaint exterior walls in natural shades before listing your home.
Inconsistent interior
You must maintain consistency in the theme of interior also. A profusion of color can be chaotic, so use it sparingly. And if you’re gearing up for a sale, you should try to go neutral. Quiet tones are more universally appealing and will allow potential buyers to imagine their own furniture in the space without having to (mentally) repaint it.
Impractical homeowners’ association
In case you own a condo or if your home is in a close-knit community in the suburbs, your homeowners’ association (HOA) may exercise a lot of control. HOAs lay down the policies that every homeowner in the community has to follow. If your HOA is too strict or too negligent, it can negatively impact the prospects of getting a good price for your home. HOAs have become a major factor in many people’s decision to buy a house, so make sure that yours is not shirking their duties with regard to cleanliness, security and other such things. They should also not have insane rules that prospective buyers may find difficult to comply with.
Conclusion
You can be as much ‘creative’ as you want to if you are planning to live in your home forever, but when you are putting it on the market, its theme should appeal a larger pool of buyers. It will not only help you sell your home faster, but also for the top dollar.