Friday, December 20, 2019 / by Jo Skipper
Updates That Can Lower Your Home’s Value
There is never a seller who would choose to decrease the value of their home before selling. This net from their sale is always the first question a seller will ask an agent. They want to know how much they can get from the sale of their home. This is always the number one question and answer.
There are things a seller can do to their home that will actually decrease the value. Many sellers perform updates and improvements thinking that any work will increase the value to a buyer. That is simply not true. Let’s cover some updates that do not pay off.
A pool! There are many buyers that view a pool as more of a deterrent than anything, specifically in this northern climate. This can be for a number of reasons such as maintenance costs, insurance costs, young children in the home etc. There are many people who have no interest in a pool of any kind and will avoid a home if a pool exists on the property. This desirability can vary through the country but in this area, many people are not thrilled with pools.
Extensive Landscaping- Landscaping will increase your curb appeal overall. However, there are many times that a professional garden-like landscape will be too overwhelming to a buyer. They see the dollar signs climbing higher with all the work and materials needed to keep the place looking this nice.
Carpet, Carpet Everywhere! We have all walked through the homes that have wall to wall carpet. While fifty years ago this was viewed as an amenity now this will actually scare a buyer away. Who remembers carpet in a bathroom? Yuck. Many of today's buyers will pay more for some form of hardwood floor.
Exotic Paint- While paint can be semi easily replaced not every buyer can see the light at the end of the tunnel. If you walk into a home and the only thing that stands out is the extravagant colored walls then most often a buyer will overlook other features of the home. The rich tones should be overlooked if you are thinking of selling in the future.
The bottom line is that there are some updates and improvements that are done to a home that will not increase the value. This can be dependent on the local market you are located in. Be sure to speak with a knowledgable agent if you are thinking of selling in the near future.