7 Factors That Lower the Price of Your Home
Published on September 23, 2019
The price of a home is often determined by the simple economic fact of supply and demand. However, those aren’t the only factors playing a role in the price of your house. Never forget that the price a buyer is willing to pay is ultimately based on how much your home is worth.
So, how to get that price from a buyer? Well, in order to get the best offer (read: best price) for your home, you must make sure your property is close to perfect. By keeping in mind these seven factors that will lower the price of your home, you can ensure the best offers come your way.
1. The condition of your roof and windows
Expensive repairs will immediately scare off potential buyers. No one wants to live under a leaky roof or behind windows that whistle. Roof and window replacements are amongst the highest in needed renovations in recently purchased homes, especially older houses.
In order to achieve the highest price for your home, avoid this factor that will lower the price of your home by updating your roof and windows before putting your house on the market.
2. Hazardous materials
There are a few terms in the world of real estate and housing that you never want to hear: asbestos, pyrrhotite, formaldehyde, black mold, etc. If materials are found within your home that compromise the air quality in the house, there’s no doubt that this will influence the price of your home.
Ideally, to avoid and/or rectify this factor that will lower the price of your home, you’ll want to call in professionals to eradicate these hazardous materials. However, black mold can be handled by you, the homeowner, by cleaning the affected areas with a bacteria-killing detergent.
3. Location, location, location
Sadly, the quaint little forest behind your home has been dug up and a commercial strip has taken its place. No reason to be stressed, there’s nothing you could have done to stop it. Unfortunately, the change in location will also change the price you could have gotten for your home.
Time to change your sell tactic and make sure you don’t let this factor lower the price of your home and instead highlight the good qualities of the location change to potential buyers (proximity to shops, parks, bus stops, etc.).
4. Little annoyances
Ratty carpets, pantry doors that don’t close properly, cracked ceramic tiles: these are all little annoyances that will lower the price of your home and scare away potential buyers. If you don’t wish to fix these foibles before you put your home on the market, be warned that potential buyers will undoubtedly try and work these fixes into the negotiations, as well as ask for a lower price because of them.
Instead, keep the irritations to a minimum by doing the renovations and fixes before opening your home to visitors.
5. The garage
It’s the hardest part of the house to keep clean and proper, right? It’s often a dumping zone we use for things we no longer want in the house, or no longer have room for. We pile, stuff and cram as much as we can into these small spaces to keep our homes clean and proper. However, when it comes time to sell, you’ll want to treat your garage like you do your home.
Clean up those oil stains, organize the storage shelves and try and declutter the space in your garage as much as you can and you’ll avoid this factor that could lower the price of your home. Show that your garage can be a place to park a car or be used to other projects, not just a dumping ground for things that no longer fit in the house.
6. The backyard
Some homeowners neglect their property as soon as they decide to put their home on the market. Now is not the time to neglect your pool and stop cutting the grass! Instead, think of your landscaping care as adding value to your home (or at least preventing it from plummeting).
Keep the exterior of your home looking as clean and proper as the interior, and you’ll keep the price of your home high.
7. The decor
Sorry, but those linoleum floors and orange shag carpet just aren’t a la mode anymore. Buyers want to see a home decorated in current trends, colours and styles. They want to be able to picture themselves living in the house immediately, without having to make any changes.
Avoid this factor that will lower the price of your home by keeping your decor up to date. Keep in mind that potential buyers can use your old-school decor scheme in their negotiations to lower the price of your home.