A home isn’t just a place to lay your head, store your stuff, and create memories: it’s also an investment. And like with any investment, you’ll want to ensure that the value is moving in the right direction. Property being what it is, it’s not always necessary to take steps to actively boost the overall value. If you stay on top of maintenance, then the value will automatically increase (in general, anyway). Alas, it is possible that the value could decrease if you’re not careful. Below, we take a look at four things that can cause a home’s value to drop.
Too Much Personality
You want your home to feel like it’s “yours.” However, there’s a big difference between feeling it belongs to you, and making it so obvious that it’s akin to shouting it from the rooftops. A home with too much personality stamped on to it will be difficult to say, because all that visitors will see is you: they won’t be able to see the house clearly. So before you go painting the front of your home a whacky color, keep in mind that while it might look funky, the reality is that you’ll be knocking thousands off the value.
It’s recommended that you know how to do basic home DIY maintenance. It allows you to keep your home in tip-top condition, without always having to call out a professional. However, it’s imperative that you don’t go overboard with the tasks you’re taking on. If it’s a simple job that’ll be easily fixed in case something goes wrong, then go ahead. If it’s a big job that has a lasting impact on the quality of your home, then work with an expert. Doing it yourself might save a little bit of money, but you’ll lose value off your home. Not worth it!
Small problems with your home can be annoying, but not overly damaging. Big problems, on the other hand, can be seriously problematic indeed. Take your foundation. If you notice that it has problems, then it’s imperative that you work with foundation contractors as soon as possible. If the problem is left to develop, then you’ll either have to part with a lot of cash to fix the problem later on down the line or risk losing a lot of value of your home. Keep on top of the small issues as you go, but always keep one eye firmly on the big issues.
Alas, not all things that can wipe value off your home is within control. For instance, the neighborhood where the home is located. You may have bought the house when it was a desirable place to live, but due to various factors, the quality of the neighborhood began to dip, and so did your home’s value. Your house is only worth what people are willing to pay for it, and if there aren’t many people who want to live in your neighborhood, you’ll face some trouble.