When trying to sell your home it is extremely important to make it as marketable–and valuable–as possible. There are some things that you can alter to affect the value of your home, so it is advised you do so if the alteration will be less than the expected increase in market value.
1. A Pool–Many people believe that a pool would increase the value of your house, but that is not the case. Having a swimming pool limits the market of people who may be willing to purchase your home. Pools are constant maintenance, they can crack or the liner can rip, the equipment is expensive to replace and it is a built-in added liability. Also, people who aren’t looking for a pool are not going to be willing to pay extra for it.
2. No Garage or a Small Garage–Most buyers will be looking for a two car garage, so if you have no garage or a one car this could detract from the marketability of your home.
3. Muddled Floor Plan–an inconvenient floor plan in which you need to access on room through another can also detract from the value of your home. Small rooms can also detract, so if you could open up two small rooms by knocking down a wall for a minimal cost, it may be beneficial in the long run.
4. Outdated Appliances or Systems–Electrical and plumbing systems that cannot handle modern technology and appliances are definitely going to detract from your houses value. Also, outdated appliances that look worn will detract from the value. You don’t need to replace the whole kitchen with stainless steel, but a good cleaning or newer appliances could increase the value.
5. Old or Overly Personalized Decorations–Neutral wall colors are always a safe bet. Orange or bright pink can distract prospective buyers from visualizing the overall space by focusing solely on the wall color.
6. A Bad Roof–Roofs are expensive to replace and if your house shows water damage or signs if leaks you can expect to need to accept a deduction in your desired price.
7. Bad Location–If your property abuts a busy road or railroad tracks, then it is not going to be as marketable as if the same property was surrounded by trees and a neighborhood.
8. Poor Maintenance–This is the major aspect that you control when preparing your house for sale. The outside of your house is the first impression the buyer has, so an old roof or outdated paint may stop the buyer from even getting out of the car.
9. Environmental Hazards–Lead, mold or asbestos can kill a home’s value, and make the home increasingly unattractive to buyers.
10. A List of Must-Do’s–People are looking for houses that are livable at the time of their viewing. They don’t want to see and hear about all of the additional renovations and improvements that need to happen.
If you are looking to purchase or sell real estate, feel free to contact Pulgini & Norton, LLP at (781) 843-2200 or (888) 344-2046, or email us with any questions you may have. Our attorneys offer nearly 40 years of combined legal experience and provide thorough, timely, and results-driven service in many aspects of both residential and commercial real estate.
Cited Sources:
20 things that can alter the value of your home, boston.com