Factors That Decrease Resale Value

Unexpected Factors That Decrease Resale Value

Most home sellers think about how to increase the value of their homes when they decide to list them. While there are many ways to do so, there are also certain things the seller cannot

influence when it comes to the home's worth. Location and size may be the most important here (sellers cannot do much about that), but several unexpected factors can also affect the value of the home. Here are some of them:

Unsightly sights

You may have a beautiful home, but if you live across a busy commercial property, an abandoned house, or in a 2-mile radius of a power plant, it may affect how home buyers react to your home. For example, living next to a McDonald's drive-thru could lower your property's worth by thousands of dollars.

The traffic noise of all kinds

Having a bus line or GO station in the vicinity of your home is a big plus that adds value, but if your neighbourhood is near an airport or a high-traffic street, chances are you will come across many homebuyers who will mind the noise, the congestion, and the fumes.

Custom upgrades

Many sellers will be looking to polish up their place for sale, most commonly to get more money out of the transaction. However, while staging and minor updates are more than welcome and they indeed have a reasonable investment return rate, sellers should stay away from too expensive and peculiar updates as they rarely pay off. In addition, most homebuyers will compare prices in the entire neighbourhood. Therefore, if your home seems overpriced compared to the other listings in the area, your custom upgrade may not be reason enough for homebuyers to pay extra.

Nearby billboards

Living near billboards (approximately within 500 ft.) can also be one factor that negatively affects your home value. A study has shown that homes further away and those in areas where billboard controls are stricter are generally priced higher.

Swimming pool

A swimming pool may seem like an excellent addition, but in colder areas where they are suitable for one season only during the year, homebuyers are somewhat reluctant to splurge on pool maintenance costs throughout the year. This is especially true if you live in a neighbourhood where pools are not common in addition to the homes.

Kitchen cabinetry

Outdated kitchen cabinets, low-quality, peel-off, squeak, etc., will probably impact the sales price. The kitchen is the heart of the home, and most homebuyers expect the kitchen to be ready to use without any significant defects requiring expensive updates. But, of course, this is something you can change, so if you want to spruce up your home for sale, make sure your cabinets get at a fresh coat of paint.

Selling a home is a process that requires a lot of attention and professional assistance to sell at

the desired price in a short period. Manoj Kukreja knows how important every step of the way is, so if you are looking to list your home, make sure to give Manoj a call or contact him here.