If you’re thinking about selling your home, you may be curious about how much your property is currently worth. With memories of laughter and rooms which may have sheltered your children, it’s understandable that to you, your house may be priceless. However, the reality is that potential buyers may see nothing more than linoleum floors and dated appliances, which means you’re probably not looking at getting top-dollar.
To remedy this, it helps to know in advance what may hurt your home’s worth and whether you’re considering selling now or later. While every house, neighborhood, and market can vary considerably in value, keep in mind that, while some factors are clearly out of your control, many others may be easy to remedy.
The following are some of the possible—but fixable—things that may pose a threat to your home’s value:
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1.) LACK OF UPDATES: In general, buyers tend to be picky. Rather than tuning in to the potential in a dated kitchen or bath, many potential homeowners look for houses that won’t require such an investment.
Fortunately, it’s entirely possible for you to remedy the situation. For between $5,000 and $8,000, you can easily add some granite countertops, fresh paint, and a few updated light fixtures, which have the potential to provide you with a return of $15,000-$20,000 upon closing.
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2.) OLD OR FAULTY MAJOR SYSTEMS: Most buyers are looking for something they can move right into. Yes, there are those who are looking for the fixer-upper project; however, they tend to be the exception, rather than the rule.
To make sure you won’t run into problems halfway through the sale process, have an inspection done before you list your house so you can remedy any issues in advance. Roof replacements, heating and air conditioning repairs, and electric system issues can easily drop your home’s value by 10-20%. By taking control of these problems beforehand, you greatly increase your chances of improving your return on investment.
3.) NO GARAGE: Garages are one of those things that definitely add value to a home; however, size also plays an important role. Depending upon the neighborhood, having a one-, two-, or even three-car garage makes a difference since buyers will want to see a certain amount of stalls for varying sizes of homes. For example, having a one-car garage in a 1,200-square-foot starter neighborhood is a boon, but having the same size garage attached to a $500,000 home will most likely be a problem.
4.) NO FENCE: Especially if you’re planning on marketing your home to families, many potential buyers will want to see a house with a fence. People tend to like outdoor space, especially space that’s safe for their pets and children. Taking the time to invest in a fence can definitely make a difference when it comes to whether or not someone places a bid on your home.
5.) ALLERGENS: Although your father-in-law’s smoking may not have bothered you when he moved in, you can be certain that it will bother more than a handful of potential buyers. Generally speaking, if people have an allergy, they’re going to question whether your home is a good buy, even if it’s fixable. Before listing, consider tending to problems such as pet dander, mold, and cigarette residue.
At the end of the day, if you’re considering marketing your home, but you’re unsure of whether it’s even worthwhile to fix some problem areas, speak with a real estate agent to get a better idea of what the market looks like in your area. Some buyers want move-in ready homes, while others are looking for a few things they can tackle on your own. An agent can help you develop a plan and make tweaks as needed.
Pam Evans | Hello Pam Evans | www.hellopamevans.com | 678-778-6551
