Most people understand that cosmetic changes can add value to a home. But there are some other issues that are going to immediately discourage buyers from bidding on your home. Read on to learn what the 25 factors that impact your home value are (and what to do about them!).
Things You Can’t Change (but can market around)
1. Street Name
Live on “Wimpy Way”? Street names may stick out to potential buyers and be a detractor. You can’t change it. However, you can (a) make light of it or (b) downplay it in your marketing.
2. A Neighbours Home
Live next to a hoarder? You may not be able to conceal that fact, but you can direct attention elsewhere by pointing out “nearby” amenities or positives about the neighbourhood.
3. Power plants or landfills
Close to utilities? These can lower your property value. While you can hide any aspect of your home or location, you can build up all the positives that offset some of the negatives.
4. Nearby foreclosures
Comps are a big deal. If there are numerous, visible foreclosures and eyesores near your home, you’ll have to go the extra mile to amp up your own curb appeal and show off in comparison.
School systems, neighbourhood reputation, and other dynamics will invariably impact how potential buyers feel about your home. These are unavoidable, but your home still has value!
6. Bright Colours Outside
You may love your bright green window and Meditteranean blue walls, but your outdoor pain is also a point of consideration for curb appeal and home value.
7. Bright Colours Inside
A common piece of advice offered by real estate agents is to ‘neutralise your decor’ before selling.
8. Excessive Landscaping
If you are a horticulturist, you may love the proliferation of spidery plants and unique vines. The maintenance this implies for homeowners could be a turnoff.
9. Dirty driveway and sidewalk
Dirt and residue on a sidewalk and driveway can make your home look dingy or older than it is. A little pressure washing can go a long way.
10. Dirty roof
Same goes with the roof. It may look older than it is if it is caked with gunk and grime. Get it professionally cleaned and you’ll get fewer questions about how old it is.
11. The Lot
Corner lots may sell for more and where you are on a lot can be used to promote a higher value. Some people love the phrase, “eastern facing windows” in a home description.
12. Major Roads
If you are near highly trafficked roads, it can be a drawback for some buyers. Talk up new windows or other ways the home is shielded from the noise and busyness.
13. Nearby Neighbours
If you have a lot of renters in your neighbourhood, it may be less appealing to future buyers.
14. Major Airports
If you are near an airport, buyers may be afraid of the noise. Instead you can bill the house as commuter friendly!
15. Near a Cemetery
Some people are superstitious or just don’t want to live near a cemetery. The good news is that cemeteries are often beautifully kept pieces of land. For the right buyer, this can be a benefit.
Think we’ve covered it? Think again. Here are some additional factors that could impact your home value:
16. Energy Inefficiency
17. Broadband access
18. Invasive Plant or Animal Species
19. Unpleasant Home History
20. High Crime
22. Flood Plain
23. Over Improvements
24. Niche Improvements
25. Space Allocation
How to Get Top Dollar for Your Home
It does seem obvious that I’m going to recommend working with a real estate agent – I am one! But there are so many reasons for having a real estate agent that you trust and know will do a great job from the time you enquire about selling your home to the time you close on your sale. A great agent will go above and beyond at every stage and for years after your sale too.
They will advise you on any changes you can make to increase the value of your home. Some agents will coordinate renovations for you (to see some of my before and after photos click here). They will advise you on what is happening in the market and let you know the realistic market value of your home.
They will also expertly market your home, deal with paperwork, organise showings, deal with agent offers and negotiate the best price for you.
It’s always a great idea to know what to ask an agent you are thinking of working with. Click here for a list of questions to ask your agent before you sign with them!
I can help! Contact me and we’ll get your home sold!
Click here to make an appointment on my calendar!
You can also call/text me on 416 930 0411 or email me at: [email protected]