Are you thinking of selling this year? Before putting your house up for sale, you still need to know its value. And while some elements can help you increase the sale price, others risk lowering the value of your property.
What are they? Why do they reduce the value of your home? We tell you everything.
1. Location
Location is undoubtedly one of the factors that most influences the sale price of your home. An identical house will necessarily have more value in a beautiful neighborhood rich in mature trees than in a disadvantaged neighborhood where the crime rate is higher. The idea remains the same if the beautiful wooded area next to your home was finally razed to build an industrial center.
Unfortunately, this is not something you have control over. When selling, however, try to emphasize the positive points of your neighborhood (e.g. proximity to a park or a school) to convince buyers. And, when making your next purchase, choose your location carefully .
2. The unusual layout of the rooms
Do the rooms in your house have an unusual configuration? They cannot be quickly reconverted to another use? While your current layout may suit you, future buyers may not.
Most people in the market expect a fairly conventional layout, which they can easily adapt to their needs and tastes . If the master bedroom of your home is in the basement and the kitchen and dining room are not on the same level, your property will certainly lose some of its value.
A roof in poor condition can reduce the value of your home
3. The condition of the roof and windows
Does the roof of your building need to be renovated? Do the windows need to be changed? These are two examples of major and costly work that will necessarily have the effect of reducing the value of your home and dampening the enthusiasm of potential buyers.
4. Renovations to be carried out
Along the same lines, any repairs that need to be carried out on your home, even if they are not urgent or major, risk plummeting the sale price of your home. The more work that is required, the more the value of your home will take a hit .
In this situation, you have two options:
Reduce the price of your property to compensate for the expenses that will have to be made by the next owner;
Make renovations before selling to put your house in good condition.
5. The poor general condition of the house
Does your house not require major work, but has many small irritants? Although their importance is less, they are no less off-putting.
Broken ceramic tile, cupboard that no longer closes, squeaky door, peeling wallpaper, chipped paint, leaking toilet, scratched floor… These are just a few examples of small defects that will be noticed by the potential buyer during the inspection prepurchase . He will certainly use it to negotiate the sale price downward .
The presence of toxic and dangerous materials lowers the value of a property
6. The presence of dangerous materials
Does your property contain certain materials considered to be harmful to health ? Asbestos, lead, radon, pyrrhotite, mold … These are terms that the potential buyer certainly does not want to come across!
The presence of any of these materials can not only affect the air quality in your home, it can also reduce the value of your home. It is then better to call on a professional to resolve the problem before the sale.
7. The unfinished basement
Finishing a basement can be very expensive. You probably know it, and the buyer knows it too. Some people might therefore avoid making a purchase offer simply for this reason.