What are some of the biggest threats to your Windsor house for sale? What can lower the price and your home’s worth? For a seller, they look at their property and see nothing but good things; it’s where they have some of their happiest memories! It’s where children grew up and family gathered! Milestones were celebrated here! But to buyers, they see a dated kitchen, a floor plan that is less than desirable and a yard that needs some upkeep.
In order for a home owner to get the best deal on their home, it pays to do a little research. While some factors may be out of your control, others can be solved quite easily.
There is not much you can do about this, with the exception of picking your house up and moving it. But keep in mind that homes close to busy streets, near a railroad or freeway, can lose up to 15 % of value. What can you do? Try and make your home as private as possible by planting hedges, having a water feature in the backyard and making sure that everything else about your home is perfect. Also, be patient. A buyer will come, but it may take longer to sell your property.
2. Needs Updates:
Buyers don’t like to walk into a home and immediately think that they need to spend lots of money to update. The good news is that there are ways to improve a dated kitchen for example without spending lots of money. Replace old countertops, update light fixtures, add fresh paint, replace the cabinet hardware and you may be able to double the money you put into this room where buyers are particularly interested.
3. Bad Floor Plan:
Today, buyers like an open floor plan. Parents like to keep an eye on children as they cook dinner. Bedrooms should be in close proximity and entry ways are popular as well. A bad floor plan can lower the price of your home as compared to those with better accommodations and similar in size. By how much? Some appraisers say 20 percent.
4. Rental Properties:
If you live in an area where there are a bunch of rental properties, it can bring down the value of your home. This is particularly true if you own a condo and the majority of units are rented out. People who tend to rent don’t normally maintain the properties as well as an owner would as they have no financial interest in the property. A home or condo that sits in the middle of rentals can affect a home’s value by as much as 10 percent.
As I mentioned above: buyers want to walk right into a home and immediately say to themselves: “Wow! I could live here!” But when they see the roof needs replacing, that the heating and air conditioning system needs repairs and that overall, the house inspection uncovered several major issues, your home is now worth less. Unless you are talking about a seller’s market where homes don’t stay for sale long and buyers will take “as is” chances are your home can lose up to 10 – 20 percent depending on the needed repair.
6. Swimming pool:
The majority of buyers don’t want a swimming pool unless you live in a hot climate. But unless you live in Florida, swimming pools in Canada, or where pools are not common, are often considered a hassle, and, more importantly, a safety feature for those with young children.
7. No garage:
Home buyers, particularly in areas where the weather changes, love garages. Not only to protect their cars, but also to store their belongings, yard furniture, equipment, etc. Homes that don’t have a garage can be a problem when it’s time to sell as this is a very popular feature.
8. A home’s history:
Was your home a scene of a tragedy? Was it involved in a scandal or maybe used as a drug den? Buyers don’t like to purchase anything that has a sordid past. While it varies on how the price of your home will be affected depending on the circumstance, there will need to be lots of changes, improvements, remodeling and excellent marketing to take away a homes less than stellar reputation.
Buyers don’t like a home that has mold or other issues, such as cigarette smoke or pet hair everywhere. Today, it seems more and more people are suffering from allergies and they won’t go near a home that will make them sick.
If your home suffers from any of the above, then certainly, talk to your real estate agent to see what improvements you can make to increase the value of your home.