Seven Equity Sins
Seven Deadly Sins Harming Home Values
Just as there are many ways to increase your home’s value, there are also many ways to decrease the price buyers will pay for your property. We’ve outlined seven “deadly sins” for sellers that decrease the value of a home. Before you list your home, check these common mistakes!
Poor curb appeal - It’s hard to escape a first impression! One of the easiest adjustments you can make is being sure your landscaping is neat, walkways are clean, and plants are trimmed. Tasteful landscaping is proven to raise the value of a home anywhere from 4-12%—not bad for the price of a hedge trimmer or a landscaper for a few days!
Clutter and Dirt - Just as good staging can help a buyer see themselves living in and loving your home, a cluttered or dirty space can block those same buyers from seeing your house as their home. The easiest problem to resolve on this list is also easily the highest return on investment. Hire a cleaner or do it yourself, but do not show potential buyers a messy space!
Discoloration and Cracks - Few things will make a buyer pause—or even run—like cracks and water damage in trim, drywall, and foundations. There is no way to quantify the potential buyers who will turn away without even questioning the damage! Others will ask for repairs or large credits on such obvious problems. Surprisingly, we find that often the larger issue, such as a leaky drain or roof, has already been repaired. It is not ethical or in your best interest to knowingly cover up underlying damage, but if there are small “settling cracks” or poor repairs, you will save yourself money and headache resolving them before listing.
Smells - Whether your home smells like pets, pot, or pesto, you can bet that there are buyers who will not give your home a fair shot if there are strong smells present! Every home has distinct smells, so ask an honest friend or agent what yours are. Most buyers want a clean slate, and often these smells can be taken care of with a good cleaning and disinfectant…or possibly just some Febreze! For stronger odor or damage, such as tobacco or mold, call a qualified contractor.
Outdated Accessories and Fixtures - Accessories often stand out from specific years. Gold light fixtures, mirrored walls, and round door knobs can immediately signal that your home has not been updated recently. Call a licensed electrician or plumber for fixtures you can’t handle on your own, but if you’re a bit handy, you can change out doorknobs, cabinet pulls, or drapes, which can be done over a weekend and deliver great results!
Floors and Paint - Was your home the victim of a vinyl-over-hardwod tragedy? Do the colors of your walls have names like Goldenrod and Robin Egg? If your floors and walls are out of date, you have the opportunity to complete two of the highest-value fixes possible before your home sale. Hire a contractor you trust, or invest a bit of “sweat equity”—either way, your agent (and your pocketbook) will thank you!
One word of caution: do not attempt a hardwood finish yourself. This job must be carried out by a qualified professional to avoid major damage!
DIY Gone Wrong - Speaking of qualified contractors, be sure that the work being done is high quality and tasteful. It’s disheartening when buyers request replacement or repairs in areas you’ve already put hard work and money into. Many repairs can be done by a handy homeowner, but don’t get in over your head! Often, a trustworthy contractor can save you time, money, and stress in the long run.
