Most homeowners think that a good neighborhood and square footage are the only areas that matter when it comes to good valuations. They fail to realize that there are a ton of other factors that are important if you are looking to improve the valuation of your home.
For most of us, our home is probably the biggest single investment that we have ever made. In other words, it is the most important asset of our lives. Either way, we would want it to appreciate in value over the years.
After a point, you might want to sell the property and choose something newer and better. If you are looking to command a premium price over and above the current market rates, you want your home to be perfect!
Sadly, several homeowners end up doing things that intentionally devalue their homes. In this article, we are going to look at five key problem areas that contribute to a home’s devaluation.
List of 5 Problem Areas that Contribute to a Home’s Devaluation
- Hidden Pest Problems-
If there is one problem area that contributes the most to the devaluation of a home it is a pest problem. Homes that have termites, rodents, and other critters never command a good value on the market.
This is primarily because if you have an unattended termite infestation, the structural integrity of the property comes into question.
Anyone who wants to buy your home will not want to pay thousands of dollars to once lay down the foundation and get everything in order. Termites destroy your property’s valuation according to leading real estate experts.
- Badly Maintained Kitchen and Bathroom areas-
There is a reason why leading interior designers suggest you remodel your bathroom and kitchen every couple of years. These two spaces inside the home are what potential homebuyers look at first.
If you have a badly managed bathroom, it ticks off all the bad boxes. The same goes for the kitchen. Families spend a ton of their time in the kitchen. If the same is poorly maintained, it ends up devaluing your house in a major way.
Make sure that you are carrying out small repairs and redecorating the bathroom and kitchen after small intervals.
- Having a House with a Poor Curb Appeal-
Curb Appeal refers to the first few impressions as soon as someone pulls up to your house. In this case, curb appeal can be the condition of the front lawn or yard and the external paint and condition of the house.
There is a reason why everyone values first impressions. You want the first impressions to be positive. This is why make sure that you are investing in keeping your front lawn or yard clean.
You also need to make sure that the external appearance of the house is prim and proper. This will help you improve the valuation considerably.
- Lack of Important Repairs and Maintenance done throughout the years-
While some homeowners are proactive about keeping their property in the best shape possible, others do not care for the same.
Over a period, every component of the house starts demanding some maintenance work. Whether they are faucets, boilers, or the overall paint, you need to ensure that you are maintaining it well.
If you do not, small repairs can over time lead to larger problems like wall dampness. If you do not want your property to get devalues, make sure you are carrying out repairs and maintenance work annually.
- Illegal Extensions, Constructions, and DIY Projects-
Social media platforms have encouraged homeowners to get everything from sunrooms to glasshouses installed in their houses.
Homeowners need to know about the legality of them carrying out DIY repair work and installations in and around the house. You do not want to be at the receiving of a long list of fines, or invite demolition work from agencies.
A house that has had its share of run-ins with the law is not something that stands a chance of getting a high market value. This is why homeowners need to ensure that are not engaging in silly DIY projects.
The Bottom Line
If you are serious about protecting your asset, you need to make sure that you are taking proactive steps in that regard. By following all the points mentioned in the article, you can ensure that your home rises in value over the years.
You will feel satisfied when you finally decide on selling the home and see that it has been valued far higher than other properties in your exact neighborhood. If you have any questions, you would like us to address, please let us know in the comments below.
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