By: Danielle Dallin and Cindy Stumpo

Earlier this year, we shared, “10 Home Improvements that Can Increase the Value of Your Home,” but conversely, have you considered some of the ways you could unintentionally decrease the value of your home? In this blog, we highlight some of the most common mistakes that could decrease your home’s value.

1. You made it too personal. Buyers want a smooth transition from their previous space to their new one, and they may be hesitant to buy your property if they need to work around your customization. We all have personal preferences, and it is possible that someone may gravitate to your home because of its customization or style, but it’s rare that someone has the exact same taste as you. Customization that is difficult to change may make your home less appealing to potential buyers. For example, if the seller has animal print carpeting or custom medieval light fixtures, these are expensive to change and don’t appeal to most buyers’ aesthetic. Sellers should remove personal items and customizations, wherever possible, and stage their home to appeal to the broadest type of buyer when preparing to put their house on the market.
2. Poor quality work. It can be tempting to opt for the cheaper quote when reviewing contractor bids, but sometimes you get what you pay for. When hiring a contractor to remodel or renovate your home, you must consider the potential long-term consequences of cutting corners. If the contractor completed work improperly, you might run the risk of needing to make repairs or redo the entire project in a few years. It is essential to consider the contractor’s qualifications and experience with similar projects, and ensure the contractor has proper liability insurance in case an accident happens on your property. Do thorough research on all contractors, electricians, plumbers, and others who work on your home to be sure you avoid any issues that may arise.
3. Lack of curb appeal. When homeowners neglect their landscaping, it can leave a negative first impression with potential buyers. Assumptions are made during every stage of the buying process and it starts with the outside of your home. If a potential buyer sees a neglected lawn, unhealthy or even unsafe trees, or a poorly painted exterior, this could be a deterrent to buying or grounds to negotiate a lower price. Before putting your house on the market, you should spruce up the property to ensure your home makes a great first impression with potential buyers.
4. Clutter. Limiting clutter can improve mental health, mood, and focus, and can reduce stress. If a potential buyer walks into your home for the first time and the place is filled with clutter, it will make it difficult for them to envision comfortably living in your home. Decluttering your space before a showing can make your home feel more welcoming and spacious, and helps potential buyers to picture themselves living there. When buyers form a positive impression of your property, they may be more willing to make a higher offer. So, put away the doll collection, clear the kitchen counters, and be sure the closets and garage are neat and orderly before you list your home for sale.
5. Removing a bedroom. One of the first things you think of when buying a property is how many bedrooms and bathrooms you’ll need for you and your family. The number of usable bedrooms is a key selling point for potential buyers, and is a major aspect of how a realtor will assess the market value of your home. By permanently removing a bedroom, you risk devaluing your home. If you plan on converting a bedroom into an office, gym or sewing room, make sure the renovations are not permanent and you can revert the bedroom back to its original state. The same is true of combining two small bedrooms into one larger one. While a spacious master bedroom may be appealing to some, having one fewer bedroom will likely reduce the value of your home over the long term.

When making decisions about maintaining and updating your home, remember that your property is an investment that you will probably sell someday. By avoiding these five common mistakes, you can reduce the likelihood of accidentally decreasing your home’s value. If you are interested in learning more about how to maximize your home’s value, contact experienced real estate attorney Danielle Dallin at Ligris + Associates and luxury home builder Cindy Stumpo at C Stumpo Development.

Posted In: Articles, Real Estate