When the time comes to sell your home, it’s only natural that you’ll want to try to increase the resale value and make enough profit to move into your new home. Also, if you’re planning to flip a property, it’s important to know what to look for. Unfortunately, no matter how nice the house is, the following factors might prevent you from getting the price you want.
1. Hills & Slopes
When it comes to house hunting, properties that feature sloped areas in the yard aren’t at the top of the list for many buyers. Instead, most people prefer a large, flat, and open backyard for their kids and dogs to play in. Sloped backyards typically require landscaping in order to become more functional, and they can even pose a safety risk. In the same vein, sloped driveways are also unpopular because of issues with rainwater draining toward the house, perilous parking, under-car scrapes and dangerous conditions when it’s wet or icy.
2. Busy Roads
You could have the nicest home in the nicest neighborhood, but if it’s on a busy, main road, expect the resale value to drop. The fact is that many families simply don’t want their kids playing near busy roads. In addition, the noise can keep people up at night, while issues with parking can be frustrating.
3. Poor Layout
A house with a bizarre layout is always going to be a difficult sell. Rooms that have been poorly planned, doors that open awkwardly and electrical sockets that are positioned uselessly can all be turn-offs. In general, most buyers prefer an open floor plan as opposed to several small rooms that can become cramped, stuffy and generally a waste of space.
4. Too Many Additions
When selling your home, you may be tempted to renovate or make additions in an attempt to increase the resale value. If you get this right, you can make a tidy profit. However, it’s all too easy to get it wrong, which can cost you thousands of dollars. A classic mistake is to increase the value of your home too much – effectively pricing yourself out of your own market. For instance, increasing the bedroom count in your home to five or more can make it extremely difficult to sell. Another common mistake is to put in a top-tier kitchen or bathroom in a mid-range neighborhood. Before making additions or renovations, be sure to know your market – and check the comparables.
5. Unsightly Neighbors
When selling your home, you’re selling more than just the physical house. You’ve also got to take into account the location, which means that your neighbors can have a massive influence on the resale value of your home. For instance, homes that are next to large, unsightly commercial properties – such as fast-food restaurants or shabby office blocks – could see their values drop by almost $10,000 compared to comparables with more appealing neighbors. Additionally, proximity to municipal facilities, railway lines, main roads and power lines can also deter buyers. And, if you manage to avoid these but your neighbors’ homes are unkempt, or the home is in a (very) new neighborhood, the value of your property can also drop – no matter how beautiful you’ve made it.
6. Carpets Galore
As times change, so do tastes. In home decor, styles go in and out of fashion every few years; some make a stunning comeback, while others are left to fade from memory altogether. Carpets are a divisive topic but, overall, most buyers prefer hardwood floors. The biggest carpet crime a seller can commit is to adorn their home with wall-to-wall carpets. A carpet in the master bedroom is also a big no-no, especially in humid climates where people believe they can harbor mold, as well as dust, allergens and odors.
7. Shabby Kitchen & Bathroom Furniture
The kitchen and the bathroom are the most important rooms of the home for most house hunters, so it’s important to get them right. Low-quality cabinets in either room can avert buyers, especially if they’re showing signs of damage, such as warping or peeling. Outdated cabinets can also be a hindrance, although a fresh coat of paint and updated handles can typically fix that. Finally, beware of cheap laminate countertops, which tend to look dated and unappealing.
There are certain things that are sure to have a negative influence on the selling price. Fortunately, many of these can be avoided with careful planning.