When we move into a new house, the last thing on many minds is resale value—we want to make it our own and add personal touches! The thing is, though, that property value deserves some space in your mind because what you do (or don’t do) can cause big headaches down the road. Let’s dive into what keeps property value high, and what damages it.
1. Location
Location, location, location, as the saying goes. You can’t really control where your home is located but its value skyrockets when you’re near amenities like grocery stores or good schools. On the other hand, areas with expansion plans might not be as desirable due to incoming traffic or noise.
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2. Landscaping
You don’t need to have a picturesque garden, but you shouldn’t abandon your yard work either. Home value increases with frequent lawn maintenance, tended plants, and shorn shrubs; if your front yard looks like a jungle, the resale value will likely plummet.
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3. Front Door
The front door is one of the first things people see, which is why it’s so important. Sleek, neutral colors often look (and do) best whereas louder ones actually lower a home’s value. If resale value is important to you, try not to go hog wild with paint samples.
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4. Paint Jobs
While we’re on the topic, a fresh coat of interior paint does wonders, too. Neutral colors give your home a modern flare, but they also act as a blank canvas for potential buyers—soft pallets allow them to envision their own decor.
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5. Energy Efficiency
We all want to save money, and a good way to do that is with energy-efficient features. Double-paned windows, solar panels, and green appliances can nab you higher prices because they often mean lower utility costs. They’re also sought after by today’s eco-friendly buyers.
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6. Renovations
The right renovation can make or break property value. Upgraded kitchens and bathrooms are dreams come true for potential buyers, but un-permitted work usually leaves you stranded for offers.
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7. Privacy Features
We all like our privacy and features like fences, hedges or privacy screens make sense for homeowners and potential buyers alike. Regardless of how long you’re in your home, privacy elements are always a worthwhile investment.
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8. Updated Amenities
An updated home means so much more than a fresh coat of paint or new tile backsplash—upgraded HVAC systems, plumbing, and roofs are far more desirable. Even if you’re not planning to sell, keeping these features in tip-top shape ensures your safety, too.
9. A Finished Basement
It’s much easier said than done to just remodel a basement, but finished spaces do better with potential buyers. When newcomers don’t have to worry about eating that cost themselves, your space can suddenly look more appealing. If you’re really looking to increase the value, consider adding a bathroom.
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10. Garage Space
Speaking of finished spaces, an easier one to tackle is the garage. If you already have one, finished garages increase home value by potentially tens of thousands of dollars—but they’re also expensive to build, so adding one for the sake of value isn’t always the smartest move.
Now let’s dive into a couple of red flags that scare potential homeowners away.
1. Noisy Neighbors
Believe it or not, resale value depends on your neighbors, too. New parents may not want to move in next door to someone who blasts music or owns a noisy motorcycle. Similarly, neighbors with poor landscaping can also deter buyers.
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2. Poor Repairs
Shoddy roof work and DIY plumbing fixes won’t entice potential buyers. If you need to get something done, hire a professional to ensure everything is up to code and ready for the next family.
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3. Proximity to Undesirable Locations
Homes near cemeteries, strip clubs, or bad schools aren’t as widely sought after by incoming buyers. In fact, being close to these kinds of locations often drops the value and can hurt you when it comes time to sell.
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4. Strange Layouts
An odd archway here, a weird half wall there—most potential buyers are willing to overlook the little things, but a totally strange layout is less forgivable. People usually prefer well-designed plans to non-functional spaces or bizarre room sizes.
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5. Poor Natural Lighting
Inadequate lighting can make your home much harder to sell, and it’s not hard to see why (pun intended). Dark rooms or small windows that block natural light are less inviting and can even make spaces seem smaller.
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6. Outdated HVAC Systems
No one, including you, should have to deal with outdated HVAC systems. Poor circulation is dangerous, expensive to maintain, and simply inefficient. Not to mention, you’ll have a heck of a time with resale value.
7. Weird Odors
Strong, unpleasant odors such as cat urine or cigarette smoke deter potential buyers, but they also alert them to potential problems. Musty scents can sometimes be the result of poor maintenance or mold issues, which are even bigger red flags.
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8. Outdated Spaces
Kitchen and bathroom renovations are always hot ticket items with potential buyers. Property value can skyrocket with upgraded spaces, however, rooms left in the ‘70s can actually bring the value down.
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9. Too Much Personality
There’s no shame in painting your bathroom bubblegum pink…just don’t be too surprised if the offers don’t pour in. The reality is that too much personality in decor or on the walls deters potential buyers—most newcomers just want a neutral space they can then make their own.
10. Inadequate Storage
A lack of closet space or cabinets can be a big drawback. Property value decreases without ample space to store belongings or keep incoming buyers organized, but the good news is you can always add affordable storage on your own.
