Buyers Beware: These 5 Factors Could Lower Property Value

December 21, 2020 • Finance, Lifestyle

Across the country, 92% of real estate markets are experiencing a strong seller’s market. With so few houses to meet demand, buyers might feel like they need to put their best offer first, or even offer above asking price! However, before submitting the offer, buyers need to be wary of these factors that lower property value

1. Neglected maintenance

When you do a cursory glance around the property, everything may look good, but it’s not uncommon to find structural problems below the surface. As a homeowner, it’s important to be mindful of the various components and systems of your home. 

Some of the neglected maintenance tasks that could lower the property’s value include: 

  • Old or damaged HVAC system
  • Termite infestation and damage
  • Rotten wood
  • Foundation decay

2. Kitchen and bathrooms are outdated

Whenever someone wants to do any home renovations, the kitchen and bathrooms are usually the first rooms to be touched. This is because outdated kitchens and bathrooms can ruin the look of the house. Just imagine how odd it would look if all of the rooms have been updated except for the most used room in the house? 

3. Bad craftsmanship

In today’s day and age, we’re always looking for the best deal or how to get the most bang for our buck. That’s not necessarily the best approach to take when you are hiring contractors to do work on your house. When you’re walking through the house, keep an eye out for poorly executed home improvement projects.

Some telltale signs of shoddy workmanship include: 

  • Crooked tiling
  • Poorly done grout work
  • Home additions that don’t look like they fit in
  • Uneven, crooked, or warped decking and railings
  • Obvious gaps between floors, walls, and/or thresholds

4. Ignored landscaping

We pay so much attention to the interior of the home, but we don’t always show as much love to our yards. Sure, we may do the bare minimum like cutting the grass and raking the leaves, but that’s not enough. Gardens that are overgrown with weeds or are littered with dead plants do absolutely nothing with curb appeal. Dirty or cracked walkways aren’t just an eyesore, they can also be a safety hazard, too!

If you absolutely love the house and are willing to overlook the bad landscaping, you may want to think about hiring a landscaper to come out and whip the yard back into shape. But, if you know that you won’t have the time or patience to maintain the new landscaping, consider asking for low-maintenance options that look just as nice.

5. Damaged roof

The roof is a huge part of the house that cannot be overlooked because it’s an essential structural feature that also doubles as boosting curb appeal. A roof that has missing shingles, moss, or decaying siding will need to be replaced, which could be quite costly. Although it’s a huge drain on the wallet, you don’t want to let roof repairs go unattended because the rest of the house could be affected. 

Buying a house takes a lot of careful consideration, so it’s understandable that you’ll want to be vigilant. If you absolutely love a particular house that has a few problem areas, you could negotiate the sales price or ask the seller to do the repairs themselves. If you’re willing to bite the bullet and do the repairs yourself, don’t miss out on these tips for improving property value!

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