You may be aware of the various factors that can enhance the value of your home. Even the smallest improvements can lead to significant increases in property worth. However, it’s essential to recognise that sometimes, despite our best intentions, we can unintentionally devalue our homes. In our pursuit of adding value, we might inadvertently do the opposite.
Below we delve into a couple of factors that could potentially diminish the value of your property. These factors, whether under your control or not, merit attention.
1. Problematic neighbours
Yes, your neighbours can have a direct impact on the value of your home. If your neighbours exhibit undesirable traits such as unfriendliness, maintaining an un-kept property with an overgrown garden, to name a few, it can be challenging to convince potential buyers to invest in your property.
What to do:
If your neighbour’s behaviour is amicable, consider discussing property-related concerns and appearance issues calmly. Seek mutually beneficial solutions that work for both parties. However, if your neighbour is uncooperative, you might face difficulties in finding common ground.
2. DIY Renovations gone wrong:
We all love our homes and recognise the importance of keeping them in good condition. Property valuers often recommend repairs and repainting as effective ways to boost a property’s value. However, attempting DIY repairs without the necessary skills and expertise can lead to a disaster, especially if the repairs are not completed satisfactorily before listing your home for sale.
A property that a buyer perceives as needing significant renovations will likely see a decrease in its value. Most buyers prefer properties that are move-in ready, and a home in need of repairs may deter potential buyers.
What to do:
If you’re determined to handle repairs on your own, ensure you have the required tools and knowledge to do so correctly. Remember that the goal is to increase, not decrease, your home’s value. It’s always best to consult a professional to ensure you are on the right track and have a good understanding of the workload expectations.
3. Proximity to railroads and highways
While living near highways and train tracks can improve commute times, the noise generated by passing trains and vehicles can disrupt the peaceful enjoyment of your property.
Homes located in close proximity to such noisy transportation routes may find fewer interested buyers, which in turn can diminish their property’s value.
What to do:
If you’re a property owner in such a location, it may be beneficial to target buyers who are younger and more adaptable to the noise. Families with young or older individuals may find it challenging to cope with constant disruptions to their peace and health. Younger individuals who frequently commute may view these properties as convenient despite the noise.
These factors, often unnoticed by homeowners, can significantly impact your property’s value. Therefore, it’s advisable to engage the services of a property valuer. They can identify hidden issues that might be decreasing the value of your property and provide valuable guidance on addressing them effectively. Don’t hesitate, speak to a member of our team today to ensure you’re making the most of your property’s potential.