5 Mistakes Which Can Kill The Resale Value of Your Home
How to preserve and
maximize the value of your home
bought a new home and planning improvements? Thinking about selling and
contemplating some work to make your listing more attractive? In both
situations, here are a few mistakes you should absolutely avoid to keep
the home equity you have built or will patiently build over the years.
Mistake No. 1: Neglecting the curb appeal
Remember that the front yard is the first thing potential buyers will
see. If the front of your house looks in disarray, potential buyers will
most likely think that the inside of the house is in the same
condition. Under these circumstances some might not even pass your door
step and your house is likely to attract bargain hunters looking for a
good deal. I recommend this article to learn more about the latest trends in curb appeal improvement.
Mistake No. 2: Altering core features
I say “Yes” to modernizing a home but “No” to killing a functional
lay-out or any core architectural features that are an intrinsic part of
the value of the property. For instance, if you own an Eichler property
which will typically features glass walls, it would be a grave mistake
to replace these walls with regular windows.
Mistake No. 3: Overspending inside and outside
This is a common mistake made by many unaware home owners. To a certain
extent, home owners who overspend lose sense of the actual value of
their property. They are only focused on satisfying their needs to live
in a nicer place without ever thinking about the potential resale value.
You should not hesitate to upgrade your kitchen and bathroom where you
get the most “bang for your buck” but do not splurge unnecessarily.
Before you start renovations in your home, always ask yourself the
following two questions: Will I get my money back when I resell the
place? Should I upgrade rather spending too much money in this place?
Mistake No. 4: Making poor decors choices
As Rosie Amodio puts it in a recent blog on Realtor.com, the following
mistakes must absolutely be avoided when furnishing your new home:
Buying everything at once and cramming rooms (take your time to decorate
your home!), decorating around a legacy piece such as your mother’s
armoire(which will push you into a certain layout or color scheme likely
to be wrong) and trying to reproduce a page from a decor magazine.
Mistake No. 5: Lack of permit
If you do not get the necessary permits when tackling extension projects
that need to be authorized by your City, the sanction is quite simple:
The added square footage will not be included in the total square
footage. If you do not add square footage but the work done still needed
to be permitted, most realtors will take it into account and lower the
asking price as new owners will have to deal with the risk of having to
tear it down or take the necessary steps to address the issue at their
So, remember that clean and simple always sells better than crazy expensive and not permitted!