No-one wants to lose money on their home, but did you know there are some things that could have a negative impact and affect the value of your property? If you’re thinking of putting your house on the market and moving home at some point in the future, here are some of the potential costly mistakes you need to avoid!
Putting your house on the market at the wrong time
Interestingly, there are certain times of the year when selling your home is more likely to reap better rewards than others. Many people will make the mistake of putting their house on the market when the season is quiet, which can result in a lack of interest due to fewer people looking to buy. So, not only will your house be valued at a lower price because the demand is low, but it may also reduce over time, the longer you have it on the market, resulting in you losing money.
Instead, speak to a professional real estate agent and let them help you find the best time to sell your house. That could be the difference of thousands on your house price. The right time will depend on the current state of the housing market and the economy, as well as the location, size and type of property you are selling.
Not considering curb appeal
Curb appeal is a huge factor in the value of your house. Don’t make the mistake of just focusing on the interior of your home, as the outside is important too. Neglecting the exterior can decrease the value, as first impressions really count. Curb appeal is vital because it is the first thing people see when they arrive at the house, and if the outside is less than appealing, it could put buyers off even looking inside.
Boost the curb appeal at the front of your house by cleaning the windows and walls of your property, painting the front door, sweeping the drive or path and adding pots, planters or hanging baskets of colourful flowers.
The back garden can make a difference too, because it is an extension of the property. If it is cluttered and a mess, then it is going to put off buyers. All of this will amount to a reduction in the value of your property. Take some time to consider how you can improve your garden. Declutter the mess and tidy up your shrubs and plants. Use an electric chain saw to cut down any trees that are old or in the way, and create an open and spacious garden so you can show how much potential it has.
Not fixing small hazards and issues
It’s easy to ignore or turn a blind eye to small issues around your home. However, these can play a major role in the value of your property. Lots of small issues add up to bigger problems and, in time, costly ones. Something that is not dealt with quickly may ruin all of the other work that you put in, especially if you try to hide or cover up hazards or issues, as you won’t see how they progress later down the line.
It can also cause trouble if you are selling your house. Even small issues can decrease the value, but it can significantly decrease the value if they get worse. You can also lose money if you do not disclose issues and try to hide them. Go around your home and make an assessment and seek the help of a professional to ensure that any safety issues are addressed. This will help you save money and either keep the value of your property or even increase it.
Poor renovation decisions
If you’re thinking of renovating your home, don’t make the mistake of spending heaps of time and effort making updates that won’t pay in the long run. It may seem like a good idea to extend a study or a hallway, but some of the more worthwhile renovations include updating a kitchen or bathroom, having a loft conversion or building an extension.
Renovations can be stressful, especially if you try and do them yourself without any prior knowledge or expert help. Consulting a professional is wise in the first instance and they can advise on practical aspects and parts of the build that require expert work. If you do decide to take on some of the easier work yourself, you can learn a lot about properties whilst doing so and pick up some practical new skills and knowledge along the way.
