A home’s value is obviously an important part of the buying and selling process. The value of the home determines what market price the home can go for, and will have a major effect on what types of buyers the home attracts. This places huge importance on appraising a home and estimating its value. Unfortunately, valuing a home is quite a complex process, as there are a lot of factors that need to be considered. In addition, some of these factors may be completely out of the homeowner’s control, or the homeowner could be completely unaware of them, making these factors quite difficult or impossible to address. In addition, what one person views as a bad feature, may be viewed positively by someone else and vice versa. However, there seems to be a general consensus when it comes to certain inferior elements of a home. When using a property value estimator, you will likely see that these inferior features cause the value of a home to decline. So what bad features of your home can really tank its market value? Here are some inferior elements that could affect a home’s value on the market.
One inferior element that could really affect a home’s value is the neighborhood the home is located in. If your home is located in a bad neighborhood then the value of your home could absolutely tank. There are several things that can make your neighborhood a bad one, most of which are completely out of your control. For example, a high crime rate can cause your neighborhood to be viewed as undesirable to live in. Another thing that could cause your neighborhood to be viewed as bad is the local economy. If your home’s neighborhood has a poor economy with limited job opportunities, then your home’s value with likely drop considerably.
Another area of your home that could suffer greatly from being inferior is your curb appeal. How your home appears from the curb has a major effect on how your house will sell. If your house has an inferior curb appeal, then people may be turned off from looking into your home. In addition, those that aren’t completely turned off by the inferior curb appeal will likely have a negative impression as they tour the rest of the house. Fixing your curb appeal and making your home’s exterior attractive can go a long way in improving your home’s value. There are many things you can do to improve your curb appeal, such as planting trees or repainting your exterior. Regardless of what you do, improving your home’s exterior could be a great help in improving your home’s value and attracting new buyers.
Another inferior element that can really hurt your home’s value is its size. If your home is small, then you could have some trouble getting a lot of it in terms of value on the market. People want homes that are big enough to serve a variety of functions, and sometimes small homes simply just aren’t on some buyer’s wishlists. There unfortunately isn’t a quick fix for this one, as expanding your home is unreasonable in most situations. However, having a small home can still greatly hurt your home’s value and cause you to sell at a much lower price than a larger home would demand.
One major thing that buyers will want to be aware of is the age of your home. Newer homes tend to be more up to date in terms of construction and usually come with modern amenities. Unfortunately, older homes are quite the opposite, usually suffering from many years of wear and tear. As a result, new home buyers may have to spend thousands improving the structure of an old home down the line. Home buyers are much more inclined to look for newer more modern homes as a result. This means that age could be viewed as an inferior element that lowers the value of your home, especially if the structure has been around for a long time. One way to avoid this negative effect is to renovate your home with modern amenities and ensuring that any structural problems are investigated and taken care of.