What decreases the value of your home? Ask an Agent: John Haddad

Oct 31

We can talk all day about what increases the value of your home - from new upgrades to specific layouts, there are plenty of things you can do to make your home more attractive to buyers. But what about things that decrease the value of your home? What should you avoid? We spoke with John Haddad, REALTOR, about some of the things you should consider before selling that may impact the value of your home.

1. Location

Location is key for most buyers. What neighbourhood is your home in? Is it close to schools, or hospitals? Is there a homeless shelter nearby? Is there a heavy police presence? How safe is the neighbourhood? How accessible is the neighbourhood by public transportation? How close to a highway is it? All of these factors are important - and will also differ depending on the buyer. Some buyers will want to be far from highways, schools, and hospitals to avoid the noise. Others may benefit from an easy commute, be frequenters at the hospital due to a disability or disease, or want a nearby school for their children. Your location may be ideal for some sellers and worth the price of your home, or may actually detract from the value to other buyers. It’s important to keep this in mind when the offers start rolling in!

2. Upgrades

When was your home last upgraded? Something a lot of buyers are looking for is modern, and if not modern, then at least functional upgrades in your home. This could mean new appliances in the kitchen, an upgraded bathroom, or changing old wallpaper to a new plain paint job. If your home hasn’t been upgraded in many years and looks outdated, you can expect this to be reflected not only in the price your REALTOR suggests you list at, but also the offers that come in. If it fits in your budget, its a great idea to upgrade your home where you can!

3. Condition

How is the condition of your home? Are there holes in the walls or chips in the paint? Are all the lights working? Does it smell of pets or smoke? Is the carpet stained or worn? How are the doors and their hinges? Have the windows ever been replaced? Do they hold heat and cold in the different seasons? All of these things can be a big deal to buyers, and they may expect a lower price, especially if they are going to have to make these updates themselves. Some can be fixed all by yourself - spend a weekend repainting and oiling the hinges. Others may be more costly, but can either be fixed by you now or be seen reflected in the price you sell at later on.

4. Exterior

The exterior of your home is what makes the first impression on buyers both online and in person. It’s an easy thing to touch up and can greatly impact how your home is perceived and valued. Have you mowed the lawn, tended to the garden, and pulled weeds? How is your roof looking, and your gutters? Could the front door use a coat of varnish or paint? When was the last time you had the foundation inspected? Utilizing these tools to make your home look a little newer will have a major impact on buyers.