Your home is undoubtedly one of your most significant assets and investment that you’ll have in life, and you want to ensure its value keeps appreciating. However, some things can depreciate your home’s value without you knowing. For this reason, you need to be aware of what can hurt your property value so that you can reap the ultimate reward of owning it, especially if you plan to sell it in the future. Keep in mind that property depreciation typically occurs when some areas of your home need improvement and repairs, but you don’t make the necessary fixes.
In this article, we will share five likely reasons your property’s value is depreciating:
Maintenance exists because it is mandatory to ensure the various components in your home remain in optimal performance. Otherwise, you could encounter problems that could lead to costly repairs or replacements down the road.
Building codes are there for a reason, and local governing bodies likely set them up. Yet, some homeowners can’t be bothered to get a permit for home improvements, and they think they could get away with it. When they plan to sell the property and are notified that any home additions they made without a permit will not be counted as added square footage during a home appraisal, they will only realize their mistake.
Moreover, some homebuyers will know that some unpermitted home improvements have been made to the home, and they could use it to their advantage to get a lower price for the property. On top of that, if there are any code violations happening in the house, like burst pipes, you will have to cover the damage out of pocket as this won’t be covered by your homeowners’ insurance.
It is often said that the kitchen is the heart of the home, and the bathrooms are crucial to your overall home value as well. However, if these two crucial areas look like they’ve come out of a history book, you can expect your home to have a lower value. Yet, this doesn’t mean you have to turn them into something extremely modern and sleek to keep up with the times. The least you can do is ensure that these areas are functional and up-to-date that they can accommodate current needs. Perhaps, you can install a new set of appliances, a fresh coat of paint, and a bidet.
Poor workmanship is highly noticeable, which is why you shouldn’t waste your money on sub-standard materials. Remember that your home’s level of workmanship will play a significant role in your property’s overall quality score during a home appraisal.
So, if you see warped flooring or awkward home additions, don’t be surprised if you get a low appraisal. Before you put your home up for sale in the market, be sure to make the necessary changes so that you can increase your home’s value and get a higher return on investment!
Poor landscaping, whether or not the people moving into your home have a green thumb, has a significant impact on your property value. Even if you’re not into landscaping yourself, you need to make sure that your landscaping is at least on the same wavelength as the houses in your neighbourhood. Remember that regular trimming of plants and mowing your lawn can go a long way!
At this point, you now know that certain things can lower your property’s value without you knowing them, such as those mentioned above. Whether or not you’re selling your property, the goal is to ensure your investment is always appreciating in value and not the other way around!
If you’re looking for the best real estate agent to determine your property’s value, let me know at Chris Low! I specialize in buying and selling residential, commercial, and farm real estate in Brandon and Virden, Manitoba. Contact me today to see how I can help!
A common misconception is that buying a home when your single can be too much. However, statistics say otherwise, and in 2016, more people are living alone. With that, the number will continue to grow as the average household shrinks, and as the number of one-person households increases, so does the average homebuyer.
Even if more single people buy homes nowadays, it is undeniable that the financial burden you'll experience when purchasing a home can be challenging to deal with on your own. Because of this, it's always a good idea to ask for assistance from the best real estate agent in the city to help you find affordable housing.
If you're planning to buy a home soon, we've got you covered. Here are our top three homebuying tips if you're single and ready to purchase your own home. Let's get to it!
Buying a house is a huge milestone, and probably one of the most important financial decisions you will ever make. Before scouting for a home, you need to consider what type of lifestyle you'll have and what the home will bring into your life.
Though putting down the cash and choosing to buy your dream home might be the easiest option, you should know that doing this may give your more problems because maintaining a house that big could pose a bunch of financial issues for you.
So, for now, it's best to buy a home that meets your current needs but also allows space for you to grow.
When you buy a home, this will mean that your real estate agent and lender will examine your finances meticulously. This is because your lender would want to know if you have a stable job that will allow you to pay for your mortgage without any problems.
To do this, make sure that you have an active job to make your income as predictable as possible. Besides that, having a co-signer, such as your parents, will guarantee your mortgage's approval.
Besides your mortgage, you'll need to consider other expenses like debt repayment, renovations, maintenance, taxes, and credit scores, all of which could limit your budget. So before looking for a home, keep your finances in check to avoid any financial burdens in the future.
One of the best ways to find the perfect home for you is to work with the best real estate agent to guide you through the whole process. You should know that every real estate agent has their specialties, and the challenge here is finding the right one that fits your lifestyle.
When you work with the right real estate agent, you'll go through the whole home buying process without missing any steps, and in no time, you'll find your ideal home.
There are several tips that you need to remember when purchasing a home on your own. But by remembering these top three tips, and working with the best real estate agent, you'll breeze through the whole home buying process, and you'll find yourself moving into your new home right away.
If you're looking for the best real estate agent in town, look no further because I can help you with all your real estate needs. I am a real estate agent who buys and sells residential, commercial, and farm real estate. Get in touch with me today!
You will make many investments throughout your lifetimes, such as buying kitchen appliances and even a car. One of the most expensive investments you can ever make is purchasing a home, especially when buying one in high-demand areas like cities. This steep price may easily steer you away from ever thinking of owning a house, possibly causing you to rent over buying one. However, some people still believe that homeownership is a much better choice, especially in the long run. Then again, many still stand by renting as the better one.
Are you torn between purchasing a home and renting one? If so, here are considerations you should make to understand whether or not you should buy or rent a home.
The first thing that may have popped up in your mind when it comes to the most essential factor when owning a home is money. This, in many ways, is true. For example, for renters, the prospect of buying a home can be financially distraught, especially if moving from one place to the other. In many cases, if they were to buy a home, they will have to spend extra on costs such as commissions. These fees can range from a few hundred dollars to thousands of dollars, and even more so for individuals that move often. Another type of cost they will have to also deal with are mortgages, especially the penalty of exiting a mortgage early. The list goes on and on, from land transfer tax, property tax, and transactional costs.
In terms of finances, buying a home may seem too expensive to be worth the money. However, one should never base their purchasing decision on money alone, and you should consider the other factor: emotion.
In many cases, most homeowners did not buy a home because of financial reasons. If they were to do so, they would most likely not purchase a home at all. Instead, they did it for emotional reasons. In a sense, they invested their emotions into the purchase.
Many homeowners, many of whom have experienced renting at least once, can proudly say that they will prefer to buy over rent. This is because of all the emotional benefits that come along with homeownership. For instance, many have experienced much lower stress levels because they know they have a stable and permanent residence. Homeownership has also been connected to improve healthcare, lower crime rates, and many other factors.
With all of that said, should you buy or rent a home? That will depend on what you value the most. If you put emotions first, then owning a home is the way to go. Nothing can beat having the peace of mind knowing one owns a permanent home that offers various benefits such as reduced stress, a safe environment to bring up children, and more. On the other hand, if you value finances, then renting might be the better option due to all the money saved. However, knowing that we are all emotional beings, homeownership will always be our best recommendation. With communities looking to establish safe environments to live in permanently, you cannot go wrong owning a home, especially when thinking about settling down for good.
Re/Max Valleyview Realty is a real estate agent that helps individuals sell and purchase residential, commercial, and farm real estate in Manitoba. If you are interested in buying a house, work with me today!