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Five Reasons Your Property's Value Is Depreciating! Our Guide
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:
- No Proper Maintenance
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.
- Not Adhering To Building Codes
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.
- Old Kitchens & Bathrooms
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
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
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!