What Decreases Home Value?
Your home is your biggest investment, but as with any investment, not everything you do will increase its value. Understanding the factors that go into property value is one good way to protect your investment better. Continually researching terms like “property values in my area” can help too, to make certain that you’re keeping up with the property values in your area. So, what actually decreases home value, and how can you best understand property value by address to make certain yours is worth as much as it should be? Keep reading to learn more.
Maintenance Must Be a Priority
One of the biggest issues that can hurt the value of a home is neglecting standard maintenance tasks. That tiny drip from a water pipe might not seem like a big deal, but if left unattended, it could easily leak into the foundation, then create cracks. That leak could also lead to ongoing problems like dampness and pest infestations. Make yourself a maintenance checklist and go through each part of your home on a regular basis to ensure there are no problems. If you have equipment that you know requires ongoing maintenance, like an HVAC system that requires filter changes, be sure you handle that on the right schedule.
Outdated Kitchens and Bathrooms
If you intend to regularly update any part of your home, you’ll want to be sure it’s the kitchen and bathroom. Questions like “Does not having a bath devalue a house UK” are incredibly common in search engines, and there’s a reason for that. People want bathrooms and kitchens that are not only functional but incredibly gorgeous, too. When you update these spaces, though, DIY may not be the best option. Instead, work with a licensed contractor who can help get the planning permission you need and handle the updates so they might look just as you’d want them to. Working with a pro means reliable results and a great process throughout.
Pay Attention to the Roof
Having a solid roof means protecting absolutely everything in your home, and that could make a difference in property values. You’ll want to continually monitor the condition of your roof to ensure no damage occurs. A typical roof lasts twenty to thirty years, but many things can damage it that might impact its lifespan. Keep an eye out for physical damage, missing shingles, or any obvious leaks.
Poor Kerb Appeal
You want your home to look amazing from the street, and if you don’t keep your shrubs trimmed and your grass mowed, you could damage that look. You’ll want to trim overgrowth as much as you can, paint your cladding when it’s required, and maintain your path.
If you have a property that you let to others, you’ll want to keep an extra eye on your property. Sometimes sitting tenants can bring your property value down considerably. How much does a sitting tenant devalue a property? It depends on how tidy and well maintained both of you keep it, so make sure you pay attention to your property on a regular basis.
Checking Your Home’s Value
In addition to maintaining your home to help boost its value, you’ll also want to keep an eye on property values in your area. This is a fairly easy thing to do. One quick search for “property values near me” will give you access to databases like the Land Registry so you can understand what homes near yours have sold for in the last six months, and that will help give you a starting place for exactly how much your own property is worth.