If you’ve ever gotten your home appraised and been disappointed by the results, you’ve probably since been plagued with uncertainty regarding how this came to be. Actually, there are a number of things that can drag down a home’s value, and today I’m going to review just a few.
The first is that the other homes surrounding your property may have amenities and upgrades yours doesn’t. If your home isn’t quite on par with your neighbors’, this can definitely deflate your property’s value.
Second, there may be things about your home that have become familiar to you, but could potentially deter buyers. If your home is near a busy street, for example, some buyers will find this makes it a less attractive option.
Even more surprisingly, sometimes things you believed to be positive attributes of your property can actually do more harm than good. An over-upgraded home won’t always bring a high return on investment.
So, now that we’ve discussed a few potential problems, what can you do to fix them? First, talk to your appraiser and clarify how they arrived at their assessment of your home’s value. They are only human, after all, and could potentially have missed a critical detail.
The next step you can take is to talk to your agent. If you still want to sell, even after receiving a disappointing appraisal, an experienced agent can still help you earn a fair price or guide you on deciding whether or not now is the right time to list at all.
If you do opt to move forward with a sale, there are a couple of things you can do to potentially raise your home’s value before you do so.
The first is to fix things up. If your home’s appliances aren’t running as smoothly as they once were, go ahead and get them repaired. Beyond that, giving your home a top-to-bottom clean can do wonders.
Sometimes, though, your home isn’t the problem. Instead, you may want to focus on politely asking your neighbors to do their part in boosting your curb appeal. After all, no matter how pristine your home looks, buyers may leave a showing with a poor taste in their mouth if they notice that the neighboring houses are looking a little worse for wear.
While this can be an awkward conversation, most of your neighbors will be happy to oblige, given that a successful sale will also boost the value of all other homes (including their own) in the neighborhood.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.