When it’s time to sell your home, you’re probably hoping to get top dollar. Unfortunately, there are many decisions homeowners make that actually injured the resale value of their home (I’m looking at you, home improvement mistakes). And according to the real estate pros I’ve spoken to recently, many of the biggest bankruptcy risks are actually quite common. Here are a few things that could be hurting your home’s value.
Deferred maintenance
You’ve probably experienced putting off certain routine maintenance due to a busy schedule or tight budget, but Nikki Bernstein, real estate agent, associate broker and team leader of the NikkiB Group at Berkshire Hathaway HomeServices AZ Properties, says it can cost a lot of money in the long run. “When a buyer sees that maintenance has been put off, the price drops by $10,000 per violation in their eyes.”
She says everything from your dirty carpet to broken light fixtures can raise red flags, with hotspots throughout the house being the biggest problem. “The buyer will think it’s an expensive HVAC problem: $10,000 or more!”
Converted rooms
It’s not uncommon for people to put their home up for sale because they’ve outgrown the space. To bridge the cramped conditions in the meantime, many people choose to get creative with the layout. Elizabeth Kee, a licensed broker with CORE Real Estate, says this sends the wrong message to buyers.
“If you use your dining area as a home office, you may want to consider working from home while your home is on the market,” she explains. “Take the laptop and ring light off your only placemat and instead set the entire table before each showing or open house.” Otherwise, buyers may not perceive the space as a dining room and remember it as a workspace that they may not need during their home search.
Outdated equipment, fabrics or furniture
Every homeowner has a unique style (and budget). While hopeful homeowners can look past an ugly sofa, they have a harder time looking past dated furnishings, according to Farah Sutton, a licensed real estate agent. “I know it’s sometimes hard for sellers to hear this, as they think their outdated appliances, curtains or bedspreads are good enough for them or fit their aesthetic taste, but potential buyers want to be able to imagine themselves in the home,” she says.
If you have the option, Sutton recommends removing anything that makes the home look dated before listing, even if you can’t afford to replace it. “Staging is ideal, but it’s often expensive, so it’s important to remember that having no or minimal furniture is usually better for the value of the home than having dated furniture,” she says.
Poor lighting
It may be hard to believe, but something as small as a $1 lightbulb can affect the value of your home. Kee says most people end up using different bulbs in different lamps in their home, creating a different lighting aesthetic throughout the house. “One bulb may look brighter/darker or more yellow/blue than the other,” she says, adding that homes with “lighting issues” often sell for less. The solution: daylight bulbs. “Investing in new ‘daylight’ bulbs for each lamp can instantly transform a buyer’s experience.”
Kee says homes with lighting issues are often sold at a discount. “Daylight bulbs can easily make a home that has little natural light feel bright and sunny,” she says. “These bulbs can also amplify natural light in homes that are already flooded with light, making rooms appear larger.”
disorder
Agents often stress how important it is for a potential buyer to be able to imagine themselves in the homes they view. Bernstein says that’s hard to achieve when you have too much stuff lying around in your space.
“If they can’t see themselves there because there’s too much of the seller involved, they move on and the sales clock is extended, which amounts to a stigmatized property,” she explains. “New buyers in the market ask, ‘What’s wrong with this property?’ The answer: Nothing, but the seller won’t let the buyer see themselves here. The reaction is a lower price.”
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