8 Things That Reduce Your Property Value

Increasing your property’s value can be rewarding but requires some practical steps. With buying a house being one of the biggest investments you may ever make, it’s prudent to protect it from premature deterioration so it’s always in good condition. Moreover, with Canada’s home prices expected to record a 3.5% increase next year, taking proactive steps to increase your property’s value will help you to quickly sell if you put it up for sale. However, it’s also best to know the things that negatively affect your property’s value. Below are eight such things to take note of. 

1. Outdated kitchen

Many homeowners renovate their kitchens to boost the home’s property value. Others may not do it for the same purpose, but whatever the reason is, tweaking the kitchen is a good idea. If you’ve ever wondered why the kitchen is often referred to as the heart of the home, it’s more than being the main place for cooking and being with family. It’s also because many buyers are convinced to buy when the kitchen is modern, beautiful, and functional.

To avoid deterring potential buyers, consider a kitchen renovation to increase property value. Worn-out cabinets, old appliances, and outdated fixtures must be repaired or replaced promptly. Even better, incorporate energy-efficient fixtures to make your kitchen trendy and highly functional. It is easy to assume that expensive kitchen replacements are necessary to increase property value, but that’s not all. It won’t help if you make expensive replacements that don’t add much to your kitchen’s functionality. It’s best to have a careful balance of everything to increase your home’s property value through the kitchen.

2. Neglected floor restoration

Your home’s flooring bears the brunt of years of walking on it, dragging items, pushing furniture, and, believe it or not, cleaning. The latter may seem shocking when the idea is to rid the floor’s surface of dirt and germs. However, you’re forgetting that your floor cleaning detergent contains chemicals that gradually rid the glossy appearance of your flooring, especially hardwood options. Unless something drastic happens to your home’s flooring, it’s impossible to see deterioration in the early stages. It’s important to know that neglected, worn-out, or damaged floors negatively affect your property value. So, if you’re looking to sell anytime soon, it may help to hold on until a proper floor restoration is done. Cracked tiles, warped wood, or stained carpets tend to create the impression that the house may contain more damage. The first thing to come into the potential buyer’s mind is water damage, even when that is false. You must be concerned about the neglect signal that deteriorated flooring projects to the potential buyer. The best way out is to rely on professional restoration services to make your flooring look new again. Restoration services remove scruffs, scratches, and other unsightly elements on your flooring. Do these corrections, and your property will appeal to more buyers.

3. Inadequate curb appeal

First impressions matter, and that’s the most important starting point. Your home’s exterior is the first thing potential buyers see, making it vital to pay close attention to it. Consider your overgrown lawn, chipped exterior wall paint, and dull front door appearance. Even your home’s driveway plays a major role in curb appeal and should not be ignored. Start by updating the siding and revamping the garden if you have one on your property. Admittedly, it can be challenging to make an objective analysis of your home’s curb appeal. Fortunately, you can rely on a trusted friend or relative to look around to give feedback on what could be done better to boost your home’s curb appeal. You will be happy to know that your curb appeal now fits the part and leaves a positive impression on people’s minds.

4. Inefficient energy systems

The world is gradually shifting into an eco-conscious one, and people have bought into the concept. In the early years of harvesting solar energy, very few people committed to this sustainable practice. Admittedly, it might have been due to the initial high cost of sun panel installations. A few years later, the number of solar installations in Canadian homes increased, suggesting that more people have adopted this highly efficient natural energy source. This example shows the need for efficient energy systems to boost your home’s property value. Elements like an outdated HVAC system, inadequate insulation, and old windows negatively impact your home’s value. Doing all these helps reduce your energy bills, and you wouldn’t have to continue questioning those high utility charges at the end of the month. Efficient energy systems are often costlier than mainstream ones, but the tip is to look at the long-term value. Although you may want to keep repairing your old, inefficient windows, that may prevent you from saving costs in the long run.

5. Inadequate bathrooms

The bathroom is quite similar to the kitchen, especially regarding its role in property value. An outdated bathroom can be a major turn-off for potential buyers with ready money to get your house off the market. Problems like outdated fixtures, water stains, and cracked tiles can be eyesores that need no explanation on why they reduce property value. Consider replacing your tiles if the old ones are in bad shape. Additionally, update the vanity to give your bathroom an updated look while matching the newly tiled walls and floors. If you usually don’t ventilate your bathrooms, now would be a good time to do so. High humidity and poor ventilation are the major causes of bathroom mould and damp issues. While at it, consider the number of bathrooms in the house. For example, is there only one bathroom serving a 3-bedroom family house? That may be inconvenient in most cases, making it a good idea to consider adding an extra one or expanding the space if possible. Remember that the standard bathroom ratio in a home is two for every three bedrooms. It would be wise to add a bathroom or two to complement the number of bedrooms if you fall short.

6. Underdeveloped outdoor spaces

Reports indicate that more Canadians are spending time in their homes outdoors. An increasing number of homeowners prefer managed yards where they can spend quality time alone or with loved ones. You should ask yourself why that space in the backyard continues to remain unharnessed. Invest in landscaping or converting your outdoors into attractive spaces. A creative and functional outdoor space adds to the home’s overall appeal while increasing its value. There are other reasons for developing your outdoor spaces, which include having a private area you can enjoy whenever you feel like it. Even without plans to sell your house anytime soon, an outdoor improvement allows you to create a relaxation haven for entertainment. Incorporate features like a pergola, outdoor kitchen, deck, or patio to make the place more visually appealing.

7. Poorly maintained roof

You’ll be surprised that more buyers are paying particular attention to roofing and its condition. As the first element against the weather, the roof must be in excellent shape to protect the house’s integrity. A compromised roof is a major red flag, indicating that all is not well with the house. It is also a signal that your house may have endured water damage, is less energy efficient, or has damp and mould issues. No matter how visually appealing the house is, nobody would want to take up the major inconvenience that a compromised roof presents. It may be better to consider a full roof replacement if the damage is extensive and cannot be salvaged.

How often do you inspect your roof, and do you use a professional? Roof inspections require proper evaluation, and the only way to do so is through experienced hands. First, you should know how old your home is to help you determine the roof’s state. The average age of a good roof ranges from 25 – 50 years, and that’s how to determine its condition. However, certain factors can trigger rapid roof deterioration; these include poor material quality, excessive heat, and air pollutants. Your shingles begin to age from the moment they are exposed to the air, although it is a gradual process. A well-maintained roof is an investment with many positive returns.

8. Undocumented improvements

Proof is everything in the property market; potential buyers want to know about repairs or renovations carried out on the house when they express interest. It is an excellent way for them to see the added value firsthand. These documents include receipts and permits to show that these changes were paid for, valid, legal, and approved.

Moreover, buyers are increasingly discerning and want to ensure the changes are up to code and professionally done. The more transparent you are about these documents, the quicker it will be to get your property off the market waiting list. You will have a competitive edge over others because not every homeowner keeps these documents to support house sales.

Everybody benefits when the house on sale has an improved property value.