5 Surprising Things That Can Depreciate Your Property Value
June 6, 2023
If you’re looking to sell your house, you might be in high spirits because of how the supply and demand has been in 2023 – lots of opportunities to sell at your highest property value evaluation and a drop in new constructions. It all seems pretty ideal for a seller that has a reasonable house that has been reliable for years for them.
For them.
We’ve heard of going nose-blind and having rose-colored glasses, and when we live somewhere for a while, we tend not to see the little things that surveyors, home inspectors, and agents might catch. While there are obvious factors that will depreciate your property value – such as a state of disrepair, dirty, unkempt interiors, or visible, unaddressed damage – there are a few surprising ones that you might not think about when getting your property ready for evaluation and showings.
#1. Foreclosures in the Neighborhood
This is unfortunately something that isn’t always something you can fix. Sure, petitions or, in extreme cases, buying a vacant property to fix up might work, but if the property belongs to someone unwilling to sell or fix the grounds and any structures up, you might be plum out of luck. If the property is foreclosed and up for auction or in the process of being sold, then it might be worth it to wait until the new owners come in and try to work a little magic.
#2. Your Yard Aesthetic
Landscaping and yardwork isn’t everyone’s cup of tea – it doesn’t always fit into your budget, your schedule, or even just your interests. That’s fine if all you manage is to mow the lawn every couple of weeks in the summer, but if you’re intending to sell, it might up your selling price to invest in the lawn for once. Hiring out a service or renting tools from a hardware store to prune hedges, uproot dead vines and bushes, or get rid of a dead tree could make all the difference! You could even do a Backyard Makeover on a Budget and elevate your property value even further!
#3. Personal Touches
As loathe as we are to admit it, sometimes all the personal quirks and personality that you were able to bestow on your home and love so much might bring the overall value down. Especially if you put in a high-maintenance element such as a koi pond, pool, fountain, greenhouse or garden, hot tub, or, on bigger properties, barns and other structures, not every buyer is willing or excited to take on projects like that, and your market becomes much smaller. Other personal touches such as garage conversions, bold colors or patterns, and other factors may also be included in additional costs of redesign for the next owner to take off their offer.
#4. Curb Appeal
This is a fancy way to say “first impression.” What a potential buys sees is a conglomeration of several small details that you might miss. It’s unconscious, at times, what our minds find appealing, and studies have shown that houses with clean and updated outdoor elements such as hardware, lighting, gutters, and a fresh coat of door and window frame paint can really upgrade the curb appeal!
#5. Other Factors Outside of your Control
It’s always disheartening when you realize you might have much more work to do before selling than you had anticipated, but the worst part of it all is that many of the factors that depreciate a property’s value are outside of your control. A neighbor’s dilapidated yard, unfavorable lawn-growing conditions, previous projects that aren’t easily reversible – it’s just a fact of life that nothing is ever ideal for a seller to get the best price possible on their house. Other factors that might depreciate the value could be:
- Noise pollution
- Traffic
- Traditionally unappealing businesses or locations nearby such as cemeteries, strip clubs, prisons, homeless shelters, casinos, etc.
- Neighbor conduct
- Climate change that intensifies the weather your house is subjected to or increases the potential risk of a natural disaster
Moving?
Go Minis should be your go-to! Support your local businesses with the rental of our portable storage units that will deliver your stuff safely right to your new front door or use it to store your household items as you clean and prep your house to list for sale.
If you need a portable storage or moving solution, Go Minis of Louisville is locally-owned and ready to take on your move! To get a free instant quote, visit our website at gominisky.com or drop us a line at 502-772-2821 to speak with one of our Louisville experts! We’ve got the knowledge, and we’ve got the drive – contact us today!
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