Over time, areas of your residence are sure to require maintenance and updates. Putting off such work, and skirting building codes when making improvements, are sure to hurt the value of your home. Be aware of these three things that can devalue your property.
Simply because an issue in or around your home may be out of sight and out of mind doesn’t mean it doesn’t exist. That’s why you should regularly check your home’s structural components and systems to make sure they are in good condition. Structures that are dated and damaged lower your property value and could make your home worth less than others in your neighborhood.
Deferred maintenance items that impact the value of your home can include cracked driveways and walkways, wood rot, termite damage, a damaged or old HVAC system, leaky plumbing, frayed electrical wires, and a decaying foundation. Be sure to check your home for items on this list.
Home Improvements That Aren’t Built to Code
When enhancing your residence be mindful that building codes often apply to structural changes, and modifications performed without a permit will have the opposite effect of increasing the value of your home. For instance, since home additions that are built without a permit are illegal they will not be counted as additional square footage when your home is appraised—nullifying your return on investment. Knowledgeable homebuyers may negotiate for a lower sales price since they’ll need to pay to bring the work up to code.
Outdated Kitchens and Baths
Kitchens and baths sell houses, but you won’t sell buyers on a home with a dated kitchen and original bathrooms with cabinets, counters, appliances, and fixtures that look like they’re from a bygone era. Make the necessary changes to modernize your home, especially the kitchen and baths, and do your very best to give every room some TLC for a cohesive look. Don’t think that the half bath in the basement with the blue 1950s tile doesn’t matter. Buyers will remember your house for that one neglected room, negating the rest of your hard work.