Because helping your clients understand the importance of maintaining the value of their home, we thought we would add to our recent published tips…this time from msn.com, a satellite company of Microsoft.
- DO keep up with the Joneses.
- Adrian Muller, the president of Hudson View Appraisal Services, tells msn.com that homes without features common to neighborhoods or areas in Florida (features such as a pool, patio, outside kitchen, etc.) will have an overall lower home value.
- Tip – make sure your home is comparable to others in your immediate area.
- Zombie houses
- Even though there is little your client can do about an abandoned, neglected, dilapidate house or an overgrown yard near your home, know that your home will take a hit when it comes time to render a value on your home.
- This word to the wise comes from Case Friedner, a real estate broker serving Hudson River towns in Westchester County.
- Fracking
- According to Duke University and the Resources for the Future, homeowners in Pennsylvania who live within 1.25 miles of a shale gas well and who are using groundwater for consumption are losing up to -24% of their home’s value.
- Cracks in the Pavement
- If there are pavement cracks in your driveway, consider resealing your driveway surfaces before putting your home on the market.
- Appraisers notice everything about your property including signs of depreciation.
- Curb appeal counts for a lot.
- According to Friedner, “At the very least, the lawn, walkway, and driveway should be cleared of debris, look clean and tidy.
- Friedner also suggests painting the front door, doorframe and window trims.
- Roll up your sleeves and clean/plan your yard.
- The Appraisal Institute suggests that landscaping and landscaping maintenance have the potential to increase home value.
- Friedner says, “Dead or dying shrubbery should be removed and replaces with healthy, lush plants and there should be no weeds anywhere on the property.”
- Luxury homes need pools, other homes do not.
- According to Heather Kandawire, an agent in northern New Jersey, “…the majority of buyers won’t even look at a home with a pool.” Buyers fear the maintenance required, the additional insurance required and the general added expense.
- Luxury homes, however, need pools, according to Kandawire.
- If the home has a koi pool, make sure its is pristine clean.
- Siding
- Though considered durable, bug repellant and good insulation, most buyers prefer to not buy a home with aluminum siding.
- Aluminum siding is thought to cheapen the appearance of a home.
- Foreclosures
- Regardless of where you live, you are likely to live near a foreclosed property.
- Again, as with zombie houses, there is nothing your client can do about a nearby-foreclosed house except to be aware a nearby foreclosure may negatively impact your client’s home value.
- Bad neighbors, street traffic, noise pollution, bad odors and unsightly buildings nearby all have the potential to negatively impact your client’s home value.
- Beware of tchotchkes, clutter and “over-decorating.”
- Your client’s children may love Breyer horses or Star Wars characters but potential buyers want to visualize themselves in the house, not others’ knickknacks.
- When making upgrades to the house, get a permit.
- Appraisers will lower the value of the home if upgrades were done without permits.
- Homes next to churches generate reduced home values due to “too much” traffic.
- Update/refinish/remove all “dated” items such as kitchen cabinets, carpet, brass fixtures, wallpaper, etc.
- Buyers want to visualize themselves in open-concept homes with clean lines.
