When it comes to how much a home is worth, location is everything - including how nice the neighborhood is, and what school district it’s in. But here are a few other things that can hurt your home’s value:
First: Your house sticks out like a sore thumb. Say, every house in the neighborhood is beige - but yours is painted bright orange. Or you’ve got twice the square footage as every other house on the block. Buyers are less eager to pay full price if your home doesn’t quite fit.
Another factor that can hurt your home’s value: It’s below-par. Like, most homes in the area have 4 bedrooms, but you only have 2. Or they all have huge family rooms, and you have a tiny den.
Then there’s the unfinished remodeling project, or the “partial update.” In other words, you got to a stainless steel dishwasher – but all your other appliances are white. Or you replaced the bathroom cabinets, but not the sink and toilet. Bottom line: Do enough so you can say “new kitchen,” or “updated bathroom.” Which can raise the value of your house 5 to 10%.
The price can also drop if you’re close to a school – think, weekday morning traffic, and weekend band practice! And studies show that homes within two miles of a cemetery, landfill, or power plant can drop 10% of their value.
The final factor that can hurt your home’s value: Your neighbor. If the house next door is waist-deep in weeds and rusting cars, it can reduce the value of your house by 10%.