By: Lorraine Mondello

Unexpected Factors That Decrease Resale Value

Tags: resale value, home seller, home sale, Ontario homes

Most home sellers think about how to increase the value of their home when they decide to list it. While there are many ways to do so, there are also certain things the seller cannot influence when it comes to the home worth. Location and size may be the most important here (sellers cannot do much about that), but a number of unexpected factors can also affect the value of the home. Here are some of them:
 
Unsightly sights    
You may have a beautiful home, but if you live across a cemetery, a busy commercial property, an abandoned house, or in a 2-mile radius of a power plant, it may affect how homebuyers react to your home. For example, living next to a McDonald's drive-thru could lower your property's worth by thousands of dollars.
 
Traffic noise of all kinds
Having a bus line or GO station in the vicinity of your home is a big plus that adds value, but, if your neighborhood is near an airport, highway or a high-traffic volume street, chances are you will come across many homebuyers who will mind the noise, the congestion, and the fumes. 
 
Custom upgrades
A lot of sellers will be looking to polish up their place for sale, most commonly to get more money out of the transaction. However, while staging and small updates are more than welcome and they indeed have a good investment return rate, sellers should stay away from too expensive and peculiar updates as they rarely pay off. Most homebuyers will compare prices in the entire neighborhood, and if your home seems overpriced compared to the other listings in the area, your custom upgrade may not be reason enough for homebuyers to pay extra.
 
Nearby billboards
Living near billboards (approximately within 500 ft.) can also be one of the factors that negatively affect your home value. A US study has shown that homes further away and those in areas where billboard controls are stricter, are in general, priced higher. 
 
Swimming pool
Having a swimming pool may seem like a nice addition, but in colder areas where they are good for one season only during the year, homebuyers are rather reluctant to splurge on pool maintenance costs throughout the year. This is especially true if you live in a neighborhood where pools are not that a common addition to the homes. 
 
Kitchen cabinetry 
Kitchen cabinets that are outdated, low-quality, peel off, squeak, etc., will probably have an impact on the sales price. The kitchen is the heart of the home, and most homebuyers expect the kitchen to be ready-to-use without any major defects requiring expensive updates. Of course, this is something you can change, so if you want to spruce up your home for sale, make sure your cabinets get at a fresh coat of paint. 
 
Selling a home is a process that requires a lot of attention and professional assistance to sell at the desired price in a short period. We at Team Lorraine Mondello know how important every step of the way is, so if you are looking to list your home, make sure to give us a call at 905-951-7653 or click here.