Are These Factors Hurting The Price Of Your Knoxville Home?
There’s a lot that can be done to help the price of your home. And, there can be a lot that can be done to hurt the price of your home.
Unfortunately, many sellers don’t realize what things can drastically hinder the price of their home until it is too late.
The improvements that you do and don’t make in your home can play a crucial role in the overall value of your home. Whether you’re thinking about selling your Knoxville home or are just planning on making some upgrades, you should always think about how the improvements can influence the value of your home.
Ignoring Large Repairs
Is your roof starting to sag? Is the electrical wiring in your home out of date? Or, does the basement flood every time it rains too much? If so, don’t ignore these repairs.
When a home comes with a major repair, it can significantly hurt the value of your home. No buyer wants to take on having to put on a new roof on or having to rewire a whole house because the wiring isn’t up to code. These are expensive items to fix and they can significantly hurt the value of your home.
If there are large repairs that need to be done to your home, be sure to tackle them before you list your home. When your home comes with these issues, a buyer is only left to wonder if there are other items that you’ve been ignoring.
Upgrades That Are Out Of Your Price Range
When you consider making upgrades to your house, make sure that those upgrades are typical in your price range. Otherwise, you risk spending a fortune on upgrades and risk not getting any of that money back when you go to sell your house.
This can happen much more frequently than you think. For example, let’s say you own a house in the $200,000 price range. You’re a big cook. So, when it comes time to update the kitchen, you really go crazy with expensive appliances, cabinets, and other upgrades. You spent $20k just on these upgrades. You decide to sell your home a year later and assume that you’re home is automatically worth $20k more because of all of those upgrades.
Unfortunately, that’s not always the case. When you make upgrades that are not typical in your price range, you risk not getting that money back when you sell. If it’s what you want in your house, that’s fine. Just keep in it mind when it comes time to list.
Leaving Your Home In The Same Condition As It Was 10 Years Ago
Just like we age, homes age, too. At some point, there comes a time where it’s necessary to do some updates on your Knoxville home. Otherwise, you risk showing the age of the home too much and hurting the overall value of the home. Buyers don’t want to buy a home right our of 1970, when other homes are on the market in the same price range that are updated with the current trends.
Over time, be sure to keep your home updated to protect the overall value. Whether you plan on selling your home soon or plan on living there a while longer, the more you keep your home updated, the easier it will be to sell when the time comes. Current buyers are looking for a home they can move into without having to do a lot, unless the home comes with a significant price reduction to cover the costs of updating.
Poor Utilization Of Your Home’s Space
Finally, when the space in your home is poorly utilized, you can significantly hurt your home’s value. Buyers want to be able to have plenty of space in their new home. They don’t want to be cooking in a cramped kitchen or stuck sleeping in a room that feels like a closet.
When you consider making renovations to your home, consider how these renovations will change the overall space of your home. If you’re considering adding on to the master bath, consider if you’ll be cutting out significant space out of the master bedroom. Will it be more cramped than it should be? If so, you may want to reconsider the renovation.
Buyers want to move about their home freely, so be sure that you don’t make any major renovations that hinder that.
Are you thinking about selling your Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected].