What’s My Knoxville Home Worth? 5 Factors That Hurt Your Home’s Value
When you think about selling your Knoxville home, you may be left wondering: what’s my Knoxville home worth?
Every seller wants the best price possible when they sell their home. Unfortunately, there are certain factors that can significantly hurt your home’s value.
Here are 5 factors that hurt your home’s value.
Location (It’s What Real Estate Is All About, Right?)
You’ve probably heard the age old adage: it’s all about location, location, location.
When a home is in a bad location, there can be a significant impact on a home’s value. Is your home next to the interstate that you can hear traffic at all hours of the day? Is your home in close proximity to the dump? Or, is your home near a major road with horrible traffic? These are all things that can make a location undesirable.
A undesirable location is anything that would make a buyer steer away from a particular location. When a home is in an undesirable location, it can significantly hurt a home’s price since there is nothing can be done to change a location.
Odd Renovations
When you’ve done eccentric home renovations, you can hurt your home’s value when things are too off the wall.
Maybe you turned an extra bedroom into an large closet or dedicated your bonus room to be a man cave dedicated to the UT Vols, but that doesn’t mean that potential buyers will love those renovation as much as you do.
Keep in mind as you do renovations, that anything different from the norm can hurt your home’s value. When you make major renovation, it can be important that they can easily be changed in case they are too eccentric.
Condition Of The Home
The condition of a home has a significant impact on a home’s value. A majority of buyer’s will pay top dollar for a home that has been well-kept.
When buyers look at homes, you can bet they will be keeping a close eye on home’s condition. They will notice if the paint is chipping, the faucet is leaking or if the home seems to be falling apart at the seams.
When it seems like your home hasn’t been maintained, a buyer is only left to wonder what other items in a house have been neglected.
Lacking A Major Item
When your home is lacking a major item, like a bedroom or bathroom, in comparison to other homes in your neighborhood. It can significantly hurt your home’s value
When all of your neighbors have homes with an extra bedroom or bathroom, you can expect your home’s price to take a hit. When a home goes against what is normal in a neighborhood, there can be a significant impact on your home’s price.
If you think about decreasing one of these items in a home, you should think long and hard about it.
Different Than Other Homes In Your Neighborhood
When a home is extremely different than homes in your neighborhood, it can hurt the value of your home.
You may have heard the saying you never want to buy the biggest house on the block. This means you never want to have the largest or most upgraded home in a neighborhood. When your home is the largest in a neighborhood, there nothing else similar to compare it too which is why it can significantly hurt the price of a home.
Are you thinking about selling your Knoxville home this year? Please let us know if there is anyway 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] or by phone at 865-696-1888.
Contact us today for a FREE Home Valuation.
