Many factors play a role in property values. Some are beyond your control, such as the location of your home or the overall state of the housing market. However, there are a number of things that you can do to help increase the value of your home. The following are factors that you will want to pay attention to, as they may lower your property value:
1. Neglected maintenance - even if something works today, if it isn't regularly maintained it could lead to a large and expensive repair down the road.
2. Improvements not done to code - doing your own work can save you money, but may drain your pocket down the road if not done right. Potential buyers will be adding up the cost of repairing the work.
3. Outdated kitchens and bathrooms - I get it, you love the original flooring, cabinets and fixtures. Potential buyers will be calculating the cost to update them.
4. Unattractive curb appeal - an overgrown lawn, poor lighting, and shoddy garage door are all examples of projects that, if not looked after, may lower the value of your property.
5. Unkept home environment - buyers notice immediately if a home is clean and well cared for. A home that is dirty and run down never goes over well and will affect your property value.
Your real estate investment must be maintained, nurtured and likely improved over the years. Keeping up with necessary service and repairs will help you build equity, whether you're planning to sell your home in the near future, or simply interested in maintaining its value.