4 Things That Will Decrease the Value of Your Home

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If you own a home, it’s on you to keep it in good shape. Keep reading to learn a few reasons your home might lose value — and how you can help. 

If you own your house, you probably know that it’s likely to appreciate in value over time. This means that if you’ve lived in it for at least several years and decide it’s time to move, you may be able to find a buyer to pay more than you bought it for, allowing you to turn a profit on the sale (even after subtracting the costs of selling).

But while houses often grow in value, it isn’t a guarantee, due to factors both in and out of your control. The following items are within your purview, however, and if you hope to sell your home soon and shed your current mortgage loan, it’s worth making sure they’re resolved before putting your home on the market — and having an appraiser or home inspector show up at a potential buyer’s behest.

1. Neglecting regular maintenance

While a lot of home maintenance tasks can certainly be a drag (I don’t know that anyone truly enjoys cleaning gutters or paying to have their HVAC system serviced every year), they are absolutely necessary to keep your home in good working order. Regularly checking up on all the various systems in your home means you’ll be in the best possible position to head problems off before they become very expensive to deal with. After all, do you really want to have to replace your hot water heater if making a cheaper fix a few months ago could have saved you the trouble? The U.S. Department of Housing and Urban Development (HUD) has a wonderful home maintenance checklist to help you stay on top of potential issues.

2. Outdated kitchens and bathrooms

The kitchen and bathrooms are some of the most important parts of your home, and you can bet that savvy potential buyers will be carefully considering your home based in part on how they look and function. Ugly wallpaper, ancient appliances, and stained bathtubs will certainly do you no favors. It pays to spend some time and money updating these spaces before selling. Real estate agents surveyed by HomeLight recommended sticking to neutral colors, modern lighting, and energy-efficient appliances when making the changes.

3. An old roof

Your home’s roof is easily one its most important components because it protects the house from the elements. If your roof is older or has seen some minor damage, it’s in your best interest to address these problems sooner rather than later. Plus, a new roof or repairs to an existing roof generate a pretty solid return on investment (ROI); according to Zillow, those going with a new asphalt shingle roof saw a 68.2% ROI, while those with a new metal roof recouped 60.9%.

4. Bad or nonexistent landscaping

Curb appeal is incredibly important when it comes to selling a home. In fact, 92% of REALTORs surveyed about home sales recommend that sellers focus on improving their curb appeal ahead of listing a home. The first thing a potential buyer sees when they pull up outside your home is your yard, front walk, and landscaping (or lack thereof).

Neglecting to at least mow and clean up your yard can spell doom for your attempt to sell your house at a profit. One of my colleagues here at The Ascent got a great deal on a house last year, in large part due to the terrible yard and lack of landscaping (she’s remedying that situation now that she owns the house).

It’s possible that the value of your home is the last thing on your mind because you don’t intend to sell anytime soon. But what if you’re thinking about refinancing your home loan? Your lender might send out an appraiser to check out the property, and if your home doesn’t appraise high enough to qualify, you might not be able to complete that refinance. Ultimately, as a homeowner, it’s always in your best interest to keep your home looking and functioning its very best.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has positions in and recommends Zillow Group. The Motley Fool has a disclosure policy.

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