No doubt, you consider your house ‘Home Sweet Home’. Ever wonder if you’re causing property depreciation with seemingly harmless routines?
Your home is presumably your greatest resource. That implies you need to do what you can to increase (or at least keep up) the value of your home.
While some factors around home value are out of any individual’s control — for example, the locality, nearby schools, nearby and vicinity to transportation — numerous experts believe that you can take up (or avoid taking up) some efforts in order to increase your home’s estimation.
This article talks about some common ways which we resort to in order to improve the value of our house but often end up wrecking it without even realizing.
To ensure that you don’t confront any upsetting surprises when it is the time to sell your house, avoid from committing any of the following errors that can sink your home’s estimation.
- 1 Property Depreciation Reason 1: Making an excessive number of upgrades
- 2 Property Depreciation Reason 2: Over-Customization
- 3 Property Depreciation Reason: 3 Amateurish DIY renovating
- 4 Property Depreciation Reason: 4 Changing the garage into something else
- 5 Property Depreciation Reason: 5 Including a pool
- 6 Property Depreciation Reason: 6 Converting a room into a home office
- 7 Property Depreciation Reason: 7 Strange paint shades
- 8 Property Depreciation Reason: 8 Venting your washroom fan into the interiors
- 9 Property Depreciation Reason: 9 Failing to clean drains
- 10 Reason 10: Installing high-tech equipment
- 11 Reason: 11 Pet scents
- 12 Reason 12: High-maintenance landscaping
- 13 Reason 13: Fighting with your neighbours
Property Depreciation Reason 1: Making an excessive number of upgrades
You may imagine that if making a couple of upgrades to your home is useful for its reasonable worth, you may believe that making multiple upgrades must be incredible for its worth.
However, this sort of reasoning can be harmful at the time of selling. In case you make too many upgrades, especially to the exterior of the house, it makes it harder to extract a higher sell price from a purchaser.
That is on the grounds that a purchaser does not have any desire to have a house that is, as of now, at the highest point of its potential worth, since he/she is probably not going to see as much increment in its worth.
But, this doesn’t imply that you shouldn’t redesign your home to make it the home you need to live in. It’s just that if you do spend a lot of cash on excessive upgrades, you cannot possibly hope to extract that value from the buyer.
Property Depreciation Reason 2: Over-Customization
You may have constantly longed for typical ‘maharaja’ themed bedroom dedicated to Rajasthani architecture. While there’s nothing wrong with redoing your bedroom to make it precisely what you need, you do need to perceive that very ‘specific’ over-customization can bring down the estimation of your home.
This is simply because most potential purchasers will consider this customization to be as an expense to them, since they will most likely consider tearing out whatever you have modified.
Therefore, before you begin rolling out custom improvements to your home, take some time to consider whether you intend to stay in that house forever.
Property Depreciation Reason: 3 Amateurish DIY renovating
You may believe that long stretches of watching YouTube and browsing Pinterest have set you up to do your own fixes or renovating, but that’s not the case most of the times.
Sure, DIY renovation can help you save tons of cash, but only in the short run.
This is because DIY renovation can bring down the estimation of your home if they are done inappropriately or look unprofessional. Homebuyers will spot any fixes that look poor or strange, and that will diminish the estimation of your home.
Property Depreciation Reason: 4 Changing the garage into something else
Transforming your garage into an exercise center or a living space can appear to be a decent move that builds the living space.
But, homebuyers consider a garage a significant element, and would prefer to have a space to park their vehicles rather than an extra place where they could host their kitty party.
Changing over your garage into a living space will cost you cash for the redesign, and will also cost you in home estimation when it’s time to sell.
Property Depreciation Reason: 5 Including a pool
In the event that you are a keen swimmer and would like to build up a pool in your backyard, you must understand that a pool can really bring down your home value.
That is on the grounds that pools need a lot of upkeep and maintenance, which a lot of homebuyers are reluctant to agree to. Also, since pools can be hazardous for families with little kids, the expansion of a pool can mean youthful families will be less keen on purchasing your home.
Property Depreciation Reason: 6 Converting a room into a home office
With an ever increasing number of individuals preferring work-from-home these days, converting an unused room into a work space can seem like a lucrative option.
By including an implicit work area, you get a rich devoted space to work while you live in the house — and you can promote the home office as an added advantage when you sell the house.
However, changing a room into a committed office is a commitment you should avoid making.
Because this commitment implies diminishing the quantity of rooms in your home which decreases its worth, and possibly keeps purchasers from taking a look at your home in the event that it has less rooms than they need.
But wait, if you absolutely need a workspace in your home, you should prefer furniture to make a space your workspace instead of burning through a lot of cash to redesign the room into an office.
Property Depreciation Reason: 7 Strange paint shades
What? Now I can’t even get my favorite color painted?
Wait, that’s not what I am saying. Please read on.
It’s not important to paint your whole house beige or any other dull color to keep up its worth, however it is imperative that you consider the consequences of your paint decisions.
In the event that you absolutely love bright and neon unusual colors and patterns, there’s no reason you shouldn’t paint your room in those hues.
It is just that you should simply be ready either to paint over those unusual colors when you want to sell or accept that these colors can decrease your home’s worth.
Property Depreciation Reason: 8 Venting your washroom fan into the interiors
Proper venting of washroom fans helps keep moisture and unpleasant smells out of your home. Nonetheless, a typical alternate way for these sorts of vents is to open them up in some sort of storage room in the interior of the house.
In any case, when such a vent is opened into an inside space, it can make dampness develop inside, possibly prompting mold, decay, or different issues that won’t show up until it’s too late.
Therefore, you must double-check that all your washroom fans are appropriately vented outside.
Property Depreciation Reason: 9 Failing to clean drains
Cleaning the drains of your house must be surely the most procrastinated task, right?
Although I know that it’s not entirely a fun job to do, but what I also know that it is an essential job to do.
Be that as it may, a clogged up drain can cause enormous issues. In the event that the drain is clogged up, the water will possibly seep into the walls of the house — causing water harm.
Reason 10: Installing high-tech equipment
Wow, that person has a home theatre!
Always wanted to be that ‘person’? Well, we all want to be!
While people like you and I may have constantly longed for having a home theatre in our homes, we should reconsider before we put in cash to buy that high-tech equipment and install it. Save that money instead!
This is because purchasers are frequently put off by built-in or fixed technological equipment that would force them to use a particular space/room for a specific purpose.
In the event that a purchaser can’t utilize the space for whatever other reason, the absence of flexibility will harm your home estimation.
What’s more, technology can become obsolete surprisingly quickly which could prove to be another reason why your home value goes down every time the tech changes.
Reason: 11 Pet scents
You may not notice how Tommy (the most common pet name in India!) has affected the otherwise pleasant smell of your house.
But believe me, non-pet buyers will surely do.
If you have had or have pets, it is better you undertake a thorough cleaning of your home before putting up for sale else you can see your home value decrease dramatically.
Reason 12: High-maintenance landscaping
Putting effort, money and creativity in your garden may prove to be significant attraction for buyers. However, putting things which demand a very high maintenance may prove to be harmful for your home’s value.
Potential purchasers might be at first charmed by the beautiful landscaping you have done, yet they will be put off after they realize the amount of maintenance required to look after it.
Reason 13: Fighting with your neighbours
“Musibat ke waqt, padosi hi kaam aata hai”
This is a common saying in India which says that in times of emergencies, it’s the neighbor who will help.
Hypocrites as Indians are, in spite of this saying, it is a very common sight for neighbors to have clashes with one another.
It is important that you maintain good and friendly relations with your neighbors if you wish to sell your home and otherwise as well.
However, if you are not having amicable with your neighbors, it can probably lower your home’s estimation when you want to sell your home, since those neighbors may choose to make it difficult for you to sell your home by resorting to cheap methods like playing music at an unreasonable volume when you are in the midst of showing your home around to a potential buyer.
Keeping up good relations with your neighbours can guarantee that your home sells for its full worth when the opportunity arrives.
Depreciation is the loss in value to a building over time due to age, wear and tear, and deterioration. You can also include land improvements you’ve made and items inside the property that are not part of the building like appliance and carpeting.
There are many ways to prevent property depreciation such as: Making an excessive number of upgrades, Over-Customization, Amateurish DIY renovating, Changing the garage into something else, Including a pool, Converting a room into a home office and more.