Factors that might hurt a home’s value

Nowadays, homeowners looking to sell their homes know it’s not as easy to do so as it might have been a few years ago. A struggling economy has made it difficult for many homeowners to sell their homes for a price they’re comfortable with.

But the sagging economy is not the only thing can make it difficult to sell a home. In fact, a host of other things, some obvious but some not so obvious, can hurt a home’s value as well.

Location: A home’s location is arguably its best or worst selling point. A home in a great location won’t be as difficult to sell as a home in a bad neighborhood. But location goes beyond a neighborhood’s reputation, especially in recent years. Homeowners who live in a neighborhood or development with many foreclosures might find those foreclosed properties are hurting their own home’s value. Lots of foreclosures could negatively affect a neighborhood’s reputation, which might make a home within that neighborhood less attractive to prospective buyers.

Appearance: A home’s appearance is another obvious variable that might affect its resale value. Homeowners might want their home to reflect their own individuality, but that’s not going to help when the time comes to sell the home. If the exterior paint is out of the ordinary, then it might be wise to choose a more traditional or conservative color before erecting the “For Sale” sign out front. The same goes for a home’s interior. If the interior design is especially unique, a more traditional interior decor might help the home sell faster.

Size and style: Another thing to consider when selling a home is its size and style. A home that stands out on the block might be an attention-grabber, but that’s not always attractive to prospective buyers. For instance, a colonial sitting in the middle of a street filled with contemporary homes will stand out, but likely for all the wrong reasons. It will likely appear dated and out of place, which is something buyers might not want. In addition, if the home is considerably larger or smaller than the surrounding homes, then this could hurt its value.*