Sunday, October 23, 2011

A Few Things Which May Hurt Your Home's Value

So you live in a nice neighborhood, and have a lovely home. Awesome! But....there may be some things of which you're unaware which might hurt the value of your home. Among them:
Being the largest home in your neighborhood
While you may treasure the extra square footage in your home, appraisers don't quite see it the same way you do; any house which is atypical of a neighborhood takes a hit when it comes to appraisals. This includes being a 3,200 square foot home in a neighborhood where the typical square footage is considerably less. Sure, you may get more dollars in your sale, but your per-square-foot value may be less than what you had expected, given recent sales. This is one case where "bigger" may not necessarily be "better."
Lacking a room or space that's expected in homes in your neighborhood.
If most of the homes in your neighborhood have a formal dining room, and your home has only a family dining area adjacent to the kitchen, that may be a negative. Ditto the lack of a study or office, if such a room is typical of the housea around you. The same goes for having 3 bedrooms in a 4 bedroom neighborhood. While certainly not necessarily a killer for your ability to sell the house, it may affect the value of the house.
Being a "unique" house (architecturally speaking) in an area of more "typical" homes.
For instance, the Acadiana area of Louisiana - the southern parishes including Lafayette, Iberia, St. Martin, St. Mary, Acadia, and Vermilion - favor traditional architecture. Lovely though your contemporary-designed home may be, you may well be faced with a longer selling time and a bit less per-square-foot than you would face with a French country or Creole-styled home. "Familiar" bring comfort; "unique" can be unsettling to buyers. That isn't to say your home won't sell; if it's properly maintained, properly presented, and properly priced, it will. It just may take a little longer, and a more traditional house with the same square footage and amenities may bring a bit more in sales price.

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