A crucial part of selling your home is being aware of how you’re affecting its value or selling price. Knowing what to do to improve your Mission Bay home’s value is as important as knowing if something you are doing decreases its worth.
On the next pages, we’ll check out some of the top causes that decrease your Mission Bay home’s cost.
We can sum up the factors that affect the decrease in your Mission Bay home’s value into three. These factors are the neighborhood, exterior design, and interior aesthetics.
The neighborhood is the first thing that a prospective buyer would see. It basically gives the buyer their first impression. It allows them to have an initial feel of how to live in the area. The environment around your home significantly affects your house’s worth, too. The price of nearby home sales are determiners for your Mission Bay home’s value as well during its appraisal process.
The next thing that the buyer would pay attention to is the outside appearance of the house. They say we should not look at the exterior beauty, but that does not apply to the real estate business. Aside from the buyer, this will be checked by a home appraiser and inspector too. The opinion of these two professionals will affect your home’s value considerably.
Of course, the most important thing for the buyer to check is the house’s interior. It’s where the new homeowner would most likely spend most of their time checking. And them liking it or not is very crucial. Because it would determine the price, they are willing to agree with.
Read on as we discuss more how these three factors decrease your Mission Bay home’s value. We’ll let you know some tips on avoiding home devaluation and what you can do about them too.
Neighborhood
- Comps
“Comps” or comparables refers to properties with similarities to a home whose value is being appraised. If a neighborhood has many foreclosures, prospective buyers may be hesitant to buy. The number of foreclosures tells buyers if the community is stable. As a result, they may worry about the future worth of their home.
A lot of people buy real estate as an investment. Investors see comps as a critical factor in choosing the home to buy. And many will have doubts about buying a home next to a foreclosed house. If they are still interested in buying after learning this, they would likely negotiate the price down.
The good thing about Florida is it only has one foreclosure in every 1,559 homes sold each year. Mission Bay fares well when it comes to its foreclosure rate, too, so this shouldn’t be much of your worries. In case this happens, having an excellent real estate agent by your side can surely help you cope with the situation.
- Neighbors
Before a homebuyer can get to your house, he has to drive past your neighbors. The impression your neighbors give can take bucks out of your home’s worth in several ways. Imagine being greeted by a wild party or loud dogs right beside the open house you’re visiting. You might decide to turn your car around before you even get to the home’s front porch. Or worse, they might decide to continue with the deal, but the home appraiser may give your Mission Bay home value less than half of what you expect it to be. No one wants to live beside an unpleasant neighbor.
You can try to negotiate with bad neighbors of every kind. There won’t be much you can do in some cases, but there’s no harm in trying, right? One thing you can do is to write down your complaints and deliver them with respect. You can also involve local law enforcement if you need to.
- Proximity to Schools
Many prospective homebuyers are willing to pay more for the best schools. Many are also ready to trade bigger homes for small ones for access to quality education. Besides that, home appraisers check how far the house is from the nearest suitable school. Proximity checks like this allow them to assess your home’s value.
Deciding on buying a home includes an analysis of the school district for a lot of people. It’s true even for buyers who don’t intend to send children to those schools. When the schools are desirable, homes tend to hold their value better in down markets. They appreciate more in good times too, which benefits those who buy houses only for investment.
There’s not an awful lot you can do for a school’s reputation, but you can avoid making this a cause of a decrease in your Mission Bay home’s value. You can proactively do your research about the nearby schools in the area. There’s no need to despair if you might not luckily find a good one nearby. You can do many things to compensate for the lack of proximate good schools from your Mission Bay, FL home.
Exterior Design
The exterior part of the house provides the initial appeal of the home to the buyer. Most call it “curb appeal” for those who are familiar with the real estate industry. The neighborhood provides the first impression while it’s the house’s exterior beauty that retains this good impression.
Curb appeal is one thing you have control over in avoiding a decline in your home’s selling price. You have to make sure nothing will turn the buyer off by looking at the outside of your house. Whether it be an oil-stained walkway or dirty sidings, better get them fixed before your prospective buyers see them. There are many simple things you can work on that will surely increase your Mission Bay home’s value.
Interior Aesthetics
The neighborhood and exterior design will lure potential buyers into your home. Keeping them interested up until the part where you get to seal the deal is the interior aesthetics’ job. Every buyer has specific things they look for. This fact may make it hard to choose which part of the house should you focus on renovating. While this is right, houses that focus on efficiency rather than design often win.
An attractive home interior isn’t only about design; it centers on functionality too. Before you do a paint job, check first if there are parts of the house requiring some serious repairs. Unhinged cabinets to leaky roofs should not go unnoticed. These small details the cost buyers are willing to shell out. Focus on renovating the things that affect the quality of living. Smart renovations will surely avoid the value of your Mission Bay home from decreasing.
If you’re looking forward to selling your Mission Bay home with the best value possible, call me, Kristi Ramella, at 561-206-2507.