The Fastest Ways to Devalue Your Home

The Fastest Ways to Devalue Your HomeYour home is a valuable asset – certainly one of your most, if not the most. RW Steel feels especially strongly about this since we take so much time to reinforce the foundation and structure of it. When a home is done well, it brings you so much joy. Bonus? It can make you money in the long run. On the flip side, when a home isn’t done well, or maintenance isn’t monitored, it can cost you exponentially more money. Luckily, if you stick with the RW Steel team and check back in to our blog regularly, you have one of the most valuable tools in the box – knowledge. Read on for some simple tips to ensure that you don’t devalue your home.

Keep an eye on location when you’re buying…and owning

Is it up and coming? Is it a neighbourhood that has seen higher rates of crime? These aren’t finite facts and numbers; they change all the time. Example? Maybe a new school was recently built, and it’s one that’s attracting a lot of attention. That’s a great thing, and if you were already thinking about selling, maybe the timing is right. However, if you blur your eyes to issues like crime and violence in the neighbourhood, or even dropping property values, you’re immediately devaluing your home.

Be very strategic about any renovations that you’re leading or having done

Home renovations are stressful anyways and we’re betting that you’re not just doing them for fun. You’ve invested money and time, and you want any enhancements to your home to be something that you’re excited about. Don’t just think about them making you happy in the short term, always keep in the back of your mind that a shoddy job on a renovation could hurt you in the long term when you sell or rent.

Poor Curb Appeal

Curb appeal can be so subjective. If something makes you happy when you leave or arrive home, that’s all that should matter, right? Not so much as you most likely won’t be the owner forever. We recommend not installing permanent fixtures that can’t be easily removed and are of a very niche style or taste. Again – we know that they make you happy. What won’t make you happy is paying an arm and a leg to remove them if you should try to sell the home. This is an especially important tip because the curb is the very first thing that prospective buyers will see and many have been known to not even take a tour, based on what the outside of a home looks like.

Foreclosures and other events in the area’s real estate market

The real estate market can be a tricky one to follow. It changes daily. It can be at its top on a Monday and dragging by the Wednesday. The important advice here is to not remain complacent in learning. Follow available resources online so that you are confident that you know the value of your home and others in your neighbourhood.