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5 Reasons That May Reduce The Value Of A House

We know there are many reasons to enhance the curb appeal of your house and increase its resale value. Many homeowners, although, are not aware of the reasons which may reduce the house’s worth. Selling your house needs a lot of attention either with the upkeep or the functional aspects of the structure. A buyer on the other hand will check the aesthetical appearance as well as the condition of the house.

Factors like bad location, old construction and crime rates can potentially lower the value of a house. It is a well known fact that a good house will never sit in the inventory for long time. If you are a seller and want to sell properties online, you must check the ‘5 Reasons That May Reduce The Value Of A House’.

Following are the points which may reduce your home’s worth –                                  

A Shabby Exterior Facade

If you want to sell home fast for cash, a good looking exterior is must. Potential buyers pay attention to the exterior surfaces as nobody wants the extra maintenance cost while buying a house. As wisely put, ‘The first impression is the last impression’ it applies in home sales as well. According to a survey, potential home buyers only take 10 seconds to like property, just by looking at its exteriors. Conclusively, it is always a good to maintain the home’s exterior beauty to sustain its value in the market. By adding a fresh coat of paint, mowing, and cleaning the lawn may make a huge visible difference.

Inefficient Energy Ratings

Since 2018 energy performance certificates were introduced in the market to comprehend the energy efficiency of a house. Energy efficiency is correspondent to the pricing of a home, higher the ratings higher the property prices will be. It is illegal to sell or put your house on rent if your energy-efficiency rating is below ‘E’ on the unit. Many buyers end up purchasing the property and paying huge electricity bills reason being the poor energy ratings. A good energy rating can shoot your home’s worth by approximately 14%, which is a great profit margin for home-sellers.

Poor Locality

A locality is a compilation of good schools, hospitals, departmental stores, no crime rates and easy access to multiple places. To sell your house fast for cash in NY it becomes essential to have basic amenities accessible. A study shows how proximity to certain places can decrease your home’s worth by specific amount of percentage (sources).

  • Bad school – 22%
  • Strip clubs – 14.7%
  • Homeless shelters 12.7%
  • Cemetery – 12.3%
  • Funeral homes – 6.5%
  • Power plants – 5.3%
  • Shooting ranges – 3.7%

If your home is around these places you’ll have to work more on the aesthetics so that no one walks past by your house. Additionally, foreclosures in the neighborhood make a bad impact on the home sale. While selling your house, appraisers look at the comparable selling price in the neighborhood. The comparable price plays an important role in estimating your property’s worth and foreclosed houses may turn down the appeal.

The Escalating Mortgage Rates

The formula of home selling predominantly depends on the mortgage rate in the market. High mortgage rate means fewer buyers whereas; low mortgage rate means more buyers. Potential buyers usually start their hunt when mortgage rates are low as the monthly repayment fits in their budget.

Home affordability decreases for buyers when the rates are high as they pay extra over the life of a loan. As a seller, increased mortgage rates don’t help you to sell your house fast. Your home isn’t valuable for buyers because they pay extra on the home as well as the mortgage repayment.

Additional Points To Consider

We’ve spoken about the aesthetics or the curb appeal of a house, which plays a huge role in home selling. There are certain things which lower your house’s worth like installing a pool, doing excessive DIYs, cluttered rooms, poor HVAC systems, etc. 

There are specific things to keep in mind before listing your home in the market –

  • Take care of the plumbing and upkeep
  • Remove the shabby wallpapers
  • De-clutter your house; get rid of the extra things in your home
  • Keep the decor to minimum
  • Remove the carpets which covers the whole floor
  • Mow and clean the lawn, whether it’s a front or a backyard
  • Get rid of invasive plant species or climbers
  • Keep your pets at pay (while walkthroughs)

We comprehend a house is not just a structure it also has many memories attached to it. Suicides or violent deaths in a home can be a big reason for people to back out from buying it. It is advised to disclose little details to build transparency with potential buyers to avoid hassles later.

The Takeaway

Selling a house is a daunting task and there are multiple things which may add and reduce the value of your house. If you want to sell remodeled houses or you want to sell your house as-is, get in touch with Elite Properties. We buy houses for cash which allows you to employ the yields of the sale as per your preferences. Additionally, we buy houses in any condition that eludes the hassles of maintenance and legal processes.

If you have other queries related to the topic or you want to know more about home selling process call us today 718-977-5462.

Selling your house doesn’t have to be costly. Your home is a big asset and you wouldn’t want to spend a lot and get a less than the desired value. You might be thinking that selling a house will be an expensive and never-ending, which is partially true. However, we would like to tell you how you can find ways to save money while selling your home quickly and cherish the yields of the sale.

Sell Your House for Cash

Selling your house for cash is the most feasible solution while selling your home, how? Selling a house for cash has several perks like, the sale closes in a much faster timeline, which allows you to proceed with your timeline. Second, if you choose Elite Properties you can sell your house within 3 days, so if you have a tight deadline, you have a solution. Third, you are proposed with an all-cash offer which means you have immediate cash for your next purchase.

Avoid Real Estate Agents

As much as real estate agents are saviors in the home selling process sometimes it’s better not to pick them. Why? Hiring a real estate agent has many pros, but in the specified situation there are none. When you hire an agent you are automatically liable to pay the fees in multiple facets like commission and sale profits. Paying additional costs might decrease the value of your sale and would not produce any profits. In the worst-case scenario, you would end up spending a lot rather than saving. Also, an agent will take his or her time to make a fast paced sale which will again cost you dollars.

For Sale By Owner

A ‘For Sale By Owner’ or FSBO listing is one thing that is accessible while trying to save money. The process can save you loads of money and can guarantee a profitable sale. There are many phases to such kind of a sale like; walkthroughs, attending prospects, marketing your property, etc. which will be solely done by yourself. Handling all these things at once might be challenging as it consumes a lot of your time. As a drawback, conducting showings and attending prospects personally will hamper your daily routine. You’ll have to perform repairs by yourself instead of a handyman, remember leave no space for any glitch.

Although, you can utilize the digital era to your advantage, taking pictures of your property (some exclusive drone shots) will help entice prospective buyers. You can list your property online for free on social media platforms that will serve you in gaining positive attention. By doing this you are cutting the costs of hiring a photographer and a broker which typifies into an expenditure of more than a hundred dollars.

Sell House With Repair Discounts

Selling your house with repair discounts is the finest option to get away from a rugged property. If a part of your house is in a bad condition or requires a little more than repairing, you can list your property with a repair discount. A repair discount is when you sell your home by cutting a little chunk of the amount as a credit to the buyer to make further renovations. So instead of spending your equity, you can let the buyer make renovations according to his or her desired taste. Also, when you make repairs on your own the estimate will add construction costs, which is a mandated expense to your budget. You can sell your house in as is condition to we buy houses for cash companies it is one of the best option rather than doing repairs by yourself.

Consider DIY

As stated above doing things on your own will save you from bleeding dollars from the pocket. Your home is probably functioning great but what about aesthetics? You would require a painter, a handyman and for minimal repairs probably a plumber. Hiring people for each job can be time, energy and most importantly money consuming. Consider the ‘Do It Yourself’ technique, you can perform many things on your own like painting, cleaning, staging (if required) and repairing. This will work like magic on your estimates, as a result you’ll save thousands of dollars, which helps in retaining your equity. Although, DIYs are fun to do, you also have to keep in mind it will require all your efforts and time which you are surely running out of.

Sell Your House As-Is

Selling your house as-is is a better option than FSBO, how? FSBO listing will take up a lot of your time and energy whereas selling your house as-is will need none. This process doesn’t require a lot of time or any legal documentation as well. Selling your house as-is to cash buying companies will offer you the fair market value of your house by considering the condition of your house as well. They will also propose you with an all-cash, no obligation offer which is a cherry on the cake.

If you want to sell your house fast for cash or have any query regarding the real estate crisis we will be happy to help you. Get in touch with us today to learn more about ‘How can you save money while selling home’. Reach us at 718-977-5462 and we will provide with quality solutions for all your problems.

A home is an extremely big asset for couples. When a couple chooses to separate, the relationship as well as the house also goes through a lot. A divorce comes with a lot of deliberations and mutual agreements which is important for a longer run. Here, your part is to decide whether you want to sell your house or buy out to your spouse. Given below is a guide to sell your house fast after divorce which will help you with your existing chaotic situations.

If you have chosen to sell your house, there are many things down the lane waiting for you. Selling your home is a long and lengthy process, it isn’t a smooth run. In such a case, the best way out of it is to talk it out with your partner. Mutual decisions goes a long way and where real estate is involved it can be extremely expensive and hard on pockets.

Sell and Split

The best option which will reduce the disagreements is selling your house and splitting the proceeds of the sale equally. Why selling your house is a feasible option? First, neither of the spouses can afford the maintenance of the property. If the couple has kids it can double the expenses, with the ongoing expenses of divorce it can be a tough situation to tackle. Selling your house for cash is a feasible option because the proceeds of the sale can be split equally. Therefore, selling your house is an optimal solution for multiple reasons.

Buy Out the House

The second option is to buy out the house which means; the spouse who wants to maintain the ownership would recompense the other with half of the share. They can share a part or whole value of the house which can be transferred to the other half as a settlement of the divorce. Here, the spouse on the receiving end gets to keep a part of the house and receive the calculated share once it is sold.

Hold On To the House

If a couple with children is getting divorced, they would choose to hold on to the house. In this case, the couple can hold on without altering the ownership. You can choose to stay until your children move out for work. This can only happen when the couple can bear each other’s differences and think financially.

Sorting Out the Mortgage

Before taking a step to sell your home, you will be accountable to ask questions to yourself. Questions like what are your income requirements if you chose to keep the house and retain ownership? What aspects would come into play if you sell your house? Will my children be affected by the decision, what are their needs? Etc. Once you know the answers, you can move ahead.

If a couple has a joint mortgage, they usually prefer to sort the mortgage on a single name (either of the spouse’s name). It is beneficial from both sides because the person residing in the house won’t rely on another half for the mortgage. Lastly, the person who discards the name form the mortgage can lend more money for a new home as they are exempt from the joint-mortgage.

Understanding Your Property Rights

A house is an immensely big asset for one to keep. If you are going through a divorce, it becomes necessary to protect and understand your property rights. Securing property rights save you from any felonies that your partner does without any knowledge. Home rights ensure neither partner can’t be forced to vacate the home even if it is under their ownership or not.

It is important to be aware of the laws and regulations while going through a divorce. The “Family Law Act” gives access to:

  • Staying in your home unless a court order states to vacate the residence
  • You will be notified of any repossession action taken by your mortgage lender
  • If you have moved out, you can urge the court to grant permission for returning back

Sell your house fast for cash

As stated earlier in the blog, selling your house is the fastest solution after a divorce. Selling your home to cash buying companies eludes the chaos of legal processes and additional costs. Elite Properties is a reliable company when you choose to sell your house fast for cash. We buy houses all cash so you can sell your house within 3 days and move on with a new life. Rest assured we will buy a house in any condition, any location.

A divorce is a tiresome process that can drain you mentally. Selling your house for cash will save your time, money and energy, you can spilt the yields and move ahead with the rest of your plans. If you have any queries regarding the same you can call us on 718-977-5462 or visit us at Elite Properties we will provide you the best possible solution in your rough time.

Are you thinking about selling your house fast? Consider staging, a hassle free way to lucrative sale and no additional costs to pay. Staging is all about making your home more presentable and enticing for prospective buyers and you don’t even need a professional hand to stage your home. You can do it yourself in the way you would like it to be. It is a great way to eliminate clutter from your home and make it look spacious and attractive without spending dollars.    

Buyers are peachy keen observers, they judge your home in a jiffy with just a single look, which makes it extremely important to stage your home properly. A simple symmetric alignment of furniture or cleaning up the clutter can make a big change in the appearance of your property. Staging makes a big difference in the margin of the sale, learn how staging helps in selling your house fast with following effective tips.

Cleaning Is a Priority

Cleanliness is godliness, we are very thorough with this phrase, but we often forget to apply it when it comes to staging a house. Cleaning is an essential tool to sell your house fast and make buyers believe that you believe in a hygienic living. Kitchen and bathrooms should be at the top of your cleaning list, a clean bathroom will always get bonus point while selling your house.  Put room fresheners (mostly flowery smells) clean the dirty stains in the kitchen and bathroom and you are good to go.

Decluttering Of Personal and Unwanted Items

A process that comes extremely handy while de-cluttering is the “TDS” process. TDS simply means “Toss,” “Donate,” and “Store.” While staging your house, you could go through some massive mess and decluttering takes forever. You can use the TDS method to get things sorted and sell your house fast.

For example: Toss the used items like clothes, random junk or e-garbage and donate it to the one who needs it or host a garage sale and sell it for lowballed prices.

Rest, store the things that you really need. While removing the clutter from your storages make sure you throw, recycle or sell the unwanted items to make space for the important ones.  Store your items in a fashion that they are not visible to the prospective buyers.

Add Color / Make Use of Dead Spaces/ Accessorize Rooms

While adding a touch of fresh paint might sound expensive we will tell you how to paint walls in a budget? First scrape off the shabby paint from the walls with the help of a sand paper then add a coat of primer and two coats of paint by yourself. By doing this you are straight away cutting of the costs of hiring a painter plus, you can paint the walls according to your choice. Utilize your living room and use the dead wall as your center of attraction. Painting just the dead or the central walls will immediately give a pop of color without doing much work.

Tip: Try using neutral colors that will be loved by both genders, keeping dominant and gender specific colors slashes the attraction of a potential buyer.

If you have dead spaces like lobbies, niches or window corners make use of it. Try arranging a low height seating around the window, add coffee tables in the niche of your living room. Doing just a little as this will potentially maximize your sale. Buyers love to see how each space can be used to get the maximum use out of a room or house that they are paying for. Accentuating the dead areas and making them livable will provide you with a hefty gain.  

Accessorizing interiors can change the aesthetic appeal of a house completely, which also helps in selling your house fast. You don’t have to buy expensive handicrafts or décor, just cleaning the chandeliers till sparkly clean and adding fresh flowers in the flower vase will do the trick. You can also switch the bright white lights with yellow toned lights or hanging lights to give a sense of warmth.

Let Natural Light In and Update Upholstery

Cleaning the windows can work their magic. While a walkthrough make sure all your windows are open in the daytime to let the natural light in. Letting sunlight in makes the space look bigger and wider.

An important point is to clean your upholsteries and draperies. Give a quick wash to your curtains and upholsteries to enhance the appeal of your house. If you have two or more sets of upholsteries and curtains try making a subtle combination of them. Strike a balance between the paint and furniture that will complement and complete your home’s look.

Trim the Extra Greens and Rake the Spaces Outside

Whether you have a porch, a front yard or a back yard it is important to keep it clean and pleasant. Rake the leaves and cut off the excess growth of plants. Put welcome mats in the porch, add hanging plants on the door and keep away the litter box if you have pets. Doing this will make your buyers feel special and welcomed. 

Increase the Curb Appeal / Make Required Improvements

A quick look from the outside makes the first call for walkthroughs. Buyers often focus on the outsides of a place to finalize a walkthrough. Luring your buyers with appealing exteriors is a must, but how? First off, get rid of the dull painted exteriors. Add big and bold hanging house numbers, get the porch sparkly clean, clean the windows and mow the lawns. These are some points to consider to increase the curb appeal of your house.

If your home is pretty and not functional it’s not worth buying. A buyer might give up on looks for once but not the functionality. Take measures to constantly check your HVAC systems, sewage tanks, water pipes, toilet and bath fittings, etc. to avoid last minute repairs.

Keep Pets Away, Add Scents to Cover the Odor

If you have pets at your home, try to keep them away from buyers. We comprehend pets are an integral part of your family, but some people might not be pet lovers. Some buyers can be pet friendly while some pet allergic. It is your due responsibility to keep them away until the house tour is complete. It is not just the pets but their litter boxes and food plates that need to wiped out for some time.

Sell Fast for Cash

Everything boils down to a fast home sale that provides you with plenty of profit. If you think the traditional way of staging and selling is too much, you can contact we buy houses for cash companies like ‘Elite Properties’. They will buy your house in any condition and propose with an all cash offer post which they stage your house and sell it further to prospective buyers. If you are residing in New York and want to sell your house fast without the hassles of staging and preparing your home for market get in touch with us. You can contact on the given number here 718-977-5462 and they’ll do the rest. 

Buying your house might have probably been one of the most significant investments you’ve ever made as a homeowner. But as time passes you might feel like your “All American Dream” fell a bit short.

Spending every lunch break and recess time surfing through the local real estate listings might help you in knowing the current market value of your property, but it’ll never tell you the right time to sell it. Trusting your basic instincts and moving forward with selling your house might lead you to a large pit rather than filling your bank with dollar bills. Well, if you are confounded with the jejune offers you got for your property, step-down from selling your house. Our life can take unrealistic and unpredictable turns here and there. This might leave us in a financial crisis or even a mental crisis. Maybe it might also force you to sell your hard earned house to meet the immediate money needs. But, you must make sure that selling your home should be your last resort before jumping to conclusions.

Knowing the right time to sell your house has always been challenging and a daunting task. One must be aware of all the market trends and anti-swindler strategies before ripping off the Band-Aid and selling his/her house. Here are some signs which can help you to understand that it is officially the time to part ways with your house…

1. Your Family Grew and Doesn’t Fit In Anymore

Your current house must have felt perfectly comfortable when you were newlyweds. Well, a 2bhk apartment or a condo must have been sufficient for both of you. But as time passed by, you began thinking of adding a new member to your family. Times were joyous and momentous with the new baby’s arrival, and you were living the dream. Fast forwarding a few more years, now you have a dog, toddler, and a new baby on the way which makes your house ill-fitting for accommodating all. This is the moment you must decide you need a bigger home to provide the needs of everyone.

While searching for the optimal house, make sure your kids get independent rooms to sleep in and have ample space for storing all toys and amenities (especially for babies). Getting a house within a limited period might be challenging, so it would be a wise decision if you start looking for remodeled homes or hire an experienced real-estate agent.

2. You Know The Market is Active and Strong

Living in a potential property market can be intriguing and at the same time exciting. The constant proposals from real-estate agents and brokers making your mornings miserable and the periodic ‘sold-out’ boards that pop up in your neighborhood might urge you in selling the house. And don’t forget how your neighbor managed to gain a fortune just by selling his/her house.

The key to finding whether it’s the right time to sell your home depends on the market. If the market is hot, you must go for it without any second thoughts. For example, consider you bought your house in late 2008s for a whopping $870,000. Within a decade your locality has flourished, and the property market has shot up with the arrival of a new highway or a metro station. Now, you might have offers for your house starting from a minimum $1,050,000. You got two options, either wait for the price to upsurge more or sell it now and start fresh somewhere else with a hefty profit.

3. You Are in Need Of Some Immediate Money

We’ve mentioned how life can take unexpected turns. If selling your house is your only way out from a gruesome incident, then you must go for it. But, make sure selling your home is your last resort and not your first option. The money you get from selling your house can indeed help you out from this temporary financial situation, but it will leave open the gates for a homeless life if you don’t plan the whole situation with negligence.

Selling your house to “we buy houses for cash” companies might be the best alternative if you need some immediate money.

4. Your House No Longer Fits Your Lifestyle

If your lifestyle has changed drastically in these past years and your house isn’t providing you with all your needs, then you must consider selling your home. Well, what would you do with a mansion, when all your kids have moved out and you barely use the rooms apart from the living room and bedroom you sleep in?

Another scenario can be jobs. Your company might assign you to a different place for job purposes which in turn extends your commute. What if your new office is on the other side of the state? Selling your house and looking for a new one in the locality of your new office might be the best possible solution you have. Finding a new home immediately might be difficult. Hiring a professional property agent and signing for a remodeled house can meet your immediate house needs.

5. You Need To Save Yourself From Foreclosure

Facing foreclosure? Selling your home to save yourself from foreclosure is a pretty good idea if you have no other way to pay your defaulted mortgage. Inform your mortgage provider and agree with listing your house under short sales. Short sales will grab the attention of many property dealers, property agents, and potential property buyers. If you are lucky enough you can land a great deal which can save you both from foreclosure and bankruptcy. Well, all you need is a short sales expert by your side.

6. You Have a Distressed Property

Keeping a distressed property or being an owner of a distressed property is a headache. The trouble of finding a buyer or any interested agents might be challenging. Since these properties aren’t in good shape with almost nil repairs and refurbishments, assigning a proper price tag for these houses can get real tricky. Most of the owners might nod unwillingly for a price tag which is far too less than the market value.

Keeping hold of a distressed property is a hectic situation where the owner might even be willing to sell the property at half the price. Well, it all depends on buyer’s ability to negotiate. So, selling your distressed property won’t help you much financially, but it can eliminate any future complications. Selling your house to companies that buy houses in any condition can be a great opportunity to start your career in real-estate.

Conclusion

There are many “we buy houses for cash” companies in the market. Selling your house to companies that buy houses for cash can help you land a great deal without any hassle. Hiring a real-estate agent might be the best possible decision you can take in selling your house immediately.

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