If you’re going to go spend a considerable amount of time, energy, and money to buy a property, then it’s in your best interest to make sure that investment is protected. You might just see a place to lay your head at the end of a long day, but your property is oh so much more: get it right, and it’ll form a crucial part of your long-term financial health. In order to make sure that your home’s value only moves in the right direction, you need to be aware of the things that threaten its health. We take a look at a few of the larger threats below.
General Wear and Tear
Sure, one small problem isn’t going to be the end of the world. But what if there are hundreds of small problems in a house? Then, you’ve got one large problem on your hands, one that will place the home in the category, “worse for wear.” As such, one of the best things you can do for your property is to simply stay on top of those small DIY tasks as and when they present themselves. It’ll require just a little bit of effort at the time, but will save you financial headaches later on down the line.
Those small tasks often get overlooked because they’re, well, so small — they just don’t seem important. However, while people know that handling the big problems should be a priority, there’s sometimes a problem: they don’t always make themselves as obvious as you’d think. Take your foundations. If they’re damaged then your home value will suffer, so you need to be on the lookout for the signs. If you notice any issues, then get foundation solutions from an experienced company. As well as the foundations, the roof can also provide a problem to your home’s value: it’s an area you should have inspected regularly.
Yes, it’s fun to put your own creative spin on your property or to add those big additions. However, sometimes, these quirks can put a dent in the value of your home. Take, say, a swimming pool. It sounds like a welcome addition, but studies have shown that the cost of adding is not reflected in the home’s value. It can be seen as more of a burden by people looking for a home. You’ll also want to stay relatively modest when it comes to any paint jobs for the home — the more outlandish, the bigger the home value dip.
You’d like to think that it’s you that is in charge of your home’s value, more or less at least, but this isn’t the case. There are external factors that can prove a threat, too (though they can also give it a boost). If you have noisy neighbors, or the economy takes a hit, then you might find that your home’s value suffers. There’s little you can do about these things, however, so it’s not something that you should be worrying about!