The goal of home ownership \u2014 beyond the \u2018keeping a roof over your head\u2019 bit \u2014 is to make a return on your investment. You purchase a starter home in an up-and-coming neighborhood, live in it for at least five years, make a few upgrades, and voil\u00e0! You\u2019ve got enough cash on hand to move into your forever home. We all want to sell our homes for the most money possible, but certain factors \u2014 or shall we say detractors \u2014 can lower your home\u2019s resale value. Opendoor, an online real estate marketplace, analyzed data from actual home offers in 20 US housing markets between June 2018 and June 2019 to pinpoint the most costly culprits. Keep scrolling to find out if your home is at risk of devaluation.<\/p>\n
1. Living next door to an unsightly commercial property, -$9,600<\/strong> 2. Having a treacherously sloped backyard, -$7,000<\/strong> 3. Dealing with a neighbor\u2019s eyesore property, -$5,200<\/strong> 4. Having inexpensive laminate or tile countertops, -$4,600<\/strong> 5. Bearing wall-to-wall carpeting, -$3,900<\/strong> 6. Having carpet flooring in the master bedroom, -$3,800<\/strong> 7. Residing on a street with a high traffic volume, -$3,800<\/strong> 8. Possessing low-quality kitchen cabinetry, -$3,000<\/strong> 9. Living in close proximity to power lines, -$2,700<\/strong> 10. Having a characterless, unlandscaped backyard, -$2,600<\/strong> 11. Living at the top of a sloped driveway, -$2,400<\/strong> 12. Working with outdated kitchen cabinets, -$2,100<\/strong> 13. Having (gasp!) black or white appliances, -$2,000<\/strong>
\nYour neighbors are Joe and Sue McDonald? That\u2019s all well and good, they seem nice. A continually crowded McDonald\u2019s drive-thru? Not so much. The irresistible smell of french fries might seem like a selling point, but it could slash your resale value by nearly $10,000.<\/p>\n
\nEveryone dreams of a sprawling backyard where their dog can run with abandon or their kid can kick around a soccer ball. A sloped backyard, on the other hand, can pose safety risks and requires extensive landscaping to be made functional.<\/p>\n
\nEven if you\u2019ve invested in the curb appeal of your own home \u2014 adding potted plants and a couple patio chairs \u2014 your neighbor\u2019s unmowed lawn and peeling exterior paint could negatively affect your final sale price. Unfortunately, there\u2019s not much that can be done to remedy this factor, unless your neighbor is willing to accept some free yard work from a volunteer (yes, that means you).<\/p>\n
\nLaminate countertops are cheap, but they\u2019re certainly not chic. While you may have chosen versatile Formica for its ease of maintenance and wallet-friendly price tag, the decision could come back to haunt you at closing time. Once popular in the 70s and 80s, tile countertops now have a dingey and dated appearance. Upgrade your kitchen countertops to durable quartz or beautiful butcher block to increase your return.<\/p>\n
\nCarpet harbors dust and allergens, requires regular cleaning, and is more susceptible to changing design trends. As a home seller, you can usually get away with it in children\u2019s bedrooms or a finished basement, but if carpet is used throughout your main floor, be prepared to knock down the price of your home.<\/p>\n
\nAgain, carpet is very much a personal choice. Some people crave the warmth and comfort it provides underfoot, while others, especially those who live in humid climates, think of it as a breeding ground for mold. As a home seller, you want to appeal to the widest audience, and in 2019, most buyers favor hardwood flooring.<\/p>\n
\nWhen you live in a busy area, finding parking for your guests is a total crapshoot, crossing the street is like playing a game of chicken, and traffic noises can keep you up at night. But hey, being within walking distance of bars and restaurants might be well worth it. For families with young children, though, the frenzy of activity could be a total dealbreaker.<\/p>\n
\nIf you\u2019ve ever lived in a rental apartment, you\u2019re probably familiar with particle board cabinetry. It\u2019s cheap, which is why landlords love it, and is prone to warping, water damage and peeling. Cabinets are expensive to replace, or even reface, so a potential buyer may pass on a home that would require significant kitchen upgrades.<\/p>\n
\nDespite scientific evidence that proves otherwise, many people falsely believe that living near high voltage power lines causes cancer. Others simply see them as an eyesore and would prefer to live in a neighborhood where power lines have been buried. Again, this is a factor that may lower your home\u2019s value, but it\u2019s not something you can change.<\/p>\n
\nA useable outdoor space adds square footage to your property. Prospective buyers might picture themselves dining alfresco on a stone patio or hosting a backyard movie night under the stars. If your backyard is unkempt and unlandscaped, those dreams are dashed.<\/p>\n
\nA sloped driveway can lead to a slew of problems: Rainwater drainage issues, cracks in the pavement, scraping under your vehicle, and slippery conditions during inclimate weather. It\u2019s not ideal for families, either \u2014 kids can\u2019t easily ride their bikes or draw with chalk on an incline.<\/p>\n
\nHoney oak cabinets are a telltale sign of a 90s kitchen. Fortunately, they can be painted over, but some buyers are reluctant to purchase a home that isn\u2019t turnkey. Before listing your home on the market, it\u2019s a good idea to give those dated cabinets a fresh coat of white paint and swap out the hardware for something sleek and minimal.<\/p>\n
\nAs a nation, we are obsessed with stainless steel appliances. There\u2019s no compelling reason for this \u2014 black and white appliances function just as well, but stainless steel has become the de facto upgrade for modern kitchens. With a $2,000 devaluation, in this case it\u2019s probably better to cut your losses than splurge on a stainless steel appliance package worth the same amount, if not more.<\/p>\n