Is Your Home Worth Less Than You Originally Paid for It?

by Meg Burke 06/02/2019

Let's face it – determining how to price a home is rarely simple for a seller. In some instances, your home may be worth less than you originally paid for it.

Ultimately, if you failed to maintain your house over the years, various home problems may crop up when you decide to list your residence. If these issues go unaddressed, it may be tough for you to maximize your house sale earnings.

With the right approach to preparing your house for the real estate market, you could upgrade your residence in no time at all. Now, let's take a look at three tips to help you improve your residence and ensure you can obtain the optimal price for your house.

1. Enhance Your Home's Curb Appeal

How your residence looks in the eyes of potential buyers is key. Because if a buyer falls in love with your house the moment he or she sees it for the first time, you could benefit from a fast, profitable house selling experience.

Improving your home's curb appeal can be quick and simple. For instance, mowing the lawn and trimming the hedges can help you transform an ordinary front lawn into a pristine one. And if you have any damaged or cracked home siding, you should repair it as well.

2. Upgrade Your House's Interior

Ensure your home's heating and cooling system and other internal systems are working properly. If you find there are issues with any of these systems, contact a professional to repair them.

Don't forget to clear clutter from your house, too. If you find your home is filled with assorted knick-knacks and items you no longer need, you can sell these items. Or, you can always donate the items you no longer need to a local charity or give them to family members or friends.

If you maintain a neat, tidy house, buyers are sure to be impressed as soon as they walk through your front door.

3. Conduct a Home Inspection and Appraisal

A home inspection usually is completed before a buyer finalizes their house purchase. Yet a seller who conducts an inspection may identify myriad house problems. They can then take steps to address such issues before listing his or her residence.

Additionally, a home appraisal may be crucial for a seller. During an appraisal, a property expert will examine a home and offer a property valuation. Next, a seller can use this valuation to determine how to price their house.

As you get set to add your home to the real estate market, you also may want to hire a real estate agent. This housing market professional will craft a custom home selling strategy for you. Plus, he or she will do whatever it takes to help you achieve your desired house selling results.

Ready to list your home? Take advantage of these tips, and you may be able to obtain an offer to purchase that matches or exceeds what you originally paid for your house.

About the Author
Author

Meg Burke

 Meg & Loudoun County: Back in 1993, we moved here from Pennsylvania, thinking we'd stay for a year or two -- now it's been well over twenty five! In the past I was a broadcast advertising rep (Philly market) and at-home mom, until in 2000, when I jumped into the real estate business. Even with all the ups & downs, I've loved this business ever since! I've raised two wonderful children in Loudoun County Public Schools (www.lcps.org); one is a recent VA Tech graduate, and the other graduated from UVA. I've come to know Northern Virginia well and truly enjoy calling Loudoun County "home." Northern Virginia, and Loudoun County in particular, expanded dramatically in the mid 2000's; but along with the rest of our nation, experienced the challenging real estate market contraction of the "great recession." Luckily, our area has been back in a solid growth trend in recent years, so we are seeing fewer distressed properties and both resale and new construction homes are selling well. Let me assure you: Even as it grows, Loudoun County continues to be a wonderful place to live! Where else can you live less than an hour from concerts at the Kennedy Center or Capitol Center, Smithsonian Museums, the AND the Appalachian Trail? Loudoun County Notes: One of Loudoun's strengths is that we have a broad-based economy. We are not just a federal government dependant suburb. For example, did you know that over 70% of the world's Internet traffic flows through Loudoun County daily? (https://biz.loudoun.gov/) Ask me about the 45 mile-long Washington & Old Dominion Trail, which is great for jogging, walking the dogs or even an all-day bike trek. https://www.novaparks.com/parks/washington-and-old-dominion-railroad-regional-park Do you enjoy wines? Loudoun County is home to award-winning vineyards, with a reputation that is growing every year. www.visitloudoun.org/things-to-do/wine-country/ Serious shopper? Then you must visit the Leesburg Corner Premium Outlets! The antique shops in Leesburg, Purcellville & Middleburg are fantastic. You won't want to miss my personal favorite: the Waterford Fair in October -- an outdoor juried crafts fair in historic Waterford. www.waterfordfoundation.org History buff? Gardener? Perhaps you would prefer to stroll the grounds of Oatlands Plantation, a National Trust for Historic Preservation property; tour Morven Park or Dodana Manor in Leesburg. The farm and garden tours each year are always fascinating and enjoyable. Country Fairs are still going strong in Loudoun County. The Leesburg Flower & Garden Festival in Apri (another one of my personal favorites); the Bluemont Fair in September; Octoberfest in Lovettsville;... These are just a few of the events to enjoy throughout the year. Loudoun County and Leesburg, the county seat, are frequently included in "best of" lists (http:\/\/money.cnn.com\/magazines\/moneymag\/best-places\/2013\/snapshots\/PL5144984.html ) (https://smartasset.com/mortgage/happiest-places-in-america) There is so much to enjoy in Loudoun. Come see for yourself. I'd be happy to show you around! There are so many reasons to enjoy living here, but remember, the market is still quite fluid and challenging. Let me help you navigate your way through the interesting and sometimes overwhelming resales, short sales, foreclosures and new construction. I take my profession seriously; and although I do have my bachelor's degree (U. Penn, back in 1981), I am constantly upgrading my professional education in order to provide you with the most informed and up-to-date real estate support. Please remember: whether you or your friends are interested in buying or selling, MOVE WITH MEG! Let me help you make this a positive experience for you -- both for your family and your finances!