Josh Dotoli, the founder of Dotoli Group in Fort Lauderdale, Florida, has achieved significant success in the real estate industry, consistently ranking among the top 1% for sales production nationwide. With over 100 transactions per year and $200 million in closed sales in 2022, Dotoli Group is the number 1 brokerage in Broward, Palm Beach, and Miami-Dade. Dotoli advises homeowners to add value to their properties in the year before listing, but also warns against actions that can decrease a home’s value.
One common mistake that homeowners make is neglecting maintenance, which can lead to small problems escalating into larger and costly issues over time. Ignoring necessary repairs such as leaks, damaged roofing, plumbing problems, or electrical issues can erode a home’s value. Similarly, over-personalizing a home with unique paint colors, unconventional layouts, or niche features can limit its appeal to potential buyers.
Another way homeowners can decrease their home’s value is by ignoring curb appeal. Neglecting the exterior of a home, such as failing to maintain the lawn or allowing landscaping to become overgrown, can discourage potential buyers from even entering the property. DIY projects can also backfire if the workmanship is subpar or corners are cut, leading to issues that may require expensive repairs down the line.
Failing to make energy-efficient improvements can also devalue a home, as modern buyers prioritize features that reduce utility bills and are environmentally friendly. Additionally, adding unpermitted structures can lead to legal and financial troubles, as well as challenges when trying to sell the property. Setting an unrealistic asking price can also deter potential buyers and lead to a prolonged listing period, ultimately decreasing the perceived value of the home.
To maintain or increase a home’s value, it is crucial to prioritize regular maintenance, consider the preferences of potential buyers, and make informed decisions about renovations and improvements. Consulting with a real estate agent or appraiser can provide valuable guidance on how to protect and enhance a home’s value over time. By avoiding common pitfalls and taking proactive steps, homeowners can protect their properties’ values and maximize their returns when it comes time to sell.
