What Brings Down Property Value?
Your house is one of the most significant purchases you will ever make. So naturally, the last thing you want is to decrease the value of your investment. Unfortunately, many surprising factors can lower property value.
Look out for these top things that bring down property value.
When you defer or neglect maintenance, no matter how small, it can lead to costly repairs down the road. A small drip from a water heater or a leaky roof may not seem like a big deal, but they can lower the value of your home if you don’t take care of them promptly.
Bad neighbors are outside your control, but they affect your property’s value. Do your neighbors regularly throw loud parties, have junk in their yard, or have aggressive dogs? It can be a problem when it comes time to sell. Also, sex offenders in your neighborhood can affect home values.
Inadequate Home Improvements
Making home improvements yourself can save you thousands but can cost you more in the long run. Be sure to get any permits you may need and call a professional for repairs, especially when it concerns electrical wiring or plumbing.
Poor Exterior Paint
If your paint job is cracking and peeling or it adorns an unusual color, you may turn off buyers. The best way to remedy this is to repaint the exterior an acceptable neutral color and update the coating when it starts to look bad.
Outdated Kitchens and Bathrooms
One of the biggest complaints of homebuyers is outdated kitchens and bathrooms. So if your kitchen and bathroom feature lime green, burnt orange, and rose pink colors, it may be time to upgrade. While this style was “rad” in the 1970s, it doesn’t reflect modern tastes.
Appraisors evaluate your home’s value based on other selling prices in your neighborhood. Foreclosed homes can lower property values because they sell for less and often sit without maintenance.
Overgrown yards filled with weeds are not only unsightly, but they can create health and safety hazards. Unmaintained lawns create a fire hazard and attract bugs and vermin. Pestilence and falling dead trees can damage your home.
If your neighborhood regularly gets hit by tornados, hurricanes, or wildfires, selling or raising property values can be challenging. Most people will find the area undesirable and may be reluctant to invest in an area likely to get hit again.
Proximity to Certain Businesses
Certain businesses and facilities can bring down the value of your home. These businesses include hospitals, funeral homes, cemeteries, strip clubs, power plants, homeless shelters, and bad schools.
Most people prefer to live in areas away from heavy and consistent noise. Living next to a highway or busy road can turn off potential buyers. It can also include living next to train tracks or emergency services like a fire or police station.
Before You Go
Being a homeowner can be rewarding and stressful at the same time. However, being aware of factors that can drag down your property value and remedying anything in your control can save you hassle when it’s time to sell.
Do you want to sell your home in the fastest, most efficient way possible? Zee Holdings has a home seller platform that makes selling your house fast, easy, and secure.