Your home is one of the biggest investments you’ll make in your lifetime. So naturally, you should do everything in your power to preserve its value. There are a variety of factors that can decrease a home’s value — some within your control, and some without. These factors can be internal or external, and each home is entirely different in the way it’s value is calculated.
What factors can lower my home’s value?
1. Proximity to power lines.
Electricity makes the world go round, so living near power lines is inevitable. However living too close to the power line can prove dangerous and disruptive. These lines create annoying buzzing sounds, are unattractive to the eye, and could be dangerous should a storm take hold of it. People are also worried about the negative side effects of power lines, like increased risk of cancer and other diseases. Some even experience headaches, muscle pain, or fatigue. Although there isn’t any scientific research to back up these theories, most would rather be safe than sorry.
2. Proximity to loud noises.
This could present itself in a variety of ways, including airports, highways, fracking, trains, industrial plants, and gun ranges. Living near these areas can be incredibly disruptive, especially for families with children. Particularly in the gas of gun ranges, it can also prove to be dangerous.
3. Nearby sex offenders.
Nowadays, you can go online and look up registered sex offenders in just about every neighborhood. Particularly for families with young children, this is a big safety risk parents aren’t willing to take. If you can’t find this information online, you can also ask a real estate agent or the local police department.
4. Cluttered neighbors.
Let’s face it — no one wants to live next to a hoarder! The exterior of the home and surrounding properties are the first thing someone sees when they go to look at a home. People are looking for clean neighborhoods, and one that’s full of junk is sure to steer a buyer away.
5. Unusual upkeep.
While home renovation is encouraged, there are some projects that could decrease value for a future home buyer. For example, elaborate landscaping is something that requires a lot of upkeep. The potential buyer could see it as a nuisance rather than a perk.
6. Interior and exterior design.
While home buyers have the option to paint the interior and exterior of a new home, most don’t want to go through the effort. The color of your walls can have a huge impact on the buyers choice, especially if it doesn’t suit their style. Sticking to neutral tones is the smartest idea if you want to appeal to the masses.
7. Poor school district.
This is debatably one of the top factors in calculating a home’s value. Studies have shown that homebuyers are willing to pay more if it means they’re living in a better school district. Even for families without children, this is an important factor if they want to stay put long term and are considering having children in the future.
8. Nearby foreclosures.
A neighborhood filled with foreclosures is definitely a red flag. This indicates that something is wrong with the area and homeowners were looking to move out quickly.
At Home Buyers Express, our mission is to give homeowners like you a smooth home selling experience. We aren’t listing your house and waiting for a buyer, we are the buyer, and we pay cash. With over twenty years of experience, we know how to streamline the process. Visit our “how it works” page, and contact us today.