Homeowner Alert: 10 Factors That Devalue Your HomeMarch 12, 2019
Many issues can negatively impact real estate values. Here are 10 factors that can negatively impact the value of your home.
- Power Lines
Power lines not only look bad and emit a buzzing sound, but they are also rumored to cause health issues. Although there is no solid proof of this, power lines have been associated with causing everything from headaches and nausea to certain types of cancer.
- Gun Range
Close proximity to a gun range can be very loud and could devalue your home.
Noise can be caused by a number of sources, from trains and highways to factories and loud neighbors. Noticeable and consistent noise will almost certainly devalue your home, especially when it can occur at any time of the day or night. Keep in mind that even if you are not located directly beside an airport, there are flight paths that can be used frequently in many areas as well.
- Registered Sex Offenders
More and more home buyers are taking the time to research potential sex offenders living in their area. It just takes a quick call to your local police department to find out.
- Bad Neighbors
Bad neighbors might not always be obvious, but there are some tell-tale signs to look for including:
- A poorly maintained front yard or backyard
- Junk on or adjacent to the property
- Oddly covered windows with things such as cardboard, foil, or blankets
- Bad smells or noise
- Overly Customized Upgrades and Decor
Highly personalized upgrades and features can turn buyers off. Uncommon exterior details might be too specific for many buyers. That can also devalue adjacent homes. Upgrades that are expensive to maintain, such as unique landscaping, swimming pools, or fountains, can also be risky in some neighborhoods. Overly personalized interior decor details can also scare buyers looking for a move-in ready home.
- Undesirable School District
Even if you don’t have kids, poor school districts reduce home prices. Homes in good school districts maintain their value even in poor market conditions.
- Unsightly Views
Unsightly views are a real warning sign for buyers. From industry to highways and billboards to parking lots, avoid a home overlooking anything that would make it necessary to keep the curtains closed.
- Numerous Foreclosures
Numerous foreclosures around a home can indicate a very undesirable area. As well, empty houses can attract crime from vandalism to squatters and arsonists to drug dealers.
- Repairs Required
No one wants to purchase a home in ill-repair unless they are looking for a fixer-upper. The one thing drastic fixer-uppers all have in common is a low asking price.
Understanding the factors that can devalue your home will help you sell for a higher price and not overpay if you’re looking to buy.
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To learn more, give us a call at 410-992-1070. We look forward to the chance to serve you!