Changes in the housing market can lower the value of your home. Natural disasters and climate change can reduce the value of your property because buying the property involves greater risk. Foreclosures in your neighborhood can also lower property values. Bad schools, closed shopping malls, lack of medical facilities and poor road works contribute to the devaluation of your home, Clever reports.
Add in the existence of sex offenders in the neighborhood, and you'll scare away families that might be interested in buying. The value of homes could depreciate if they are in poor condition and are not properly maintained. Leaky roofs, smelly interiors, and overgrown patios could reduce not only the value of individual homes but also that of other homes in the neighborhood. Prospective homebuyers expect to pay less for homes that require substantial repairs before they can be lived in.
Investing the time and resources to keep the inside and outside of your home in good condition can restore its value. Much like the effect that a poorly maintained garden can have on potential buyers, old, discolored, cracked, or peeling paint can cause people to have negative feelings about a home. On the next page, we'll take a closer look at how local features, in particular fellow citizens, can detract from housing value. In addition, living near unpleasant facilities or undesirable businesses can also affect the total value of your property due to increased noise, pollution, or traffic.
Before a prospective homebuyer can get to your home, they have to ignore their neighbors, and they can reduce the value of your home in a variety of ways. Landfills also reduce home values, and a report from the Pima County, Arizona, appraiser's office notes that 6 to 10 percent of home value is lost if you're near a landfill. People who can't afford their monthly payments could lose their homes, and areas with high foreclosure rates could experience a drop in home prices. Excessive vegetation can pose a fire hazard in some regions or attract insects and other creatures that could damage your home.
Homeowners can find themselves underwater (a condition in which the mortgage balance is higher than the market value of the home) if they buy homes at the height of a housing bubble and then the bubble bursts. It goes without saying that paint plays an important role in curb appeal, and if your home desperately needs a fresh coat, that defect could be wreaking haVOC on your home's value. If you're worried that the paint in your house is a little substandard, it's a good idea to ask your friends and family to recommend two types of professionals: a house painter and a color consultant. The more comparable homes there are on the market, the harder it will be for the individual value of your home, especially when buyers are in short supply.
Buyers will generally consider this when they go through and measure what they can hear inside the home. If you also decide to fix the paint on the inside of your house, which can be a very good idea, be careful with certain actions. The cost of paying for any damage caused by a fire or flood could result in thousands of dollars out of your pocket. The housing market goes up and down, and if you've tried to sell a house for a decent price during the housing chaos that occurs during one of the lows, you're probably well aware of how difficult it can be when the market is flooded.
While the value of the property may decrease due to noise, Pratt also says that is often accepted by prospective buyers looking for the house in that location. .