In this country, there are many people who have made a fortune in the real estate market. They buy homes cheap and then sell them for some big bucks. However, even if you are not a real estate agent, you may have to sell your home for a variety of reasons. Although home prices usually rise in the long term, there are several factors that can have a negative effect on your property value. Here we are going to talk about the ten most common factors that devalue your home:
(1) Unneighborly neighbors
Buyers are very reluctant to move in a neighborhood with a high crime rate, excessive noise, pervasive intimidating behavior, and other dicey issues. These neighbors can shave up thousands of dollars from your home value.
(2) Illegal structure
If the buyer notices any illegal construction in your home, he will factor in the amount required to rectify the problem, and deduct that amount from your asking price.
The world climate is changing and there is no doubt about it. If your home happens to be in a place where floods are getting common, you will have a hard time selling your home for a good price.
(4) Overlooking outside of your property
An untidy front garden, ineffective guttering, unclean windows, and a lack of general maintenance can reduce the value of your home by as much as five per cent.
A lot of Americans are either religious or believe in the supernatural. So if you have a story of a ghost or any bad supernatural beings associated with your home, quite a few buyers are going to pull off – devaluing your home.
Moroccan tiles may have been in vogue last year, but who cares for them now. If your buyer does not like your taste, you are in for a bad luck. Falling for the latest but semi-permanent fashion can reduce the value of your home.
(7) Multinational corporations
MNCs or your local government can devalue your home by a surprise development in your neighborhood which includes the cutting of trees, increase of noise, and other such factors.
No one wants to live in neighborhood that is notorious for high crime levels. Buyers will consider spending on security measures, taking the value of your home down.
A dog is a man’s best friend. However, if you have many dogs (or other pets) in your home, it can leave a bad smell which will lower the value of your property.
(10) Bad schools
If the neighborhood school has a poor performance level, your buyers will think twice about moving there. They will factor in the cost to send their children to a faraway school. Only a few will be prepared and this will reduce the value of your house.
With internet so pervasive, a buyer can get the home value report in a matter of seconds. It takes them just one click to land on websites like Neighborhood IQ and get a free home value report. If any of the above mentioned factors applies to your home, the buyer will reduce the value to factor in the cost of rectification.