There are some factors which increase the value of a home like good staging, proper renovations and also the weather conditions in a locality. Similarly, there are elements which reduce the value of your home. In this article, Dc Fawcett reviews the factors which diminish the value of your home.
Unsuitable location is an important aspect which reduces the value of your home. It is very crucial that your home must be in a good location.
- Your home should not be near an area of high crime rate
- The location of your home must not have school closures
- The location must not have extreme weather conditions
- The location must not have high noise pollution though areas adjacent to airports and railways stations will raise the value of your home as they have good transport.
- Locations with industries and cellular towers pose health hazards and hence are not considered as good locations
Thus your home’s location if unsuitable will devalue your home’s worth and Tips on how to handle Absentee of Landlords.
An area which has maximum number foreclosures experienced a major setback to the home’s value. Those homes which were around 300 feet saw a drop of 1.3% in home value across America in November 2016. If you are not able to make your monthly payments, then your home goes into foreclosure.
Neighbors with untidy homes
When your home is adjacent to a neighbor who maintains an untidy front yard, home estimators give less value to your home. This is a factor which reduces the value of your home.
Various myths reduce the value of your home. For instance: the Chinese believe that the number 4 signifies death. The number 13 is not honorable. Thus, in the 4th and 13th floors will be trashed in value. This is with respect to the Chinese that you are reading. But, similarly Americans have certain superstitions which will trash your home’s worth.
Bad curb appeal
This reduces the significant worth of your home. A badly kept front yard or dark interiors can be a put off to many buyers. A cluttered front yard will drive away buyers. Some luxury features like over kept landscapes or swimming pools will not encourage buyers to buy your home since buyers tend to associate such amenities with high costs. Thus bad curb appeal leads to undervaluing your home.
Landfills and power plants
The residents near areas with landfills had to bear the stink from these landfills. Thus, property values near landfills dropped by 5.5% to 7.3%. Power plants are considered as health hazards due to the dump they generate. Therefore homes near power plants are seen to fall in prices.
Damage due to pets like torn carpets, broken walls and lingering pet stench will drag down the values of your home. You have to repair these damages and market your home. Also keep your pets somewhere else when the home is in the market.
These are some of the basic factors that devalue your home as reviewed by Dc Fawcett.