5 surprising things that decrease property value
After making a huge investment into your own property, it makes sense that you would want to keep your house in good condition.
There are a lot of surprising ways that your property can decrease in value over time. Here are just five of them to look out for.
Poor exterior paint quality
Your home’s exterior is the first impression people get of your house. So exterior paint that’s faded, cracked or peeling is a big turnoff. Another negative is painting your home an offbeat colour. Buyers favour neutral colours like grey, white, cream and beige. So pick your colours with care and repaint the exterior when it starts to look bad.
Have a backlog of serious repairs, such as a leaky roof, damaged cladding, or drooping gutters? If so, it’s best to tackle them ASAP. Letting them languish on your to-do list will only chip away at your home’s property value. What’s more, it’s often more expensive to remedy these issues the longer you wait.
A foreclosure close to your home hurts your home’s property value. That’s because appraisers look at comparable selling prices in your neighbourhood when estimating your home’s value. What’s more, foreclosed homes may sit vacant without any maintenance for a long time. That also doesn’t bode well for your property value.
Proximity to certain facilities and businesses
Studies show that living close to certain businesses and facilities can drag down property values. Being in close proximity to the following are associated with these drops in property value:
Bad school (22.2%)
Strip club (14.7%)
Homeless shelter (12.7%)
Funeral home (6.5%)
An unsightly yard
They call it curb appeal for a reason. If your yard is in poor condition or overrun with stuff, expect your property value to suffer. On the flip side, elaborate landscaping or a koi pond can also put a dent in your property value since many homeowners don’t want to handle the extra maintenance. A final yard-related turnoff: trees located too close (less than 6m) to your house.
Image credit: Shutterstock
This article first appeared on Reader’s Digest.