Several things can decrease the value of a property. While some factors are out of your control, there are several things you can do to help keep your property value high. Knowing what can decrease property value is the first step in ensuring you get the most out of your investment.
No homeowner wants to see the value of their home drop. But unfortunately, many things can cause this to happen. Here are some of the most common things that can decrease property value:
Poor Curb Appeal
Curb appeal is the first thing potential buyers will see when they pull up to your home, so it’s important to make a good impression. One of the first things you can do to improve your curb appeal is to power wash the exterior of your home. This will eliminate any dirt, grime, or mildew built over time. If you have trees around your property, it’s also essential to ensure they are well-maintained. Overgrown trees can damage your roof or siding, and dead branches can fall and cause injury or damage to your home. If you’re not skilled in trimming your own trees, you can hire an experienced tree surgeon to do it for you. They can also remove any tree stumps that may take up space in your yard.
Crime in the Area
Studies have shown that areas with higher crime rates tend to see lower property values. This is likely due to several factors, including the perceived safety of the site and the likelihood of vandalism or break-ins. In addition, insurance premiums are often higher in areas with high crime rates, which can also impact the property’s value. Considering buying a home in a room with high crime rates, one must be aware of the potential risks. However, with careful research and due diligence, it is possible to find safe and affordable homes in any community.
Location
It’s no secret that location is one of the most critical factors in determining property value. But what exactly makes a location desirable? There are many factors to consider, including proximity to schools, public transportation, and shops and restaurants. In addition, locations with scenic views or easy access to outdoor recreation tend to be more valuable than those that don’t. Of course, location is just one of many factors that can affect property values. Others include the condition of the property itself, the strength of the local economy, and even tax rates. But when it comes to real estate, location is still king.
Deferred Maintenance
One of the quickest ways to turn potential buyers off is by letting them know that the home has fallen into disrepair. Even if it’s something as seemingly minor as a cracked window or a peeling paint job, it sends the message that you haven’t been taking care of the property. And if you haven’t taken care of the small stuff, what else have you been neglecting?
Personal Touches (That Aren’t to Everyone’s Taste)
When you’re selling your home, it’s important to remember that not everyone shares your taste. So even though that life-sized statue of Elvis in your living room might be your pride and joy, it could be a significant turnoff for potential buyers. The same goes for political memorabilia, sports trophies, and religious iconography. It’s best to err on the side of caution and put away anything that might not appeal to a wide range of people.
Lack of Updates
If you’re considering selling your home, it’s essential to be aware of the things that can decrease your property value. One of the most common is a lack of updates. Even minor updates, like fresh paint or new landscaping, can make a big difference in how much your home is worth. In fact, studies have shown that properties with updated kitchens and bathrooms often sell significantly more than properties without these features. So if you’re hoping to get top dollar for your home, it’s essential to invest in some updates before you put it on the market.
Bad Smells
Whether it’s from pets, cigarettes, or something else entirely, bad smells are one of the quickest ways to make a potential buyer lose interest in a property. If you suspect your home might have an issue in this area, it’s best to have it professionally cleaned before putting it on the market. Trust us, it’ll be worth the investment!
Final thoughts
While there is any number of things that can decrease the value of your property, these are three of the most common offenders. By taking care of deferred maintenance items, removing personal touches that could turn people off, and ensuring that your home is free from foul odors, you’ll be well on your way to getting top dollar for your home.
