You’ve spruced up your home, done some landscaping, and given it a fresh coat of paint. It feels like you’ve done everything right to increase the value of your home so that when you’re ready to sell, you’ll make more than you spent on it.
Despite all your efforts, however, there are things outside of your control that can actually lower the value of your home. There’s not much you can do to change these factors, unfortunately, but they are things you should definitely keep an eye out for.
- Tragedies
The tragic and sordid past of a home nearby, such as a murder, can result in your property value going down. A property where the homeowner has been killed may sit vacant for a very long time before it’s eventually torn down. Alternatively, it could sell for a lot less than it’s worth, bringing down the value of all the other properties in the area. If you’re thinking to yourself “I should start selling my house quickly for cash,” then the news of a tragedy should definitely jumpstart the process.
- Vacant Properties
Abandoned or vacant houses don’t look great in any neighbourhood, and no one’s going to move in with one clearly in sight. A single boarded-up home can lead to your property losing as much as 3-5% of its value. It may seem like a steal to move into this kind of neighbourhood because you can get a home for cheap, but putting in a lot of effort and money to increase isn’t going to work out for you in the end.
- Sex Offenders
A sex offender moving into your area will drop the value of your home by as much as 12%. Your jaw is likely dropping, and for a very good reason. Sex offenders are registered, which means that their locations in neighbourhoods are made public knowledge. This is why it’s easy to figure out if one is living in your area and why you can’t sell your home. Those who live next door to registered sex offenders suffer the most damage, so it’s important that you check specific websites on a regular basis to see if one is in your area.
- Hospitals
You would think that living near a hospital is a good thing, that you won’t have to worry about hopping into an ambulance to get emergency care. However, you couldn’t be farther from the truth. Living near a hospital means that your street is going to be filled with the blaring of sirens on a regular basis, at all hours of the night. That’s not an attractive option for those looking for homes in a peaceful, serene area. You’re better off staying away from the hospital area, even if the idea of it does seem attractive.
Survey the area your home is in and take note of factors that you think would be a concern. If you can, sell your home as swiftly as possible to avoid losing even more money on your home than you’ve already put into it.
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