The last thing most homeowners want to do is to devalue their property but they may be doing it without knowing it. Whether it's the location, the eyesore of a roof or something on the outside that is deterring buyers, here are 10 items that may be unknowingly trashing your home's value.
While this is not quite the norm in southern Florida, we are seeing more and more of these unique sinkholes around the country. They can damage of property or completely take one out. Any of these damages can knock as much as 30% off of the value of a home. You want to make sure that your home structure is sound and that the property around the home is secure and not losing altitude at all. If need be, you might call in an expert to do a survey of the property and make sure there's no loss of ground around the property.
While this is something we cannot change, the location of a home can severely devalue a property, especially if it's near powerplant, multiple power lines or the city dump. It could lower property up to 7.3%, which is why you'll need to emphasize the positive features of the home if you live close to a landfill.
#3 Bad neighbors.
Again, this is something you may not have any control over but messy yards, orders or properties that are just cluttered with "stuff" can really detract from the appeal on the entire neighborhood. Studies show that it can knock up to 10% off of the sale price of your home. Pretty much the only thing you can do without alienating yourself from your neighbors is to put up a fence.
Foreclosures around the home can devalue your property as well. If you lived in a neighborhood that had a lot of short sales and foreclosures, those properties are probably in disrepair and may not have recovered. This can bring down the value of all the properties in the neighborhood about 2%.
No, this is in a sci-fi curse word; fracking is a controversial method of extracting shale gas and your property may be threatened by it. We don't have a lot of this in Florida but people in Pennsylvania lost up to 24% of the property value if they lived within about a mile of a fracking well. This is something to consider if you plan on buying in this area as well.
#6 Crime rate and sex offenders.
Properties located next to registered sex offenders can drop up to 12%. Buyers can look up these registered sex offenders and find where they are located in a particular neighborhood in this could be detracting from your property's value.
You might not think advertising would devalue a property but items such as large billboards, multiple political advertising, and industrial areas can detract from your home's value and deter homebuyers. Communities that have implemented strict Billboard controls have had higher median incomes, lower poverty rates, and lower home vacancy rates.
#8 Poor schools.
The southern Florida area has a lot of great schools but they are those pockets of school that may not have as great of ratings. These may have large class sizes, not as much budgeting or simply in a shadier part of town. This can detract from your home's value unbeknownst to you and out of your control.
#9 Odd renovations.
This might be something that you can control. If your home has an odd layout, bathroom right off the kitchen or unusual walk-throughs, it might be time for remodel to increase your home's value.
#10. Odd coloring.
While you want your home to stand out in the neighborhood as being attractive you don't want to be the odd duck out with strange house colorings, odd front lawn ornaments or excessive paraphernalia out front. You want to be able to fit into the general look of the neighborhood but still stand out just a little by improving the look, rather than going so opposite from your neighbors that is an eyesore.
So what can you do if your home has any of these problems? The idea is to de-emphasize the negative and emphasize the positive and the good features of the home. Perhaps you have a pool in the backyard, a nice fenced, quiet yard with a great outdoor living space, an updated kitchen, anything on the interior that would want a homeowner to spend more time inside instead of focusing on the negative outside. This is really one of the only ways that you can increase the value of your home instead of losing it from external sources out of your control.
For more specific tips on your home and how to emphasize the positive or to discuss concerns you may have on external sources devaluing your home feel free to give me a call at any time