We’ve seen it happen before. Someone buys a property and its worth steadily increases … until it doesn’t.
For one reason or another — often, a reason that’s outside of the owner’s control — the property’s value tanks.
And to help homeowners protect themselves, here are a few different factors that can hurt the value of a home. Some of these can be controlled … others, you just need to be aware of.
After all, knowledge is power:
• Deferred Maintenance — Termite damage, wood rot, frayed electrical wires, leaky plumbing, a damaged HVAC system, and similar problems will lower the desirability and selling price of a property.
• DIY Home Improvements — It’s not necessarily bad to tackle home improvement projects as a homeowner, but it’s important to make sure that all the changes that are made are up to code. Otherwise, those “improvements” could end up lowering the value of your home.
• Noise Pollution — Noise pollution can increase due to population growth, freeways – thoroughfares, or other noisy nearby developments. And too much noise can lower a property’s value by up to 10%.
• Nearby Unpleasant Facilities — Most people don’t want to live near a dump, power plant, hospital, or other loud, smelly, or noisy facility. And owning a home near one of those facilities can decrease your property value by up to 7%.
If you want to sell your home fast for a fair cash price (as-is), give us a call at (323) 990-3922. We can close in as little as two weeks and we’ll pay all closing costs!