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, highway extensions, 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 (301) 234-7300. We can close in as little as two weeks and we’ll pay all closing costs!