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Real Estate Tips

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Factors That Can Decrease Home Value

Purchasing a home is a big investment that’s worth protecting. Ideally, this investment would increase year over year, but often this isn’t the case.

There are a variety of factors that cause property value to depreciate. Some of these factors will be in your control, while others are not. Either way, it’s important to be aware of these factors so you can make wise choices in choosing and maintaining your home in order to maximize the value of your investment.

Read More: 2021 Housing Trends and Forecasts

 

External Factors

External factors that affect home value are largely out of your control. These are factors that need to be evaluated before you make your purchase.

Location

Factors related to location may decrease the value of a home. While there’s nothing you can do about these factors, it’s important to be aware of them:

  • Flood planes
  • Recent natural disasters
  • Proximity to landfills
  • Noise pollution (highways, train tracks)
  • Proximity to powerlines
  • Located near fracking
  • Bad schools

If you’re looking to buy, you may want to make notice of these factors. If you’re looking to sell, it’s important to be aware of changes in your city so you can time your sell properly.

Neighborhood

Neighbors make the neighborhood! Bad neighbors can cause you more trouble than you might be aware of. In addition to whatever trouble they bring you personally, they can also decrease the value of your home. Here are some qualities of neighboring homes that may affect home value:

  • Neglectful (broken windows, chipped paint, etc.)
  • Noisy (noisy animals, wild parties, etc.)
  • Messy (junk-strewn yard)
  • Foreclosures (numerous foreclosures in the same neighborhood may decrease the value of your home)

Economy

The local and national economy can have a negative or a positive effect on the value of your home. There’s nothing you can do about this, but being aware of economic factors and how they affect property value can help you determine the best time to buy and sell.  

Read More: A Look Back - U.S. Real Estate Trends in 2020

 

Internal Factors

Internal factors that affect home value are largely in your control. These are factors that should be considered in order to preserve the value of your purchase.

Poor Maintenance

If neglected neighboring homes can affect the value of your home, imagine how much more neglecting your own home will affect the value of your home. These are some common maintenance issues that will drive down property value if not addressed:

  • Leaky roof
  • Damaged siding
  • Broken HVAC system
  • Exterior paint chipping
  • Unpleasant home smells
  • Unsightly yard

Design Features

There is nothing wrong with making your home your own. Every home is unique, and that’s what makes it home. However, when it comes to the monetary value of your home, too much personalization or unconventional design features can drive prices down. For example:

  • Lots of wallpaper
  • Bright, unusual wall colors
  • Too much carpet
  • Unconventional upgrades and add-ons
  • Personalized features
  • DIY projects gone wrong

Before making big updates to your home, make sure you understand how it may influence your home’s value so you can decide whether or not it’s worth it to you.

Read More: Post-Pandemic Interior Design Trends

Now that you know what kind of factors affect the value of a home, you can begin your search with confidence, knowing the proper steps to preserve the value of your home. Blue Ridge Properties can also help. Our real estate brokers and agents have the local knowledge necessary to make sure your home investment is worthwhile. You can use our online tool to Find An Agent or call us at 423-247-4181 with any questions.