No one wants to see their home’s value go down. Many homeowners take every step they can think of to keep their homes in top shape, but there are some issues they might never consider that could have a hugely negative impact on the value of their homes. Keep reading to learn four examples of this. If you are thinking of selling your home, contact Berkshire Hathaway HomeServices at (310) 373-0021 to see how we can help.
1. An Increase in Noise Pollution
Is there more or less noise at your home since you moved in? If there is road noise available, whether due to developments in the area, a highway extension, or simple population growth, this could lower the value of your home by as much as 10%.
2. Registered Sex Offenders
According to government estimates, there are around 750,000 people in the United States who are currently registered as sex offenders. They have to live somewhere, and if that “somewhere” is near your home, then you could see your property value drop. One study by the American Economic Review found that homes that sold within 0.10 miles of a sex offender sold for about 4% less than average, and those adjacent to said homes dropped 12%.
3. A Neighbor Neglecting Their Home
Even if you live in one of the most sought-after neighborhoods on the block, if you live next to someone who does not keep their home up, it could have an impact on the value of your home. No one wants to live next door to an unkempt home, and when a home buyer is weighing the pros and cons of more than one property, they might be more likely to cross off the property that was near a neglected home.
4. Other Unpleasantries Nearby
Living near anything that is loud, smells bad, or is hazardous could have a negative impact on the value of your home. For example, living next to a landfill lowers property values by an average of 6%, homes within two miles of power plants drop in value by 3-7%, and a home that is close to a hospital – and its sirens, generator hums, and large supply trucks – will decrease an average of 3% in value.
Let Us Counter the Negative
If there are some things that make your home less desirable than other homes, you can trust your real estate professional to find a creative way to find the right buyer. Contact Berkshire Hathaway HomeServices at (310) 373-0021 and let us help you get your home sold quickly.