While most homeowners spare no effort to maintain their homes in prime condition, there can still be overlooked factors that significantly impair their property’s value. This article introduces four such aspects that you may not have considered. If you’re contemplating selling your home, get in touch with Berkshire Hathaway HomeServices at (310) 373-0021 for comprehensive assistance.
Rising Levels of Noise Pollution
Has the noise level around your home escalated since you moved in? A surge in noise pollution, whether from area development, a new highway, or population growth, can potentially decrease your home’s value by up to 10%.
Residing Sex Offenders in the Vicinity
Government data reveals that about 750,000 registered sex offenders live in the U.S. The proximity of these individuals to your property can notably reduce its value. A study by the American Economic Review disclosed that houses sold within 0.10 miles of a sex offender’s residence fetched about 4% less than average, and neighboring homes experienced a substantial 12% drop in value.
A Neglected House in Your Neighborhood
Maintaining your house in a desirable neighborhood does not entirely shield your property’s value. If a neighbor fails to upkeep their home, it can negatively affect your home’s value. Potential buyers usually prefer not to reside next to a poorly maintained property, and such a factor can sway their decisions when comparing multiple properties.
Nearby Nuisances
The vicinity of unpleasant or potentially hazardous elements can detract from your home’s value. For instance, properties near landfills typically experience an average value decrease of 6%. Homes within two miles of power plants see a value drop of 3-7%. Furthermore, the close proximity of a hospital, with its accompanying noise from sirens, generators, and delivery trucks, can cause an average value drop of 3%.
Mitigating the Negatives
Certain circumstances may make your home less appealing to potential buyers, but the expertise of your real estate professional can devise a strategy to attract the right buyer. Reach out to Berkshire Hathaway HomeServices at (310) 373-0021 today, and let us expedite the process of selling your home.