6 Odd Things that Can Depreciate Your Home’s Value

It might sound unrealistic to many, but even simple neglect can torpedo your home’s value in the real estate market. Being one of the biggest investments in an individual’s life, no one would ever want to lose out on getting a good return on his/her property when listed for sale. If you’re up to selling your house but are clueless why you’re not getting a good offer price, this blog post can help you out. We’ve outlined six odd things that can depreciate your property’s value. Take a look to understand and prevent these threats from hurting the value of your home. 6 Factors That Can Depreciate Your Home’s Value 1) Landfills One of the most common means of disposing of municipal solid waste is burial in a sanitary landfill. We all are aware of the environmental impacts of the landfill including groundwater pollution and noise pollution. However, only a few take notice of its effect on the value of the properties near a landfill. According to a case study published in the IOSR Journal of Mechanical and Civil Engineering, properties closer to a landfill lose more value that properties farther away from it. The amount of property depreciation decreases with distance from the landfill. Simply put, if your property is in its best shape but if it located near a landfill, it can lead to its value depreciation. 2) Messy Neighbours No one appreciates living with trouble next door. Prying neighbours, annoying pets next door, loud parties, a sloppy yard of your neighbours and even rising street crime incidences are big turnoffs for home shoppers, thus putting a lower value on your home. That’s why it is advisable to research well about the neighbourhood before buying a property. However, if you’re stuck with noisy neighbours, it can cost you in terms of your home’s sales price. 3) Nearby Foreclosures A neighbourhood filled with foreclosed residential properties can bring down the value of other neighbouring properties as well. Your property can also be perceived as one of them (in the later phase) and the fear of living in an area with a high concentration of foreclosed properties can repel buyers. 4) Low-Ranking Schools Families with children prefer to buy homes near good schools and educational institutions. Homeowners who unfortunately have closed-down or low-ranking schools in close proximity to their properties tend to see a decline in their home’s value. After all, neither a parent would want his/her child to spend a significant amount of time in commuting to school nor sacrifice the child’s quality of education because of the location he/she chooses to live in. 5) Perceived Risk This factor is not physically evident but can cause a house to lose value. Perceived risk in homeownership can cause potential buyers to offer a lower price for the property. For example, if your home is located in a flood zone, even if it has never actually had a flood, it can lower the house’s worth. 6) Unusual Colours The colour of your home plays a crucial role in determining its appearance and probably it is the first thing a buyer will notice in the property. If your home features an unusual colour, it can trash the property value. This also applies to the interiors. For instance, a neon pink coloured living room is the last thing a homeowner would want to see in his/her home. A bright house featuring bold colours might be what you picture as an ideal home, but others may not be on the same page. As a result, it can be a big thumbs down for potential buyers. Many homeowners think a well-maintained house with up-to-date features and modern appliances will increase the value of their property and make it easier for them to close the deal. However, there are several unexpected things that can ruin your home’s worth. We hope with this blog post you have learned about the factors that can negatively influence the selling price of your property. If you want to know more about the house selling process, consult an experienced real estate agent in Oakville, Burlington, Mississauga or near your neighbourhood.