Delayed maintenance
If you’ve got a long list of postponed house repairs such as a sputtering HVAC system, a leaky roof or a damaged garage door, don’t hold them off any longer! That’s because the more you wait, the longer your to-do list will become. You’ll still have to make all the necessary repairs at some point, and you might not be prepared to pay for everything that added up.
Letting them deteriorate even more will only erode your property value and make it more difficult to sell. Not being able to sell a house is every seller’s nightmare, especially when one needs the money to relocate somewhere else.
Neighborhood foreclosures
A foreclosure process begins when a borrower can’t pay an outstanding debt or misses a loan or mortgage payment. If such a process takes place close to your home, you can expect your house’s value to decrease.
One reason would be that appraisers compare selling prices in your neighborhood in order to set a sale price for your home. On top of that, foreclosed homes may remain unoccupied and neglected for quite some time. Having a house with cracked windows and walls next to your own does not bode well for your property value.
1 thought on “10 Unexpected Things That Decrease Your Property Value”
Hello,
I certainly don’t agree with some of your “Unexpected Home Cost Decreasers” In fact some of the very things you advise against, appealed to me. So, it really boils down to the individual buyer who may want exactly what YOU don’t. For example, in each room, I’ve put down stunning Persian Carpet that is framed by a beautiful oak floor. Chacun à son gôut! That sun room on your list of “don’ts” (with the Persian carpet and oak wood floor) sold me for that house.
Thanks,
Patrick