Homeowners looking to sell their houses like to put their property’s best foot forward. That means doing necessary repairs, hiring professional stagers, and making it scream “perfect home” for those visiting with their real estate agents.
Unfortunately, certain factors that drive a property’s value may be out of the homeowner’s hands. Some details along a homeowner’s street can affect property value. Here are a few examples and on factors with huge negative effects on property value.
Your Street’s Pavement
A smooth street with visible street signs in good condition and layered with seal coating looks more appealing and easier to drive on compared to cracked pavements filled with potholes. A poorly maintained street is a sign that an HOA isn’t doing its job to keep public streets maintained, which can be a turn-off for many property owners.
The Rental Properties on Your Street
Selling your house in a street filled with rental properties can reduce property value by 14 percent. Many homebuyers are interested in a community that has a community feel with long-term neighbors they can learn to trust over the years. After all, would you feel safer living next-door to a family who has been there for years? Or witness a revolving door of people who you have to build your trust with over and over again?
Local Cemeteries & Other Turn-Offs
Unless you’re specifically targeting the macabre lovers and goths in the real estate market, no one wants to live near a cemetery. Aside from the fact that it’s creepy and will have superstitious buyers running for the hills, nobody wants to live in an area that will get frequent hearse traffic. So much so that you can expect your property value to drop by 12 percent should a cemetery be established nearby.
Aside from cemeteries, other types of establishments can drastically drop your property value if you live near it or if someone decides to establish these businesses near your home. Some of these include factories, gun ranges, landfills, and other noisy or dirty places.
Ideally, you should have friendly neighbors or, at the very least, neighbors who don’t disturb you and create minimal noise. But while rude neighbors can be a nuisance, certain types of neighbors can be extremely damaging to your property value.
For instance, depending on your local laws, you and your real estate agent may not be obligated to disclose that a sex offender is living on the same street. If they do ask, while it’s not recommended you lie, you can choose to decline to answer, ask them to research themselves, or answer truthfully.
Another example is the hoarders. If one of the houses along the street have visibly messy houses and have garbage around their home, it can drop your property value by up to 10 percent. That is because of the health hazards hoarders pose not just to themselves but the people around them.
If you’re lucky, none of these four exist along your street to affect your property value when you sell. But should these pose a problem when you decide to sell, consult with your real estate agent on the best way to mitigate the effects these may have.