The Craziest Things That Kill Your Home’s Value
The Craziest Things That Kill Your Home’s Value
Gabrielle Olya Sat, March 12, 2022, 8
Preparing your home for sale is no easy feat. Even if you've kept it in relatively good condition over the years, you have to ask yourself, will buyers, real estate agents and appraisers be wowed?
First impressions can impact your property's value and potentially make it harder to sell your home. So that you don't waste time and money, here is a list of things that could negatively affect your home. Consider these issues before putting your property on the market.
Not Keeping Up With the Joneses
Whether you skimped on an upgrade to save money early on or just haven't had time to update certain features of your home, not keeping up with the neighbors could hurt your home's value. Adrian Muller, president of Hudson View Appraisal Services, said homes without features that are common in the area, such as a patio or pool in Florida, will have an overall lower value.
Zombie Houses
Sometimes, the factors that affect your home's value have nothing to do with your property at all. One such example is a "zombie house" in your neighborhood. Zombie houses are abandoned, neglected or dilapidated homes with overgrown yards, said Mary Case Friedner, a real estate broker serving the Hudson River towns of Westchester County, New York.
"They can really hurt the value of neighboring homes," she said.
Fracking
Homeowners near shale gas wells can take a major hit to property values, according to a study by economists from Duke University and Resources for the Future, a nonprofit research institution. The researchers found that Pennsylvania homeowners who used groundwater for consumption lost up to 24% of their property's value if they lived within 1 1/4 miles of a shale gas well.
Cracks in the Pavement
You might not pay much attention to wear and tear on your driveway, but appraisers will. They look for signs of physical depreciation, so consider resealing the surface of your driveway before you put your house on the market. "Large cracks and potholes on the driveway surface raise a red flag in the appraisal process," Muller said.
Curb Unappeal
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