Neighborhood Features that Drag Down Home Value
An interesting video released by Realtor® summarizes the community features that can drag your home's value down.
For buyers: Are you looking to buy a home? If you want to own property whose value appreciates over time, avoid looking at homes in communities where these features can be found.
For sellers: Are these community features found near your home? It might be a good idea to ask your agent to help you with coming up with a price that would coax buyers into buying the home. With a good price, it can't be all that bad, right?
Here are the neighborhood features that drag your home's value down:
Shooting Range- A shooting range in the vicinity of your home can drag its value by 3.7%. Can you blame your buyers if they don't want to live in a home with gun shots disturbing the peace?
Power plant- A power plant in the neighborhood destroys the natural views-- a no-no for any family who wants to live in a picturesque setting. Some power plants emit odors that many find unpleasant. What's worse is the environmental hazard of living near a power plant. No wonder it can drag your home value by 5.7%.
Too many homes for rent- Owning a home with a high concentration of renters is like being a tenant yourself. It's a flea market, and people come and go-- something that buyers who want to settle for the long term do not want in their home setting. Might as well rent out your home as this can drag your home value by 13.8%.
Nearby Strip Club(s)- The Missus surely wouldn't want to live in a home where her hubby can easily go astray. Having strip clubs near your home cuts down its value by 14.7%. Either wait for the strip club to close before selling up... or find a buyer who would be all too happy to have convenient access to that sizzling entertainment option nearby.
Bad School- The typical American family considers the quality of education in the area where they are looking to buy a home, as this is a long-term invest that they give to their kids. Would anyone want to live in a home where their children would be forced to attend a poorly-ranked school? If you live near one, maybe it's time to get involved and insist on radical changes for the better--- otherwise, your home will sell by less than 22.2% its supposed worth.
Need help assessing your real home's worth? Get in touch with us today and we will help you determine how much we can sell your home, power plant nearby or not. For tips, you can also access the video from which this post was based by clicking on the link.