We see tons of articles about how to increase your home value. Did you know there’s some surprising and surprisingly common mistakes that hurt your home value? Here’s some.
Sinkhole damage sucks property values down a staggering 30%
The prevalence of reports of sinkhole damage in the U.S. this year has raised questions about the impact on property values.
It’s not the threat of a sinkhole that damages property value –– there’s insurance coverage specifically for sinkhole damage. In fact, a 2007 study found no statistically significant difference in home values in areas prone to sinkholes. Like earthquakes, it’s only after sinkholes hit your property that problems arise. -Business Insider
Choosing a Crazy Exterior Color
OK, not everything can be iconic as The Painted Ladies. Curb appeal is almost always, everything. Sure you want to stand out but do so in a way that fits your property and its environment.
Single Garage or No Garage
In the U.S., we love our garages almost as much as we love the cars that go in them. Garages have evolved from practical places to park and protect our cars to essential overflow storage for sports equipment, bikes, seasonal decorations, and lawn equipment. Homes with no garage space have limited appeal. And those with only a single garage will restrict a seller’s market to one-car families — typically, retirees and singles. -Wisebread
Apart from nearby foreclosures, many other aspects of a neighborhood can detract from how much buyers will be willing to offer. If you live by an airport or train tracks, for example, the resulting noise pollution might devalue your home. Light pollution from a nearby highway or athletic complex could make buyers wary, too. Power plants and landfills are bad news, too. They’ve both been proven to affect home values negatively. Times change and so do neighborhoods, and if yours has gone downhill, the value of your home could suffer.
If your home is outside of a controlled community, either a homeowner’s association or planned unit development, neighbors do not have strict regulations governing how they maintain their property. Your yard may be pristine, but your neighbor’s may be surrounded by a chain link fence corralling barking dogs, with trash, disabled cars, motor homes, boats or other unsightly vehicles haphazardly parked on their front lawns. This will surely bring down the value of your home. -SFGate
Although multi-story homes pack more square footage into a smaller footprint, they aren’t always an attractive selling feature for homebuyers. For obvious reasons, families with toddlers and older buyers tend to shy away from homes with stairs. Multi-story homes that feature a bedroom and bath on the main level fare better than those without.
Unfortunate Positioning: T-Intersection or End of Cul-de-Sac
While cul-de-sacs are often viewed as safer neighborhood street design, being at the end of one means constantly having cars turn around in front of your house and getting used to headlights sweeping through your windows at all hours of the night. The same effect can devalue houses positioned at the end of T-intersections. Savvy house hunters will immediately see the potential for a not-so-quiet home life with these properties.
Towering Trees Too Close
Large trees planted too close to a house mean complex root systems may eventually pose a threat to the home’s foundation. Additionally, mature trees that tower over the roofline require diligent pruning to avoid damage from falling limbs during storms. A good rule of thumb is to plant smaller breed trees about 15′ from the foundation of a home. Larger varieties should be planted at least 20′ from the foundation. The International Association of Certified Home Inspectors has lots more good advice about tree dangers homeowners and buyers should consider.
Being in a top-notch school district remains a top priority for many homebuyers for a range of reasons. Living near a low-performing school can drive down home values and limit the market to those buyers without school-aged children or those who can afford the added expense of a private education.