Buyers Beware: 5 Factors That Can Lower Property Value

Searching for your dream home is a right of passage for many Americans. Having the means to delve into the world of homeownership is both exciting and scary. It’s exciting because owning a house is a great milestone and it’s scary because of all of the things that can go wrong. Luckily, there are ways to navigate through the homebuying process that will help to make sure that you come out on the other end without too many cuts and bruises. 

When looking for a home, it’s important to be on high alert for anything about that home that could potentially lower it’s property value. These items can cost you a lot of money in the years that you own the home and make it harder for you to sell it down the road (if you plan to). Here are five factors that lower property value according to top real estate agents.

  1. Maintenance Isn’t Up to Date

In order to remain in good shape, houses need to be regularly maintained. These maintenance checklist items can range from anything as harmless as paint to somethings more crucial, like plumbing and HVAC. Left unchecked and untreated, pieces of your home can begin to wither away. Down the road, the fixes will likely be much more time consuming and expensive than if you were to acknowledge them right away. All in all, a home that hasn’t had up to date maintenance has lost its value and is something that buyers should be aware of. 

  1. Kitchens and Bathrooms that Need Some Work

These two rooms are arguably some of the most important in the house, and dilapidated ones can really put a damper on how much value the house holds. Outdated sinks and bathtubs aren’t going to hold the same value as they did years ago and will make a negative impression on future buyers. As a buyer, if you’re down to take on the challenge of updating these rooms, note that there will be a high return on investment. However, if you’re in the business of finding a home without having to look forward to remodeling, stay clear of older kitchens and bathrooms. 

  1. Poor workmanship

Sloppy workmanship on a house can go much further than some cabinets coming unhinged. It can indicate larger and more expensive issues down the road. If pieces of a house were rushed during the build process, then they are more likely to fall apart. Keep an eye out for any crooked or unfinished looking railings, floors, siding, and walls. 

  1. Unsightly landscaping

Curb appeal goes a long way, and a bad looking yard can really put a damper on how valuable a home is. Landscaping should be tended to regularly to keep it looking lively and clean. Maintenance doesn’t have to be arduous and expensive either if you’re smart about what you place in your yard and when. Opt for native plants, good irrigation, and stones/gravel to keep it looking nice without having to spend too much time and money. 

  1. External factors

External factors, though beyond our control, can play a major role in the value of your home. Here are some things to look out for:

  • Nearby hospitals and other instigators of noise pollution.
  • Neglected or abandoned homes in the neighborhood.
  • Power Plants, dumps, and other nearby eyesores.

These are among many external factors to keep an eye out for!
These among other tips from top agents for buying a home in 2021 will help you to choose a place that is not only valuable now, but that will also be valuable in decades to come. Be on the lookout for well built homes that aren’t run down and that are in well kept areas!

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