As you know, your home has been without a doubt your biggest investment. Because of this, you want to do everything possible to keep its value as high as you can. While some things you can do to accomplish this are in your control, others are not. If you are curious about what things can kill your home's value, here are four that may or may not come as a surprise.
Bad Neighbors or Neighborhood
Unfortunately, you can't control who may move into a house near or beside yours. If you happen to get neighbors who have a penchant for throwing wild parties, keep their yard filled with junk, or get regular visits from police, this can significantly impact the value of your home. If you're lucky, they won't stick around very long.
Poor Exterior
If the exterior of your home is in poor condition, expect the value of your home to decrease. Whether you have paint that is peeling, old vinyl siding in need of replacement, or decided to have the outside of your home be a very unusual color, potential buyers will be turned off in a hurry.
Lack of Maintenance
For many homes that have a sharp decline in their value, a lack of maintenance can be the primary reason for the drop in value. While almost all homes have some things that need to be fixed, having major issues that have been left to decline further will always make your home worth less. Thus, if you have a leaky roof, contact a roofing contractor about getting repairs made, or even a new roof installed. Also, make sure you take care of big issues with your plumbing or HVAC unit, both of which will also make your home worth far less.
Foreclosures in Your Neighborhood
Last but not least, foreclosures of other homes in your neighborhood will ultimately decrease your home's value, as unfair as this sounds. When foreclosures occur, property appraisers estimate your home's value by comparing it with the selling prices of comparable homes in your neighborhood. Thus, when a home is foreclosed and eventually sells for a very low price, this hurts your home's value.
Though such things as foreclosures or who moves into your neighborhood are beyond your control, you can be proactive on maintenance and other things that will keep your home at its maximum value. By tending to your roof, plumbing, and keeping your home's exterior and yard beautiful, you'll have a home that is always valued at a high price.
