These 4 Factors will Instantly Devalue your Home

Do you want to list your home on the market? If so then you need to make sure that you do your research. You need to take steps to make sure that you list your property in the best light possible but at the same time, you also need to make sure that there are no major issues at hand.

Lots of Listings

The housing market falls, but it also rises. If you have tried to list a home at a great price during the real estate boom then you may find that it’s difficult to compete. If there are a lot of homes on the market then it may be very difficult to sell your own. This is especially the case if the listed homes just aren’t selling, or if the price of them is continually being reduced. If you want to work around this then the best thing you can do is wait until the boom is over. Wait until there is less competition on the market and then list your home as being a prime piece of real estate. If you can do this then you will soon see a major improvement in the price you get for it.

Source: Pexels (CC0 License)

Neighborhood Conditions

Apart from foreclosures, there are a lot of other aspects that can detract from how much buyers may be willing to pay. If you live near an airport or if you live by the train tracks then this can create a lot of noise pollution. If part of the town is known for a lot of criminal activity then this is also an issue. You can attempt to negotiate with bad neighbors and there are some situations that you can work around as well but with that being said, there are some things that you can’t remedy and the only way to solve the situation would be for you to move before things get too much worse.

School Districts

Did you know that the quality of schools can also impact how much a buyer is willing to hand over? If you know that the schools in the area are just not healthy or flourishing then this could be driving down the house price overall. It’s very common for people to move to places that have the best schools but if your home is not near any of them then this could be affecting you. There is not a lot that you can do about this, other than wait for one of the schools to try and improve their reputation. 

Serious Issues

If your home has some serious issues, such as subsidence or even water damage then you have to get this sorted before you list it on the market. If you don’t then you may find that you end up experiencing serious issues later down the line. Your home may be drastically reduced in value and this can have long-term consequences. Hiring a water restoration service is the best way for you to deal with this, and it can also stop issues from occurring later down the line.