Home value can be affected by several factors. Some of these include outdated or old homes, cracks in the driveway or patio cement, extensive clutter, and a long maintenance list. Other contributing factors can include a bad roof or air conditioning system, no home warranty, or the lack of a garage.
Recent studies show that the proximity of landfills to homes is a factor in determining a home’s value. However, these studies do not account for the volume of waste a landfill produces. Rather, they consider other factors, such as visibility and physical footprint. This makes it easier to compare one site with another.
For example, a study by the Northeast Regional Center for Rural Development concluded that residential property values dropped by 12.9% on average if they were near a high-volume landfill. The effect is less pronounced if the landfill is located more than one mile from a home. For each additional mile of distance, the impact decreases by another 5.9%.
Landfills also reduce the value of homes in an area, which is especially true in populated neighborhoods. The smell from a landfill can reduce the value of a home by 5.5 to 7.3%. The effect is much greater in densely populated areas, though it is almost non-existent in rural areas.
Frayed wires can lower the value of your home. They can be caused by a variety of conditions, including wild animals chewing on the wiring. Damaged wires can make appliances hot and use more electricity. If you notice frayed wires, you should contact a licensed electrician or animal control professional to fix them. If you notice this problem, it could also be a sign of a larger problem.
Missing transactions can reduce a home’s value. However, an appraised value that is less than what you expect isn’t necessarily a bad thing. If you don’t have any missing transactions, you can still sell your home and get a better price. Appraisal institute president Stephen Wagner says that missing transactions can cause a home to be appraised for less than what it is worth.
Sell house fast method of living next door to a sex offender on the value of a home can be substantial. Even if the offender is a few blocks away, the home’s value may drop by as much as 12%. This impact is even greater for people who live 0.1 miles away.
While a sex offender’s presence in a home may bring down the value, it is important to remember that this effect is not permanent. Once the offender leaves the home, the value of the home will go up again. In fact, it’s possible to even relist the home once the sex offender has moved out.
There are a variety of ways to vet your neighbors and homes. Del Aria Investments & Holdings has announced is to check the National Sex Offender Registry. It’s a great way to find out who lives in the neighborhood. Recent studies have shown that the presence of a sex offender can lower property values. In one study, homes next to sex offenders were worth nearly 10% less than homes in other neighborhoods.
Del Aria Investments & Holdings
11166 Fairfax Blvd Suite 500, Fairfax, VA 22030