Did you know that your home’s value may be determined by factors you can’t control? From the weather to how your neighborhood smells, there are some truly strange elements in play when your property gets appraised. Your home’s value plays a valuable role in your financial health. While you may not be able to control everything that affects property value, you can balance out some of them with proper care and maintenance.
Out-of-Date Floor Plans
You may take good care of your home, but when was the last time you changed its look? While the vintage style can appeal to a small number of homebuyers, most homeowners are more interested in open floor plans, flexible living spaces, and contemporary features. If your home is excessively partitioned or dated, you may see dollar signs dropping off of your home’s value. Outdated homes can cost a pretty penny to modernize, turning away many potential buyers.
Location
You may not be able to control where your home is, but location plays a major role in the value of your property. If you’re in a rural area, your home will be worth less than if it were in an urban or suburban area. If your neighborhood is particularly unsafe compared to surrounding areas, your house won’t be worth as much as similar homes in safer communities. If you’re on a steep incline or in an area prone to standing water, the value will decrease. Your home value may even be impacted by the number of foreclosures in your neighborhood, too! Among large cities, home value greatly depends on the area’s economy and popularity.
Portland, Oregon
Portland is a large northwestern city on the border between Oregon and Washington. It has a thriving economy, diverse population, and excellent healthcare. Home values here depend on proximity to the city and what part of the city you live in. You may find a more affordable mortgage across the bridge in Vancouver, Washington—but your home value may plunge, too.
Phoenix, Arizona
Homeowners in Phoenix, Arizona, will find some fairly attractive property values compared to most of the state, but not all parts of Phoenix are created equal. If you’re looking to secure a mortgage or reverse mortgage in Phoenix, you’ll find a lot of home value in downtown Phoenix, North Scottsdale, or Arcadia, but you’ll be paying a pretty penny for these properties as well.
Charlotte, North Carolina
Charlotte, also known as The Queen City, is a popular city for Southerners and business owners to flock to. Most of western Charlotte will be more affordable, but your property value won’t be as high as homes in areas like Uptown, NoDa, and Myers Park. Still, all homes in the city proper will be more valuable than homes in the surrounding regions like Gastonia or Rock Hill.
DIY Renovations
Have you ever done DIY work to your home, like adding a bathroom or extending the kitchen? Make sure those renovations are properly completed according to building codes and laws. If you’ve done sloppy DIY work, it won’t do your home any favors in property value. There’s nothing wrong with doing DIY work if you’re experienced and the job was done well—but if your home has crooked tiles, warped floors, exposed wiring, or significant gaps, you may want to get that fixed before getting an appraisal.
Bad Tenants
If you rent out your home, you’ll want to make sure your tenants are carefully screened. Dangerous or messy tenants can lower the value of not just your home but your entire neighborhood! Be careful about who you rent your house to. Most tenants are careful, but if you’re lax in applicant screening techniques, you may find significant damages to your home that will cost a lot to fix—including your property value.
Climate
Some factors that affect property value are completely out of your control. If you’re in an area susceptible to weather disasters like flooding, tornadoes, hurricanes, or earthquakes, that will factor into your home’s value. A similar home in an area less prone to flooding or hurricanes will have a higher property value in most cases. Weatherproofing your home to the best of your ability does help, however.
Noise Pollution
Are there any busy streets near your home? What about loud, barking dogs or neighbors who regularly blast their stereo systems? If there is a ton of noise pollution like traffic, dogs, stereo systems, or airplanes, you can expect your property value to drop. You may become used to noise pollution—some of it may even be calming—but others won’t consider a home where they can hear a lot of traffic.
Foul Odors
Similar to noise pollution, bad smells turn many buyers away. It’s not unusual for a home to be located in an area prone to foul smells—farms with livestock, agricultural manure, landfills, and industrial waste all come with odors that can contribute to a decreased property value. There are plenty of ways to eliminate odors, such as air purifiers and fresheners, but if the source of the odor is here to stay, so will your lower home value.
Conclusion
Many factors play into a home’s value, some of which can be entirely out of a homeowner’s control. You don’t have to obsess over every small detail when appraising your home. Improve it the best you can by adding popular features, maintaining its function, and weatherproofing against the elements. Learn about the area you’re in and how it might affect your home’s value. Combat any issues with a secure, safe, and updated home for the highest value.