Property value fluctuates due to multiple factors. The poor economic condition of the area, unavailability of mortgage funds, and property damages cause a decrease in property values.
Since buying a home is one of your biggest purchases, keep an eye out for red flags to protect your investment. Here are some common factors that decrease property market value.
Poor Home Maintenance
Homeowners skipping home upkeep tasks end up losing their money due to costly repairs. Ignoring home maintenance also causes property value depreciation by 10% or more. If your home requires repair and replacement fixtures or decoration, you could create a poor first impression and lose potential home buyers.
Many homeowners tend to focus more on the home’s interior rather than the exterior, and prolonged neglect causes your home’s exterior look and condition to deteriorate over time.
Roof problems in a home are apparent at first glance and can put off prospective buyers from entering your property. Since the roof is the first line of defense from snow, wind, rain, and extreme temperatures, it’s prone to various damages. Common roof problems include a sagging structure, poor installation, leaks, and damaged or missing shingles.
Poor yard maintenance can be an eyesore for buyers visiting your property. Moreover, elaborate landscaping can also depreciate your property value since homeowners are often reluctant to pay extra maintenance costs.
Reports demonstrate that homebuyers won’t consider purchasing a property with a history of mold at full price. Homes that have undergone a documented mold treatment for mold lose about 3% of their value. Buyers are recommended not to purchase an infested property unless they receive a price reduction that will be used to cover mold remediation by qualified professionals. Sellers are often asked to pay an independent appraiser for proper valuation of the property.
Having a bad neighborhood with a junk-strewn yard or loud music and dogs erodes property value. Even if buyers find out a registered sex offender in the area, they’re likely to withdraw from the purchase. Moreover, proximity to strip clubs, homeless shelters, or a cemetery leads to sellers losing buyers.
At Whole House Home Inspection, our team offers high-quality home inspection services at affordable prices. We can help identify the underlying damages in your home so that they can be fixed before putting the property for sale. Whether you need radon testing, pest inspection, mold inspection Atlanta, or roof inspection, we can help you.
Get in touch with us for more details.