As you already know, owning a home is a significant investment. It’s probably going to be the biggest investment of your life- it is for most people. And maintaining or enhancing its value is crucial for long-term financial stability. Whether you’re planning on selling it sometime soon or maybe even never selling it, the value of it is still going to matter because you just don’t truly know whatever the future is going to hold.
While property values often appreciate over time (especially in this seller’s market), there are circumstances that can lead to a rapid decline. It is very rapid to the point where there’s next to no value. You would be surprised how fast the nosedive is. After all, this happened back in 2006 and it could happen again. So, with that said, what are the pitfalls that can cause a house to quickly go down in value? Well, here’s everything you need to know!
Neglecting Regular Maintenace
Whether it’s laziness, being naive, or lack of funds, you just can’t skip this one whatsoever. A well-maintained home is more likely to retain and increase its value over time. Neglecting routine maintenance tasks, such as addressing leaks, repairing damaged roofing, overlooking exterior paintwork, or anything else, can all lead to a decline in your home’s overall condition.
While yes, hiring professionals like gutter cleaning experts can get very expensive, professionals who help keep your house in pristine condition are needed. Think about it like this: when you hire these professionals, you’re basically investing more money into your home, which means you’ll get a bigger return when the time comes.
Environmental Hazards
You’re going to want to think about environmental hazards, such as mold, asbestos, or radon since these can even pose serious health risks and can significantly reduce your home’s value. So, just by addressing these issues promptly is essential not only for the well-being of your family but also for the resale value of your property.
For most of these (besides black mold), the situation can be quickly fixed with the help of some professionals (home insurance usually approves too). So, just by having regular inspections and immediate remediation are crucial in maintaining a safe and valuable home.
The Neighborhood is on the Decline
Sadly, this is going to be something out of your control, and this is something that just sadly happens, too. What you have to keep in mind is that the value of your home is not isolated; the overall condition of your neighborhood influences it. A decline in neighborhood safety, the quality of local schools, or an increase in crime rates can negatively impact property values.
There really isn’t too much one person can do, of course, try to build up a community, but it’s still up to local government and organizations to step in. So, just try to stay informed about neighborhood developments and advocate for positive changes to maintain a healthy living environment and try to avoid declining home value from this factor.
Outdated Appearance
For the most part, the exterior stays timeless- a house built in the 1950s is going to have a timeless exterior that still looks gorgeous today. But it’s the interior that you’re really going to want to think about. The flooring, structures, walls, and fixtures just scream “outdated”, and this is usually not in demand.
If you’re looking to update your home, to help stave off any declining home value, here are some DIY projects that can help:
Kitchen updating
Bathroom updates
Themed bedrooms
Also, this downloadable renovation binder could help.