10 surprising things that decrease property value

Have a neighbour with a junk-strewn yard, loud dogs or a penchant for wild parties? If so, know that it erodes your property value in addition to theirs. Another issue is living by a registered sex offender.

Here are 16 things your neighbour secretly knows about you.

Your home’s exterior is the first impression people get of your house. So exterior paint that’s faded, cracked or peeling is a big turnoff. Another negative is painting your home an offbeat colour. Buyers favour neutral colours like grey, white, cream and beige. So pick your colours with care and repaint the exterior when it starts to look bad.

Here are 11 home improvement projects you can do yourself instead of hiring a professional

Have a backlog of serious repairs, such as a leaky roof, damaged cladding, or drooping gutters? If so, it’s best to tackle them ASAP. Letting them languish on your to-do list will only chip away at your home’s property value. What’s more, it’s often more expensive to remedy these issues the longer you wait.

A foreclosure close to your home hurts your home’s property value. That’s because appraisers look at comparable selling prices in your neighbourhood when estimating your home’s value. What’s more, foreclosed homes may sit vacant without any maintenance for a long time. That also doesn’t bode well for your property value.

Maybe try out these home improvements that practically pay for themselves.

Studies show that living close to certain businesses and facilities can drag down property values. Being in close proximity to the following are associated with these drops in property value:

Bad school (22.2 percent)

Strip club (14.7 percent)

Homeless shelter (12.7 percent)

Cemetery (12.3 percent)

Funeral home (6.5 percent)

Power plant (5.3 percent)

Shooting range (3.7 percent)

Hospital (3.2 percent)

They call it kerb appeal for a reason. If your yard is in poor condition or overrun with stuff, expect your property value to suffer. On the flip side, elaborate landscaping or a koi pond can also put a dent in your property value since many homeowners don’t want to handle the extra maintenance. A final yard-related turnoff: trees located too close (less than 6m) to your house.

It may sound crazy, but your address suffix could increase your property value up to 36 percent. Research shows that boulevard, place and road addresses are the most “expensive.” Suffixes associated with lower property values include street, drive, and avenue.

When a buyer tours a house, they quickly take note of all the projects they’ll need to do. Topping their lists are things like removing quirky wallpaper, painting over unusual colours and replacing unconventional fixtures. If you’re going for something offbeat, try to ensure it can be easily removed or reversed when it’s time to sell. Or just avoid projects that will lower your home’s resale value altogether.

Converting your garage to a gym, playroom, home office, or anything else besides a place to park cars is a sure way to lower your property value. That’s because the vast majority of buyers want a space for their cars and yard equipment. If you want to use your garage for any other purpose, do so in a way that makes it easy to convert back to a conventional garage.

Carpet tends to show damage easily, can be difficult to clean and retains odours. What’s more, many buyers are turned off by certain colours. A better flooring option is hardwood or laminate. In fact, one study revealed that 54 percent of home buyers are willing to pay more for hardwood floors.

Sign up here to have Reader’s Digest’s favourite stories straight to your inbox.

Source: RD.com