Your home is likely your biggest purchase, so naturally, you want to keep up your property value and protect your investment.
Many things can factor into what your home is worth. Some are no-brainers, but others may surprise you. Read on for the top 5 items to keep watch for, and maintain the value of your Salt Lake City home.
1. Poorly Rated Schools
Even if you don’t have school-age children, it’s worth noting how the schools are rated near your home. In a 2010 study, St. Louis Federal Reserve Bank found that higher-quality schools dramatically increased the value of the neighboring homes. The flip side of this is that poorly performing or closed down schools tend to decrease the value of nearby homes, sometimes as much as 22 percent!
2. Unsavory Location
Location is always important when it comes to real estate, and being too close to certain types of businesses can cause home value to plummet. Some common examples are power plants, landfills, or water treatment facilities, which can create noise pollution and bad smells. In Utah, certain farming operations can create quite a smell, as well. Close proximity to airports, hospitals, train tracks, homeless shelters, cemeteries, and funeral homes, power lines, strip clubs, prisons, cell phone towers, and shooting ranges all take a toll on property value.
The people living next door can have a huge impact on the value of your property. Making too much noise or throwing wild parties can scare off potential buyers. Yards full of junk or unkempt weeds are also deterrents for would-be buyers–even if it’s not your house. A less obvious concern is whether any registered sex offenders live in the neighborhood–their presence can decrease home value by as much as 12 percent.
4. Too Many Foreclosures
The value of a home is based in part on the value of comparable homes. Homes that are sold on a short sell or are foreclosed can drive comparable prices down, especially if a large number of them happen in the same area. Likewise, too many homes listed in an area increases supply while decreasing demand, which also causes home value to drop.
5. Maintenance: Too Little or Too Much
One factor you can control in the value of your property is the maintenance. Curb appeal obviously matters, so keeping a well-maintained lawn and neatly trimmed shrubs are important. What may surprise you is that landscaping that is too elaborate, like exotic gardens or koi ponds, can be just as off-putting as an unmown lawn full of weeds. Potential buyers may not want the upkeep, so it’s a good idea to stay within the confines of the average yard in your neighborhood. Likewise, peeling paint or drooping siding are easy fixes, but keep the color palette to tasteful choices that complement the surrounding houses and adhere to the neighborhood CC&Rs.
Looking to Sell? Bob Buys Houses Can Help
If your home falls into any of these five categories, it might be time for you to sell and make the most of your property value. Bob Buys Houses pays cash for homes in any condition, any location, at a fair price. If you’re a Utah resident, get in touch with us today to find out how much you can make on your Salt Lake City home.