The property market is a challenging game for anyone to play. It’s not just about buying and selling; it’s also about making sure that you are getting the best value for your money.
While there are many factors that can impact property value, some of the most common causes include poor water flow, environmental hazards such as nearby landfills, traffic noise or urban noise, lack of attention to maintenance, etc.
Let’s discuss these causes one by one.
Poor water flow
Water flow is the lifeblood of your property. It’s important that you have a good water flow and that it isn’t compromised by things like broken water mains or clogged drains.
Water main breaks can cause major problems for a home, as well as sprinkler systems that aren’t working properly.
Environmental hazards such as nearby landfills
Property values can also be negatively impacted by environmental hazards such as nearby landfills. Landfills are large storage facilities used to dispose of waste materials such as garbage, construction debris, and industrial waste.
Landfill sites may be located within or adjacent to residential neighbourhoods. These sites pose a significant threat to public health due to their proximity to homes and other buildings in the area.
The U.S Environmental Protection Agency (EPA) has created guidelines for how much risk there is associated with living near landfills because of health concerns related to exposure through:
- Groundwater contamination from leakage into aquifers;
- Air pollution due to emissions from leachate runoff;
- Exposure via ingestion of contaminated soil particles swallowed while gardening or playing outside.
Traffic noise or urban noise
Traffic noise is a big problem for property value. It can lead to lower sales prices, increased maintenance costs and even damage your home’s structure.
The way that traffic noise affects your property depends on where it’s located. Generally speaking, the higher the level of traffic noise and pollution in the air around you, the more likely it is that people will find themselves moving away from your neighbourhood.
Lack of attention to maintenance
Maintenance is a big deal. It’s the cost of owning your home and it can add thousands of dollars to its value over time. But many people don’t think about it as much as they should, so they end up getting into trouble when something goes wrong.
If you want to keep your property’s value high, then you need to take good care of it—even if that means making some extra effort. You might have heard this advice before: “Don’t go overboard on maintenance.” Well, here are some ways that everyone can keep their homes looking beautiful without spending too much money or time:
- Keep making timely repairs before they turn into bigger problems
- Clean properly and regularly
- Always use easily available products because they’re comparatively less expensive
- Hire professional services for thorough inspection and cleaning.
Excessive personalisation
Personalisation is not always a bad thing. If you’re buying a property to live in, personalisation can be a good thing. If you’re buying a property to rent out, it can be a bad thing.
How do you find the right balance? It depends on what kind of lifestyle you want to lead and how much time and money are available for renovations or improvements after purchase.
Lack of garage space
You may think that your garage is a must-have feature in your home and the reason why you bought it, but that’s not always the case. Many homes don’t come with garages at all and people who don’t have a garage can still afford to live on their own.
A garage can be used for storage, parking or even having an extra workshop space for DIY projects. Plus if you have kids then they will like having their own room too!
Neglected front/back yard
The list is endless. These can include:
- Lack of gardening
- No security or safety measures in place when you leave your home (i.e., dogs)
- Poor lighting around the property leads to unattractive-looking homes
- Dirty front yards and back yards that need regular upkeep
- No privacy fences between neighbors’ properties making it difficult to enjoy one’s own yard without being seen by them.
These are some of the things that result in an unattractive and unsafe-looking front/back yard–so make sure to keep an eye out for them.
Poor maintenance of exterior
The exterior of your home is where you’ll see the most changes in property value. These are the signs of a poorly maintained exterior:
- It looks worn down
- There are holes in the roof or windows that have been broken and need repair
- You have an old garage that doesn’t match up with the rest of your house (or even worse: has mold)
- Paint from the walls is chipping
These things will impact how much money potential buyers are willing to pay for your home.
It may be tempting to ignore these kinds of issues until they become more serious—but doing so could cost you dearly when trying to sell again later on down the road!
Risk of natural disasters such as floods and earthquakes
While there are many factors that can affect property value, natural disasters are one of the most common. Floods and earthquakes cause damage to property and infrastructure, as well as lead to increased insurance premiums for homeowners.
In addition to flood damage, earthquake damage is another major concern for homeowners who live in earthquake zones. Earthquakes can cause structural damage resulting in leaking roofs or foundation cracks that require repairs.
Widening or construction of roads near the property
If a road is being widened, the value of your property will decrease. The same goes for any construction that involves major highways or other major thoroughfares passing through.
If you live near one of these types of roads, your home’s value will be affected by the increase in traffic flow and access to nearby properties.
Conclusion
Property values are always going to fluctuate and it’s important to keep an eye on the trends in your area.
You can check out our guides on how to improve your property value by investing in improvements such as landscaping, fencing or pooling. Or if you’re looking for any property-related or real estate investment-related advice, contact us at UNF Marketing.