While there is specific insurance coverage for damage from sinkholes in the event that your property is hit by one, they still hurt the value of the property. Noisy neighbors are just as prone to scaring homebuyers as they are messy neighbors. When considering a home near a shooting range, you should always research the shooting schedule. Some locations film daily, while others may only be on weekends.
Be sure to determine your shooting tolerance before buying a home. If jobs are scarce in your locality, with layoffs occurring and homeownership is jeopardized, values fall. As a ripple effect, fewer people can afford to buy a home, St. Homeowners lower their prices to compete in a diminished market.
Short selling and foreclosures become more dominant than fair sales in the market and values are biased The buyer's market develops and sellers lower their prices to compete. Sometimes, the factors that affect the value of your home have nothing to do with your property. An example of this is a “zombie house” in your neighborhood. Zombie houses are abandoned, neglected, or dilapidated houses with overgrown courtyards, said Mary Case Friedner, a real estate agent serving the cities of the Hudson River in Westchester County, New York.
As a shrewd homeowner, your job is to consider both what you can do to improve the value of your home and what you may be doing (inadvertently or otherwise) to lower it. A methane leaking landfill, reports of a cancer group, or the installation of a nearby power plant lead to lower home prices. While the value of the property may decline due to noise, Pratt also says it is often accepted by potential buyers who are looking at the home in that location. Some older homeowners choose to fill a fireplace rather than maintain it, but this could lower the value of the home when it comes time to sell it.
Even items like swimming pools, ponds and waterfalls could lower the value of your home, especially for buyers with young children or gardening enthusiasts who want to develop a new patio for themselves. In other cases, you may have to put up with some of the things you don't like about your home, but letting a house deteriorate is a surefire way to lower its value. Landfills also lower home values, with a report from the appraiser's office in Pima County, Arizona, noting that between 6 and 10 percent of home value is lost if it is near a landfill. But sometimes you can find common ground with fences or gardens that border your properties and offer to share the cost that would help both of you, making everyone happy.