We have talked a lot about how a foreclosure decreases the value of homes in the surrounding area, but there are other things that can hurt a homes value.
Check out this list of other factors that will hurt a homes value.
I am not surprised by this list at all. I started my summary for this week, and in the article we needed to read, it talked about how opportunities within the community make a huge difference on the want to buy a home there. I think schools is a huge factor in home buyer decisions. I think that the community needs to focus on the opportunities that it brings to home buyers instead of the house itself.
Similar to Maureen, I am not surprised by these factors. Schools are one the top priorities for home buyers, who are usually younger families. If the neighborhood school was closed, I don't see great future potential for the community.
I think posting this list is good for others to know what hurts homes' values. Like what others said above, schools are definitely one of the considerations that homebuyers think about when buying a home.
A lot of this is based on personal perception. The word s can, could, about are very important in this articles context. It all depends on what the buyer is looking for in a home and a community.
At the same time knowing these things can bring down a houses price because there are people who will use this to their advantage. They will act concerned about some of the issues discussed in this article to get a house for a lower price.
I don’t think having a school being closed in the neighborhood means the community does not have a great potential. You market the community differently. Also you take into consideration what the school in that area was like. Another thing to think about is there is a lot of school consolidation taking place to save school districts money by running fewer buildings. In my area 95% of students were bused.
Again all of this is individual perception and there are many different demographics of buyers.
I do not think any of the items on this list are surprising. I mean there is statistical research to support this evidence. However I did find it surprising that one houses' value could decrease as much as 15% because of those factors. I mean if there is a house that is worth $100,000, these "value damagers" could potentially take $15,000 away from you. I don't know about everyone else but that just seems a little much to me.
When we were driving around the Edison neighborhood, our group noted one building in particular, which was a recycling center of some sort, that we all agreed was definitely an eyesore. It was a very large, rusting, half-painted building only a block or two from residential homes. Although it isn't a power plant or a landfill, it might as well be, because I'm sure the value of the surrounding homes are affected by a nuisance like that.
I'm not too surprised by this list. The issue of unkempt lawns did make me think though about the house I rent in Kalamazoo. I know that I, as well as many other renters, do not have the tools for upkeep that homeowners often invest in. This makes it very difficult to preform even basic maintenance. For example, last spring our lawn was completely overgrown, to the point where people we knew on the street were making fun of us for how bad it looked. But none of us had a lawn mower, so we had no control over fixing the problem. We had to wait until our landlord had time to come and mow it for us.
the unkempt lawns made a huge difference for me when we went on our tours. little things like trimmed hedges, fresh paint, and mowed grass made a huge difference in a houses appeal and appearance
I agree with everyone that the list was not very surprising.However, I wasn't expecting an unkempt lawn to affect the value of a house by 5% to 10%. I mean just by reading kaileywolf's experience, no matter how neglected a lawn is, it can be fixed quickly and with little investment.It certainly made me feel good about the gardening we did in the Egleston neighborhood though.
One of the other major factor that can decrease the value of house is suicide. The neighborhood where we did gardening had a house where a person committed a suicide and an extra effort was required by the land bank employees to sell that house.
I am not surprised by this list at all. I started my summary for this week, and in the article we needed to read, it talked about how opportunities within the community make a huge difference on the want to buy a home there. I think schools is a huge factor in home buyer decisions. I think that the community needs to focus on the opportunities that it brings to home buyers instead of the house itself.
ReplyDeleteSimilar to Maureen, I am not surprised by these factors. Schools are one the top priorities for home buyers, who are usually younger families. If the neighborhood school was closed, I don't see great future potential for the community.
ReplyDeleteI think posting this list is good for others to know what hurts homes' values. Like what others said above, schools are definitely one of the considerations that homebuyers think about when buying a home.
ReplyDeleteA lot of this is based on personal perception. The word s can, could, about are very important in this articles context. It all depends on what the buyer is looking for in a home and a community.
ReplyDeleteAt the same time knowing these things can bring down a houses price because there are people who will use this to their advantage. They will act concerned about some of the issues discussed in this article to get a house for a lower price.
I don’t think having a school being closed in the neighborhood means the community does not have a great potential. You market the community differently. Also you take into consideration what the school in that area was like. Another thing to think about is there is a lot of school consolidation taking place to save school districts money by running fewer buildings. In my area 95% of students were bused.
Again all of this is individual perception and there are many different demographics of buyers.
I do not think any of the items on this list are surprising. I mean there is statistical research to support this evidence. However I did find it surprising that one houses' value could decrease as much as 15% because of those factors. I mean if there is a house that is worth $100,000, these "value damagers" could potentially take $15,000 away from you. I don't know about everyone else but that just seems a little much to me.
ReplyDeleteWhen we were driving around the Edison neighborhood, our group noted one building in particular, which was a recycling center of some sort, that we all agreed was definitely an eyesore. It was a very large, rusting, half-painted building only a block or two from residential homes. Although it isn't a power plant or a landfill, it might as well be, because I'm sure the value of the surrounding homes are affected by a nuisance like that.
ReplyDeleteI'm not too surprised by this list. The issue of unkempt lawns did make me think though about the house I rent in Kalamazoo. I know that I, as well as many other renters, do not have the tools for upkeep that homeowners often invest in. This makes it very difficult to preform even basic maintenance. For example, last spring our lawn was completely overgrown, to the point where people we knew on the street were making fun of us for how bad it looked. But none of us had a lawn mower, so we had no control over fixing the problem. We had to wait until our landlord had time to come and mow it for us.
ReplyDeletethe unkempt lawns made a huge difference for me when we went on our tours. little things like trimmed hedges, fresh paint, and mowed grass made a huge difference in a houses appeal and appearance
ReplyDeleteI agree with everyone that the list was not very surprising.However, I wasn't expecting an unkempt lawn to affect the value of a house by 5% to 10%. I mean just by reading kaileywolf's experience, no matter how neglected a lawn is, it can be fixed quickly and with little investment.It certainly made me feel good about the gardening we did in the Egleston neighborhood though.
ReplyDeleteOne of the other major factor that can decrease the value of house is suicide. The neighborhood where we did gardening had a house where a person committed a suicide and an extra effort was required by the land bank employees to sell that house.
ReplyDelete