When it comes to buying a home, the most important factor to keep in mind is not the price. Instead, the most important factor is how to choose a home that is in the best condition. While you can control how long you stay in your home and help it maintain its value through upkeep, there is no guarantee it will retain its value. For this reason, it pays to find out what factors are affecting the price of homes similar to yours.
One thing that affects the price of a house is the condition of your neighborhood. Here are nine signs that you should be aware of if you want to protect your home’s value.
1. Your Neighborhood Is Getting Messier
Cleanliness and upkeep are a priority in good neighborhoods. More trash and discarded items on the sidewalk mean that neighbors are letting things around their house go. Neighborhoods can go downhill fast when people aren’t focusing on their property. The good news is that you can help avoid a bad situation by starting a neighborhood watch program.
2. There Are Unusual Amounts of Construction
Construction, whether it is repair or building, takes away from the value of your house. Construction should be minimal, with any needed renovation happening in a timely manner. If you see other houses going up in the neighborhood, take heart that it could mean the neighborhood is going to be more attractive in the future, but do your research to make sure there aren’t any red flags.
3. Less and Fewer People Are Living in Your Community
If you see houses standing vacant and barred with no one around or no signs of any activity on a regular basis, it could mean that the neighborhood has declined. This is especially true if the houses were previously occupied. Abandoned homes and businesses let homes in the neighborhood become old and dilapidated. You can take action by joining a group that works with law enforcement to bring in these derelict homes.
4. The Property Taxes Are Increasing
When this happens, it could mean that your neighborhood is losing business. This could lead the government to increase your property taxes. On the other hand, property taxes could be increasing in tandem with property values, which is a good sign. But keep in mind that the cause of the rising property taxes may be more complex than you realize.
The cause could be due to the extra cost of a new construction project taking place in the area, which requires extra policing, or it could be a sign of a larger societal problem.
5. The Houses around You Are Being Converted
Home-conversion companies often purchase homes and then convert them into multifamily units or otherwise market them to renters. This usually indicates that property values in the area are falling, and it is a business move to maximize revenue.
The good news is that there is a tendency for the quality of schools to increase when this happens. However, you should look into the reasons behind the changes in the neighborhood to decide if you are willing to act on them.
If you are thinking about buying a home, find out how stable the neighborhood is before making your decision. Check out your neighborhood, including the condition of people’s homes, the state of the streets and sidewalks, and the number of people living there. If you want to protect your home’s value for the future, take action to make sure that your neighborhood is as attractive as possible to potential homebuyers.
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