Three BIG Things That Can Reduce Your Home’s Value
With existing home sales falling, and home prices dropping, you need to do everything you can to protect your home’s value. This is especially important if you are planning on selling in the near future and you are worried that a second mortgage or declining home values have put you upside down on your home mortgage loan.
- Foreclosures in the area. Where you live can have a big impact on selling your home. If there have been foreclosures in the area, it can mean your home’s value is reduced. This is something you should be wary of when you are buying a home as well. If you think the neighborhood is solid, and is likely to recover, you might consider buying one of the foreclosures. Once this mess is over, it might be a good place to be. But if you are trying to sell right now, the foreclosure on the next street over may impact the price you get on your home.
- Environmental threats. This is very important. If your home is located near a landfill, your home’s value can take a 10 to 15 percent hit. If you are located near a site designated as a hazardous waste site, it could be a 25 percent hit to your home’s value. If you are moving into a home, be aware of what is nearby, and avoid environmental threats.
- Crime and sex offenders. In most states, sex offenders are required to register. This means that if a sex offender settles in your neighborhood, potential homebuyers may find out about it — and it will result in a drop in your home’s value. Before you move in, check for the crime rate, and to see if there are sex offenders in your area. Family Watchdog can be a good site to visit to get this information.
Tags: home value, existing home sales, home mortgage loan, mortgage loan blog,
sex offenders, foreclosures
