Buying your home was probably the largest financial transaction of your life. So you certainly don’t want to do anything to decrease its value and everything youcan to increase the value. The location-related factors that can decrease your home value you can’t do anything about, but other factors are within your control. So let’s take a look at the 5 things that will decrease your home value in East Hanover and Morris County.
1. Proximity to Power Lines and/or Train Tracks
Proximity to power lines and/or train tracks can decrease your home value in East Hanover and Morris County. Although both of these are needed for modern life, being too close to them can lower your home’s value.
You need them for electricity, but it’s just not good to have powerlines too near your home. There’s that annoying nonstop buzz, and they are simply unattractive. In addition, some research has suggested that living too near power lines can help promote certain kinds of cancer and other diseases.
If your home is located near power lines, contact your local East Hanover and Morris County agent at (973) 887-2500. Your agent can help market your home to lessen the impact of this value-decreasing feature.
Another thing that can decrease your home value is close proximity to train tracks. Yes, being fairly near a commuter rail can be a big plus. But if your home is too close to the tracks, its value will decrease. The noise is the biggest drawback, as well as the danger it presents to children.
2. Unusual Upgrades
You need to keep in mind that your home doesn’t exist in isolation, isn’t an island. It is also a part of the neighborhood. That means that whatever upgrades you make to your home should fit with the character and feel of the neighborhood.
If, however, your upgrades are unusual (when considering the neighborhood as a whole), you may decrease your home value in East Hanover and Morris County. For example, if you install an in-ground pool in the backyard in a colder climate where it will seldom be used and where no home in the neighborhood has one for that very reason, you may lower the home’s value.
So, again, the best course is to talk to your East Hanover and Morris County before making any upgrades. An experienced agent can guide you in making upgrades that will increase, not decrease, your home value.
3. Deferred Maintenance and Deteriorating Paint
Two things that almost always lower a home’s value and successfully drive buyers away are signs of deferred maintenance and poor paint quality. Here’s what the real estate pros say about these things and how they decrease your home value . . .
“Have a backlog of serious repairs, such as a leaky roof, damaged siding, or a spluttering HVAC system? If so, it’s best to tackle them ASAP. Letting them languish on your to-do list will only chip away at your home’s property value. What’s more, it’s often more expensive to remedy these issues the longer you wait.”
Something as simple as peeling, deteriorating exterior paint can lower a home’s value a surprising amount. It’s a turnoff for buyers, and that will be reflected in the offers. In repainting, though, you need to be careful about colors that could still decrease your East Hanover and Morris County home value. Painting your home in an offbeat color is a negative. “Buyers favor neutral colors like gray, white, cream, and beige. So pick your colors with care and repaint the exterior when it starts to look bad.”
4. Bad Neighbors and Foreclosures
The character of the neighborhood can also impact a home’s value. Two things that can negatively impact value are bad neighbors and foreclosures in the neighborhood.
Bad neighbors are typically those who have junk-filled yards, don’t maintain their homes, and/or hold a lot of loud parties. The neighborhood crime rate is also a factor here, as well as the presence of registered sex offenders in the neighborhood.
On a related note, another thing that can decrease your home value is the fact of neighborhood foreclosures. “A foreclosure close to your home hurts your home’s property value. That’s because appraisers look at comparable selling prices in your neighborhood when estimating your home’s value. What’s more, foreclosed homes may sit vacant without any maintenance for a long time. That also doesn’t bode well for your property value.”
Another thing that can decrease your home value in East Hanover and Morris County and that is entirely within your control is the amount of personalizing in and on your home. Do too much, and value could go down.
“When a buyer tours a house, they quickly take note of all the projects they’ll need to do. Topping their lists are things like removing quirky wallpaper, painting over unusual colors and replacing conventional fixtures. If you’re going for something offbeat, try to ensure it can be easily removed or reversed when it’s time to sell.”
You need to strive instead for a blank-pallet effect, one that will allow potential buyers to envision your house as their home. Your local agent can help you get this right.
The Agent Advantage
As we mentioned, some of these you can’t control, but others you can. And that’s where you need to call on your local agent’s expertise. So if you’re ready to sell and don’t want to see a decrease in your home value in East Hanover and Morris County, contact us today at (973) 887-2500.