Your home is likely the largest purchase you’ll ever make. So when you have it, you want to treat it with care. You want to keep it in good shape, take care of landscaping and make sure that it’s not only liveable but a home that you feel comfortable in. Treating your home with care can help the home selling process too.
But you can do everything right with your home but outside factors can affect the value of your home. Of course, there’s the state of the economy, which can fluctuate at any given time, but there’s something you might not be fully considering: the neighborhood. Here are nine telltale signs your neighborhood is changing for the worse, which could lower your property value.
1. Businesses are moving
Communities thrive with businesses in the neighborhood. If there are businesses that are moving to another nearby neighborhood, this could be a red flag. This is especially true if the business is a chain, such as a grocery store, and is on the move to a different neighborhood.
2. Things are getting messy
It’s not just what you do to the home that you have that determines the value of your home. It’s the neighborhood as a whole. Are things getting messier? You see more trash or discarded items on the sidewalk. Public parks aren’t worth going to. If cleanliness and upkeep don’t seem to be a part of the neighborhood this is a surefire sign that things are on the decline.
3. The streets are empty
Safety is a staple of each neighborhood and can have a big impact on the value of your home. If families, women and children are noticeably absent from the streets, that’s a red flag. They may not feel safe walking on the street if there are risks to their safety. You’ll want to check the neighborhood at different times, too. Notice who is on the streets and who is not. This can give you an indication of what’s going on with the neighborhood.
4. Property taxes are on the rise
If property taxes are on the rise, it could signify that the community is losing out on business and the tax base is dwindling. Governments are normally pretty slow to cut services so they may transfer the burden of property taxes from commercial outlets to the residents.
5. Public transportation access is limited
Public transportation is the heartbeat of any community. It helps keep things moving and get people to where they need to go. If public transportation access is limited or running slower than usual that can indicate a problem. If routes are being cut or there is limited access, it could mean that the transportation authority can’t justify going to that neighborhood as often anymore. Those decisions aren’t made lightly, so if that’s the case, it could spell trouble for the neighborhood.
6. Hospital closes
Hospitals provide life-saving services and add tremendous value to any neighborhood. If there is a hospital closure, especially if it’s downtown, this is bad news. Hospitals employ a lot of people and provide a space for many people to get the help they need. If there’s a closure, the neighborhood may be on the decline and the hospital can’t justify being there anymore.
7. Vacancies are everywhere
There’s storefronts that are vacant on every corner. There are listings upon listings available in the neighborhood. Not only do business owners not want to move in, no one wants to live there either. If you’re seeing vacancies everywhere, whether business or residential or both, it’s a huge red flag.
8. Homes are being converted
When homes are being converted to duplexes or multiple apartments it could signal that property values are falling. Converting homes is often a business move for a landlord trying to make more revenue.
9. Public school population keeps getting smaller
The public schools in the neighborhood play a big role in the community. But when parents decide that the public school is not up to par, or not safe, they’ll start sending their children to private schools. If the public school population keeps getting smaller — especially if a public school closes — this is a sign that things are getting worse. Schools in the neighborhood have an impact on property value, so a dwindling population can mean a lower value on your home.
What you can do
If you see any combination of these nine telltale signs that your neighborhood is on the decline and property value is taking a hit, what can you do? You might want to rush to sell before things get much worse but you don’t want to rush and work with a realtor who can take 6 percent in fees. Realtors and investors may not have your best interest at heart.
The good news is those aren’t your only two options. You can work with Sundae to get the best price for your home. We buy homes for cash and offer the highest price, guaranteed.
We work on a large scale so can afford to do without all those pesky fees. We can also help you out and offer $10,000 cash advance for moving. Need assistance or have any questions? Get in touch.