Its incredible how many things, many of which are out of your control, can affect the value of the homes in your neighbourhood. A lot of the times they are things that can be remedied by other homeowners, but sometimes it’s a matter of concern for the city. Here are some of the many things that may be affecting the value of your home, and others in your area.
1. Condition of neighbouring homes
If any houses in your area are not kept up, this can have an impact on everyone’s property value. Condemned residences, overgrown lawns, broken windows, broken fences etc., all bring the overall quality of the neighbourhood down.
2. Government housing
Although government housing, like a half-way house or publicly funded sober house, need to be somewhere, they can affect the value of your neighbourhood. This is particularly true if the actual homes themselves are in poor repair or if there is a lot of loitering on the property.
3. Air or noise pollutant nearby
If you live in an area close to a factory of some sort, this could make you area more or less desirable based on the nature of the factory. Where an automotive plant may be a positive factor, a dog food plant would not because of the odour. This is also true of homes located very close to airports or landfills.
4. Age of the area
In most cases an established neighbourhood is highly sought after, but this is only true if the homes have been cared for. If an area is simply old and you can clearly see it needs some general TLC all the way around, this could be problematic.
If you think your home value is suffering because of the condition of your neighbourhood, try to take action. Getting together with neighbours is a good idea and may allow you all to develop some resolutions regarding your individual properties. Although you can’t change your location, you can make the most of your home itself by keeping it well-maintained.