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Duke Warner Realty

bend oregon real estate

People often assume that if they buy a house, its value will automatically go up over time as they pay off their mortgages. In most cases, however, the capital that Americans invest into their houses is their main source of wealth. This means that when property values rise, their net worth usually increases too.

Every homeowner wants their property to rise in value over time. Unfortunately, not all houses live up to their price potential. These 8 issues could be affecting your property value. Once you become aware of them, you can take steps to help increase your property value.

An unattractive exterior

Appraisers give your house a value that is based on both market trends and recent sales in the area. The demand for property in the area also has an impact on its value. Having an unattractive exterior is a sure way to put off both the appraiser and prospective buyers.

If there’s a lot of interest in your house from prospective buyers, you might be able to get a higher price. Having a house that looks unappealing, however, will put them off. It’s good to bear in mind that people who value your house will be comparing it with other properties in the area and if it looks unattractive, it will probably also yield a lower value.

There are many ways to give your house an attractive makeover. For example, you could spruce up the garden, give the house a fresh coat of paint, or renovate the entrance to make it look more aesthetically pleasing.

Bad condition

If your house is in bad condition and requires a lot of maintenance or repairs, it will fetch a lower price compared to other houses in the area that are better maintained. The value of your house will be negatively affected if it requires many repairs related to wear and tear. It’s advisable to sell your house in its best condition so that you can maximize its sales price.

Awkward renovations

Homeowners love to renovate their houses which can be costly but can add significant value to the house. However, some renovations can also be detrimental and bring down the value of the house.

The latter often involves renovations that change the layout of the house. For example, if you remove a separating wall to combine two rooms, you might reduce its total value as you reduce the total number of rooms, even though you may enjoy having one bigger room. If you’re worried about the value of your house, consider seeking professional advice from a home evaluator before proceeding with any renovations.

Energy efficiency

Having a home that’s energy-efficient means paying lower monthly utility bills and this can help in paying off your mortgage in the long run. Having old and inefficient heating, or a lack of double glazed windows can lower your property value since buyers will need to spend money to install or upgrade them. It’s best to keep up with modern upgrades so that when you sell your house, it’s energy-efficient and is compliant with regulations. As a bonus, you get to save on your monthly utilities while living there too.

A creepy history

Certain houses can be notorious for having a bad history or even be haunted, which can be off-putting for prospective buyers. While a messy divorce can deter some buyers, a history of murder or hauntings can greatly impact its value.

Building regulations

Many houses have regulations in place that prevents construction, alterations, or even renovations. Some houses are also subject to design guidelines and planning permissions that can limit the design and size of renovations or the color you’re allowed to paint the house. While design regulations often aim to maintain house values in an area, they can also be restrictive and is a reason why some people may not be keen on buying a house.

Proximity to industry and phone towers

Unfortunately, you can’t predict what will be constructed near your house – infrastructures like wind farms, cell phone towers, and industrial plants can detract from your house’s value. Cell phone towers can be unsightly and people also worry about their effects on the environment and human health. This may cause people to avoid houses in their radius despite being located in an attractive area.

Crime

Certain areas are notorious for crimes like burglary, theft, carjackings, or drugs. Areas once historically pleasant can decline over time as their crime rate rises. Likewise, areas that were riddled with crimes can transform for the better. It’s worth helping your local neighborhood to maintain safety and minimize crime by taking steps to keep criminal activity to a minimum. This can be done by enhancing general security, carrying out neighborhood watches, or by installing surveillance cameras.