Four Weird Threats to Your Property Value
Published | Written by Jennifer Jacobs
Today, many people are naturally concerned about property values in Tulsa. Although it might seem as though the biggest threat to your property value would stem from foreclosures, there are actually several other areas that you might not have thought of that could lower your home’s property value.
- In many instances, when a homeowners makes updates to their home, they try to go bigger and better than the neighbors. This is not necessarily a good thing. Overall, your home should be in line with other homes in the neighborhood. A home that is larger, and more expensive than surrounding homes will often actually discourage buyers.
- Creativity is certainly a trait to be admired, but when it comes to your home, it could impact your property value. This is not to say that your home should be a cookie-cutter copy of other homes in the area, but a home that significantly clashes with others in the neighborhood may not attract the kind of attention you desire.
- Even though you may not realize it, a large number of rental properties in the area could also decrease your home’s value. Some estimates indicate that a neighborhood saturated with rental properties could decrease your property value by as much as 15 percent. It’s not necessarily the fact that the properties are rentals but the fact that renters may not maintain properties as well as homeowners.
- A lack of attractive landscaping in the area could also drive down your own home’s value. While many homeowners do not give a lot of thought to landscaping, pristine landscaping could increase the value of your home by as much as 10 percent.
Understanding that a variety of factors can affect your home’s value can help you to make the most of your property and ensure you get the best price possible.