In a hot real estate market buyers can quickly make mistakes. By putting too much focus on getting an offer accepted and not paying enough attention to the home itself, it’s easy to overpay without realizing it, until it’s too late.
When you’re looking at houses for sale in Nanaimo, don’t forget to look for these things around your home that can lower the property value.
1. Location of the lot
A house built on a lot that’s located in the middle of the subdivision or on a cul de sac away from the other traffic in the neighborhood will usually have a higher value than homes that are on corner lots or near the community entrance.
2. Median price of other homes
Houses that are close to the median price for the neighborhood mean you’ll get the most for your money. Median means the home is priced similar to other ones. Houses above the median price range for the neighborhood may end up getting sold at a discount, simply because they’re more home than what the area’s buyers are shopping for.
3. Eccentric home upgrades
Outdoor swimming pools in cold weather climates or other high-maintenance upgrades like exotic fountains or extra-lush landscaping may be good for one owner, but not so good when the time comes to sell. Buyers may be turned off by the extra maintenance involved, especially if the home is in a middle-class area.
4. Quality of school district
Houses for sale in Nanaimo in bad school districts statistically have lower property values than homes in better school districts. They generally have a higher property value even if the market goes down, because buyers will pay a little more to be in a top school district.
5. Power lines nearby
There’s always a need for electricity, but that doesn’t mean you should live next to power lines. Granted, there’s an ongoing debate about the health hazards of power lines. However, electrical lines can end up lowering property values because they’re a form of sight pollution.
6. Airplane pollution
Speaking of pollution, there are a variety of noises that aren’t always noticeable, at least at first. For example, houses that aren’t close to an airport can still have lower property values if they’re in the flight path. Planes flying over the house when taking off or landing can be almost as bad for home values as being right next door to an airport.
7. Closeness to train tracks
Noise from commuter trains or freight train tracks are another form of noise pollution, and another thing that can lower property value. While it’s true that homes near commuter or light rail stations may have a higher value, being next to the train tracks will drive down the value.
8. Proximity to highways
Being too close to a highway can lower the property value of a home for a couple of reasons. First, there’s the noise from cars and trucks and exhaust pollution. Second, in some areas, homes near highways are more prone to burglaries, because the highway gives thieves a quick and easy way to break in and get out.
9. Nasty neighbors
While you can’t control your neighbors, they can most definitely affect the property value of your home. Living next door to late night partiers, barking dogs, or hoarders with junk everywhere can make your home worth less than it really is.
10. Vacant land
Some buyers like living next to a vacant lot because there’s more peace and quiet. However, tranquility can quickly disappear when construction begins on the vacant land. Be sure to check the local zoning to learn the land use type so that you don’t end up living next to a warehouse.