What Can Make a Bad NeighborhoodA bad neighborhood can be defined in many ways. An unkempt yard, a power plant, a major highway, these can all define a bad neighborhood. When shopping for a home, you really have to scope out the location and know more than just the address. A bad item in your neighborhood can cost you 15% of the value of your home. Bad neighbors also add to the mix. If you're living to someone who doesn't take part in landscaping his or her lawn, if their garbage is all over the driveway, and if they're not easy to talk to, that can be a major drawback to potential homebuyers not to mention the fact that you're living right next door.
Power plants are another issue that impacts the value of a home. A study done by the University of California at Berkeley showed that home values within two miles from a power plant can be decreased between 4% and 7%. Landfills don't help either. Another study from the Pima County in arizona showed that a subdivision near a landfill loses 6% to 10% compared to one that isn't next to a landfill, when all the residential factors are the same.
According to a professor at Cleveland State University, if you live within two miles of a landfill that the government designates as a hazardous-waste site, your home value's will decrease by up to 15%.
Delinquent bill payers, especially ones that are part of a condo or town home community, can bring down the value of neighboring homes. If they're not paying the association fees to help maintain the appearance of the communal rooms, then the property and community will suffer. There's less money to help maintain the place.
Foreclosed homes which are a big reality these days certainly don't help the real estate market. Having foreclosures in your neighborhood will drive the value of the surrounding homes. A study done by the Massachusetts Institute of Technology showed that homes within 250 feet of a foreclosed property decrease by 1% per foreclosure, on average.
Great landscaping can increase the value by 5% to 11% according to a report by the Virginia Tech University.
Closed schools are another problem that can drive value down. The National Association of Realtors say 75% of individuals shopping for a home say the quality and availability of schools are somewhat or very important.
As you can see when shopping for a home, make sure you check out the location thoroughly. And when you're ready to move in, call the local San Antonio movers for a hassle-free move. We're backed by four generations of movers and an entire network of professional moving specialists across America. Call for your expert moving company when you're ready for your big residential move!