A house is an expensive investment. People who go into real estate hope that the property they acquired will one day increase in value so that they can sell it off for a much higher price than what they bought it for.
While real estate is still a safe and worthy investment, it comes with risks. The value of a property doesn’t always increase, especially if it’s not maintained well. Moreover, certain events can cause a significant drop in its resale value. If you want to avoid that, here are some things to do and stay away from:
Burglary, Robbery, Vandalism, Trespassing
Crimes that occur within and around the property can cause problems when it’s time to sell the house. No buyer in their right mind will purchase a home where they don’t feel safe.
Staying in touch with your neighbors can help them protect their properties. If anything suspicious occurs, they will be the first ones to call the police and pay extra attention if it happens again. They can also inform you if there are any strangers walking around the neighborhood.
This way you’ll know who belongs in the area and if any of them is up to no good. As much as possible, try not to let people cut across your property or pass through your gate. This might make trespassers think that it’s okay for them to come whenever they want, eventually making it easier for burglars to break in.
In addition, invest in security systems. If you have a rental property, commercial CCTV systems might be more appropriate because they can cover a wider area and can give you access to better controls. Your house, too, will benefit from a thorough security system that you can monitor whenever you need to.
Major Natural Disasters
You can’t control the weather, but you can prepare for it and avoid building a home in a dangerous zone.
If your house is near a body of water, there’s always the risk of floods and tsunamis, especially if you are in an area where earthquakes are common. If you already have an existing house on low-lying land, make sure that its foundation is high enough to avoid any damage from rising water levels.
The property should also be built to be sturdy, even during earthquakes and hurricanes. You can increase its durability by using materials that absorb shock. Make sure that all wires and pipes are fixed well and secured tightly.
A hurricane, for example, can cause a gas leak or damage the roof of your house. If there is any gas leak inside your home, turn off all appliances until the problem is resolved. A damaged roof will affect the structure of your property as well as its resale value.
Every year, there are countless traffic accidents on the road. Some of them are fatal and can severely damage property.
If your house is near the main thoroughfare, traffic can be a concern. Once an accident occurs, potential buyers may stay away from the property. Those with very young children, especially, may not feel safe if there is a risk that traffic accidents may occur around their home and neighborhood.
If you have appliances in your home, make sure to regularly check them for any signs of leakage. You can determine if there are leaks once they start emitting unusual smells or making strange noises. If you don’t want to do it yourself, hire a professional plumber instead.
The home’s walls and ceilings should be free of any leaks as well, especially in the bathroom. You should also regularly make inspections so that you can fix a leak before it stains walls and ceilings.
If you don’t want to spend money on repairs, make sure that your basement is waterproofed with high-quality sealants and materials with high resistance against water. This way, even if there is a flood in your neighborhood, your home will remain intact.
Build a green roof that can help water absorb into the soil instead of evaporating upwards, especially when it’s hot outside. This will prevent your home from getting too much humidity and swelling walls in the process.
It’s important to be aware of the events that can lower your house’s resale value so you can take preventative measures. These are only a few of the different things that can damage your property. If you are interested in real estate, it’s good to be informed about these issues beforehand so you can avoid them when investing your money in a new house.