A home is the single largest purchase a person will ever make, so it only makes sense to protect your investment. When your goal is to obtain fast buy properties in Scotland it is important to understand what value they hold. It is worth to remember that different aspects of a house can increase or decrease the value of a house for sale in Scotland. Some things can depreciate the value of your home, including your neighbours and even the fact that you live next to a sex offender. Therefore it is crucial to do your research of the area.
In this article, we’ll explore the main reasons why your property value may fall. In addition to crime, there are several other factors that can decrease the value of your home, such as old features and finishes, changes in climate, and substations and power lines.
Older features and finishes can devalue a home
The old-fashioned way of doing things isn’t good for your home’s value. Older homes show their age and show their patina. Older wood has a richer luster and lathe and plaster construction is solid. But old features like carpet and wood flooring will detract from the value of your property. Lax maintenance can lead to warped floor boards, cracked walls, and falling gutters. Old windows may not close properly or might be warped.
Substations and power lines
Recent studies suggest that property values may decrease when homes are situated near power lines and substations. A study published in the Appraisal Journal in 2013 found that houses near power lines sold for less than houses far from them. However, it is hard to prove that power lines cause property values to decrease. This study looked at more than a dozen studies between 1948 and 2009. The authors concluded that power lines were not the only cause of property values to decrease. The presence of power lines on a property reduced the value by 2 percent to 9 percent. In other words, a house that should sell for £250k would be discounted between £5k and £22,500 to recoup that loss.
Changes in climate
Changing climate patterns can lower the value of property in many places. In fact, one in five Americans believes that climate change will decrease their property values. While climate change isn’t the sole cause of these declines, it can certainly contribute to a property’s value. Moreover, homeowners may have priced their homes in anticipation of the possibility of climate risks in the future.
Wind farms
If wind farms are built near your home, you should be aware that the value of your property could go down. A study by the RWI Essen institute, based on an analysis of three million real estate offers, revealed that 65% of one-family homes have a decrease in value when wind turbines are close by. The impact disappears once the turbines are at least eight or nine kilometres away. This negative effect is attributed to a combination of factors, including possible noise pollution and the aesthetic impact on the landscape.
Natural disasters
Property values decrease after a natural disaster, but you can make them go up with renovations. Funds for renovations are usually allocated by the government, private citizens, and different organizations after a natural disaster. Renovations can improve the neighbourhood and make properties worth more than they were before the disaster. Many people choose to live in areas that have experienced natural disasters, because they are close to their families, jobs, and communities.
Noise pollution
You can see how noise pollution can affect the resale value of your property. Unfortunately, most buyers don’t know about noise pollution. The level of noise in a city like NYC is much higher than that of a rural area. This fact can lead to many problems, including cardiovascular disease and hearing issues. Listed below are some of the most common causes of noise pollution and how to solve them. To learn more about noise pollution, contact your local government officials.
Sex offenders can lower property values
The immediate effect of a sex offender on a property is significant. Those living within 0.1 miles of the sex offender can see a 4% decrease in value. And if you live next door to one, you could see a 12% drop in value. But this reduction is only temporary; once the sex offender has moved out, the value of your home will bounce back.