For many of you, your downtown Boston condo is one of your most valuable assets, so it makes sense that you’d want to protect your investment. Read this Boston Real Estate Blog to learn about 5 surprising things that decrease a home’s property value.
Bad Boston real estate neighbors
Have a neighbor with loud dogs or a penchant for wild parties? If so, know that it erodes your property value in addition to theirs. Another issue is living by a registered sex offender—find out if there are any in your neighborhood by searching the National Sex Offender Public Website.
The poor exterior of the condo building
Your Boston condo building exterior is the first impression people arrive at your Boston condo for sale. So exterior paint that’s faded, cracked, or peeling is a big turnoff. Another negative is poor maintenance of the exterior brickwork if you live in a condo building in Back Bay or Beacon Hill.
Deferred maintenance on the condo building
Have a backlog of serious repairs, such as a leaky roof, damaged siding, or a sputtering HVAC system? If so, it’s best to tackle them ASAP. Letting them languish on your to-do list will only chip away at your Boston real estate property value. What’s more, it’s often more expensive to remedy these issues the longer you wait.
Proximity to certain facilities and businesses
As a Beacon Hill real estate broker, I was somewhat surprised to find out in the study that I read that having a home near a hospital is a turn-off for real estate buyers. I guess with the COVID-19 outbreak it makes sense.
Studies show that living close to certain businesses and facilities can drag down property values. Being in close proximity to the following are associated with these drops in property value:
A bad school district (22.2 percent)
Strip club (14.7 percent)
Homeless shelter (12.7 percent)
Cemetery (12.3 percent)
Funeral home (6.5 percent)
Power plant (5.3 percent)
Shooting range (3.7 percent)
Hospital (3.2 percent)
