The real estate crisis over the past few years has hit some neighborhoods hard. Many up and coming communities are now considered distressed areas with vacant lots, abandoned homes, and houses that just aren’t selling. The number of short sales and bank-owned properties makes it difficult for neighboring properties to keep their home values up and for the affected neighborhoods to maintain a good reputation.
Yet, new life is rising in a number of emerging neighborhoods, where buyers are coming in to rehab distressed homes or purchase in an area that’s being re-developed and improved. In these communities, the original homeowners are looking for ways to maintain the value of their properties.
Here are three strategies that work to keep home values up:
- Improve curb appeal and set the tone for a home’s worth with landscaping, pruning and flower beds
- Rehab the exterior of the home to give it a pristine, clean look, fresh paint, keep all clutter cleared away. Address any visible repairs needed to the exterior of the property
- Safeguard a vacant or rehab home from break-ins with secure, attractive door and window barriers like the vacant property solutions from DAWG
The importance of maintaining the look of a home while keeping it secure is imperative. The number of theft cases is on the rise, especially in cases where vandals extract copper piping form the home to sell for worthwhile profits. According to the FBI, copper theft is a growing threat to vacant homes or properties that are being refurbished.
Any emerging neighborhood that is going to thrive must have a low crime rate. Buyers seek houses within communities that are not high crime areas or that demonstrate a declining crime rate. The best way to keep criminals from creeping into these neighborhoods is to fully secure the properties. When an area is free of crime, prospective buyers consider it a good investment because there is also value in a good quality of life.