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Homes are just like any other asset. Eventually, their value declines, and they cease to be worth as much as they once were.
It is important to note that your house can depreciate even if the market value goes up.
It is entirely possible, for instance, to purchase a home for $100,000 and sell it ten years later for $110,000 without carrying out any maintenance whatsoever and still lose money.
But why is this?
Prices, even for dilapidated properties, rise in a booming market. Values often still go up. When you fail to maintain a property, though, you fall foul of opportunity cost – how much your house would have been worth, had you looked after it. With maintenance, you might have been able to sell your property for $140,000 – netting you $30,000 more.
So how do you fight home depreciation and keep the value of your property high?
Take a look at the following ideas:
Trim Back Surrounding Trees
Trees are a big problem for many properties. Not only is there a risk of tree fall, but their roots can sometimes destroy your foundations, leading to expensive repair bills.
If a tree looks like it is getting too large, you will need to hire an arborist. These professionals can provide advice on the danger it poses to your property, and then recommend either cutting back or outright removal.
Keep An Eye Out For Cracks
Cracks in your walls or windows are a problem for several reasons. First, they indicate that you might have a serious issue with your foundations, which you need to check out immediately before it gets worse.
Second, they provide an opportunity for critters to enter your home and create havoc. Mice, for instance, can chew through wires and leave droppings everywhere. And bees put you and your family at risk of getting stung.
Pest control services let you fight back. Not only do they remove the offending creatures, but they also provide advice on sealing up your home and preventing another invasion.
Clean Your Vents
If your property has an AC unit, then you probably have several vents around your home. The purpose of these is to draw in outdoor air and allow warm air to escape.
Most vents come with filters to prevent debris from contaminating the internal machinery of the HVAC system. When these get clogged, it means that the unit has to work harder, thus shortening its life.
The good news is that cleaning your vents is relatively easy. You just whip out the old filter, discard it, and then replace it with a new one.
Inspect Your Woodwork
The vast majority of properties feature at least some woodwork, whether it is the cladding for the building, the eaves, or window frames. Unfortunately, once exterior wood goes bad, there’s usually nothing you can do except replace everything.
Ideally, therefore, you want to do things that help you avoid that. The best solution is to apply a fresh lick of paint every year or so. This process stops water from penetrating the material.
Photo by Zane Lee on Unsplash
