For many of us, a home is the biggest investment we’ll ever make – yet most Americans are clueless about their home’s value, including the things that can ruin it. From unappealing renovations to an unfortunately placed sinkhole, numerous factors can devalue your greatest investment. We’ve rounded up 11 threats that could torpedo your home’s value:Sinkhole damage. While there’s insurance coverage specifically for sinkhole damage in case your property is hit by one, they still hurt property values. “It definitely stigmatizes the property,” Rob Arnold, a Florida real-estate investor and realtor who has bought and sold more than 30 sinkhole properties in the last five years, told CF13 News. He tells owners of damaged homes to knock 30% off their asking price, plus the cost of any repairs. City dumps and power plants. When researchers looked at five municipal landfills near residential property in Cleveland, Ohio, they found the stench was enough to drag down property values by 5.5% to 7.3%. Landfills are most hurtful in populated, expensive, residential areas. The effect was basically nonexistent in sparse, rural areas. Likewise, the University of California at Berkeley found that homes within 2 miles of a power plant drop 3% to 7%… Read full this story
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