KNOXVILLE, Tenn. (WATE) – Halloween is a week away, but did you know creepy things could kill your home’s value? From paranormal activity to slime, it’s frightening how these things could affect a property’s sale price.
The National Association of Realtors says homes that have been the location of murder, suicide and other unsavory events are said to be “stigmatized.” There may be nothing wrong with the property structurally, but it can be a tough sell because of the bad circumstances. By some estimates, such properties not only command lower prices, but they may also sit on the market significantly longer.
Yes, the neighbors are quiet, but a cemetery is bound to discourage potential buyers. In fact, the National Association of Realtors found that the presence of a cemetery nearby drags down property prices by 12 percent. On the other hand, however, an analysis of sales by real estate firm Redfin came to the opposite conclusion. It discovered an advantage of having a cemetery next door prevents future development on that location.
It’s not just the deceased that can have a serious impact on housing prices. A creepy neighbor could be just as bad, like the couple two doors down who like to cook meth. Potential buyers don’t have much trouble finding the unsavory characters on the block. The information is easy to find through online sex offender and criminal registries. Research shows the presence of a sex offender drops the prices of homes within a tenth of a mile by four percent.
Not all mold is deadly, but there has been enough bad press about toxic mold that buyers would understandably hesitate to purchase a home that has any variation of the stuff. It’s hard to say exactly how much mold can affect a home’s value, and, if it has been remediated correctly, there may be no way for a potential buyer to tell.
You would think the number on your door would be the least of your worries when selling a house, but unlucky number 13 could cost you some cash with superstitious buyers. A recent survey found 24 percent saying they would expect a home with the number 13 or 666 to be priced lower than other homes.
Creepy factors won’t necessary make it impossible to sell a home, but they could keep you up at night worrying about your chances. Of course, if you’re a buyer and the creepy things are of little concern, you could snag a great bargain.