Abandoned Houses and Neighborhood Home Values

The number of abandoned properties is increasing daily, and this can be due to the owner’s financial incapability, mortgage, or tax payment issues. An abandoned property often remains a vacant house for a while before it is considered abandoned. A vacant house still belongs to the owner; however, no one has been inhabiting it for some time. This can also be due to bankruptcy, foreclosure, or the owner might just be out of the country.

The owner of a vacant house often has no plans to maintain it or return to the property. Hence, the basic responsibilities of cleaning and routine maintenance have been abandoned, leaving the house in bad shape.

Effects of Abandoned Houses on a Neighborhood 

Abandoned property will have an ugly exterior with potentially bad lawn, weeds, or dirt. There might also be junk in the yard or porch, and all of these making it appear unaesthetic. Apart from the fact that these homes can be the last to sell, abandoned properties can also become a nuisance to the community.

Abandoned properties can become an abode to trespassers, squatters, and thieves. Several forms of vandalism can even occur in the neighborhood. The criminal activities that can occur in these properties can make the neighborhood unsafe, hence reducing the home values in these locations. Also, there is a risk of fire outbreak in these properties, which can result in the death of civilians and even firefighters. 

No one wants to buy a house in a community where public safety is not certain, and the crime rate increases. Hence, intending home sellers in this community might find it difficult to get interested buyers that will value their properties.

How to deal with abandoned houses in a neighborhood

Since an abandoned property usually has multiple defects, and the owners are no longer interested in repairing it, the federal government might end up seizing the property once it breaks some federal laws. When this happens, the federal government will auction the house at a lower price. This low home value will tend to attract investors and companies who flip homes for sale.

If you are concerned about any property in your neighborhood because it appears abandoned, you can take a step by visiting the County Clerk’s office. This way, you can track the property owner, and if the house appears abandoned, then you can do a public record search for the mortgage lender. You can also report to the appropriate authority in the area.

The property can also be foreclosed, making it become the property of the bank. If this the case, the house can also become part of a real estate home auction, and interested buyers will pay for the property and make necessary renovations.

Abandoned properties can become a major problem to the community as it can cause several dangerous acts which can have negative effects on lives and properties. This will put off intending buyers from even considering properties in this location; this is why it is best to select from the solutions listed above when you find an abandoned property in your neighborhood.

LINKS

https://www.researchgate.net/publication/271929557_The_Impact_of_Abandoned_Properties_on_Nearby_Property_Values https://rismedia.com/2019/03/20/abandoned-house-neighborhood-can-affect-property-values/
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