What makes a house have no value?

Practically, any time a property requires more repairs than it would be worth once the repairs are done, it has no value. Any property that is sold subject to liens or other liens that prevent its resale or use in certain ways may also be worthless. If your neighborhood has a surplus of homes that are in foreclosure or available for short sale, the fair market value of your home is devalued. Buyers can buy nearby homes at lower prices.

To compete in this environment, you must prove that your home is worth the additional money that will be needed to buy it by making improvements, maintaining the land, painting the exterior, repairing all defects and presenting a quality home. If schools in your area aren't healthy and thriving, that could be reducing the value of your home. It's very common for homebuyers to want to move to places with top-notch schools. People with children are often especially aware of the quality of schools in the areas to which they are directing their search.

Other buyers, aware of the impact schools can have on property value, may also consider it. If taking care of the garden isn't one of your priorities, it can make your home harder to sell when the time comes. When you're trying to sell your home, even worse than an excess of houses on the market is the excess of properties available for rent.

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