Since your home is likely going to serve as the largest financial investment of your lifetime, it makes sense to want to protect the value as it ages.
However, there are outside factors that may affect its value even if you do everything in your power to ensure that your house and property meet rising standards. In particular, the neighborhood in plays a big role in its overall value.
Loss of business in the area
Sundae discusses some of the red flags of a deteriorating neighborhood. First, keep a pulse on businesses in the area. They tend to leave places that are heading down undesirable routes. Small, local businesses leaving should serve as a red flag, and big chains leaving might indicate a real problem.
Lack of minor repairs
Next, take a look at the streets. Smudges on sidewalks or buildings, an increase of trash and litter on the road, and dilapidated or broken property may all mark a decrease in overall value. When small issues go unrepaired or untreated, this often indicates that the people in charge of fixing such issues do not have the funds necessary to do the repairs.
Vacancies in housing and business
Vacancies also pose a problem. Apartments for rent, houses for sale and boarded storefronts show that there is not much demand in the area.
Similarly, multi-family homes point to the same sort of issue. Landlords will often convert single-family dwellings into multi-family ones to make up lost costs due to the lack of demand. Any of these signs may indicate the possibility that a neighborhood is on the decline.