Articles

How Death Can Be The Grim Reaper For Home Value

The Grim Reaper

Published on September 30th, 2019

In ancient China, Feng Shui experts advised their clients never to locate a residence next to a cemetery. Presumably, problems associated with ghostly apparitions might diminish the quality of the energy in the vicinity. While modern people frequently discount this type of advice, it appears in large numbers American home buyers do indeed shun homes closely associated with morbid events or places.

The real estate website Trulia reports residential properties proximate to cemeteries, crematoriums, and funeral homes often command lower sales prices. Does the Grim Reaper kill home values, too? This brief article explores some of the ways death negatively impacts the marketability of residential realty in the USA.

1. A Sensitive Subject

The Grim Reaper

Perhaps no one should feel surprised that most home seekers don’t prefer locations associated with mortality. While death eventually singles out everyone, buyers don’t enjoy dwelling on the topic. Real estate purchasers typically prefer to envision themselves residing in comfortable, vibrant settings. These sites appear well-suited to pursuing happy, active lifestyles.

Owners of properties which witnessed tragic events often face an uphill battle in dealing with the real estate market. Even sellers of homes situated very close to busy hospital emergency rooms sometimes wait longer for purchase offers. While these locations might appeal to people at high risk of requiring medical services, statistically they don’t usually attract as much interest as dwellings in more serene neighborhoods.

2. Required Disclosures

compensation laws

Scenes of tragic events, including suicides and homicides, usually prove difficult to market. Today, state laws frequently require sellers to disclose information about deaths on the premises to prospective buyers. Lawmakers believe prospective purchasers deserve to know about events which might detract from their comfort level in owning real estate.

The evaluation of any home placed on the real estate market remains a highly subjective matter, of course. People frequently differ in their willingness to occupy premises which witnessed unfortunate events. Some households may experience no problems residing in these properties; others suffer intense anguish and psychological distress.

3. Responding To A Tragedy

The Grim Reaper

People living in homes where unfathomable events transpired in the past often choose to sell or lease the realty. In this situation, consider following these steps:

  • Consult state statutes to discover whether or not you must disclose the home’s full history to prospective buyers;
  • Comply with the law in your jurisdiction;
  • Respond honestly to buyer inquiries.

By complying fully with the laws in your state, you’ll gain greater peace of mind knowing you’ve treated purchasers fairly.

In some cases, sellers in states which do not require full disclosure might decide to alert prospective purchasers to a property’s history as a matter of courtesy. Taking this step gives you the assurance buyers know all the pertinent facts about the real estate.

You’ll also reduce your chance of receiving a lawsuit years after the sale contending that you mislead or deceived a purchaser by concealing important information. While tragic events occurring on the property deter some purchasers, they typically won’t dispel the interest of every potential buyer.

4. Enhance Peace Of Mind

Enhance Peace Of Mind

Property owners cannot always control events which occur on their real estate. Yet they do possess the power to frame these incidents in the most constructive, beneficial way. If in doubt concerning the best course of action after a tragic event, it may prove helpful to consult with series of professionals.

Advanced Bio Treatment can help remove any signs of death or results of a crime scene. Furthermore, consider visiting a local therapist or religious authority to help work through the psychological and spiritual issues you may have after dealing with an unfavorable event. Use your conscience and your best judgement to assist you in resolving any personal conflicts about the best disposition of the realty.