Your home’s property value defines if your home investment is worth it. As people say, the value of your house increases every year, especially if your surrounding environment continues to develop into a more liveable space wherein it can provide convenience and safety for everyone.
But apart from the house location, there are also multiple ways people determine your home’s property value.
Most often, homeowners look past the electrical wiring on their property as they might assume that it’s no big deal. However, they’re a deciding factor in buying a house. Apart from ensuring that your home is getting reliable electrical suppliers, you also need to guarantee that you’re placing them well in the right place.
Short Answer
If you’re asking if electrical wiring impacts your property value, the short answer is Yes. While it might seem like a small thing, it can negatively affect your property’s value in that it can reduce its worth by 10 to 40 percent, depending on its appearance and condition. Moreover, below are some reasons why it impacts your property value:
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1. Not Aesthetically Pleasing
One of the biggest concerns buyers consider when choosing a property as their next home is how aesthetically pleasing it is on both the outside and inside. However, having electrical wiring right in front of your home, or even just beside it, can decrease the appearance of your home, making it not an excellent sight for the eyes. It can just block out your beautiful house features, not allowing everyone to see the beauty of your home’s exterior.
Apart from not making your home aesthetically beautiful, it can also block some views from the inside. If your house faces a beautiful sunrise or has a beautiful view of the field, mountains, or anything close to nature or the big city, having electrical wiring block those sceneries can be frustrating, which not everyone would surely enjoy in their homes. Since most people would appreciate having a beautiful view from their homes, having electrical wires block out those sights can reduce your property value.
2. Rumoured Health Consequences
When prospected buyers see electrical wiring near a house, they might think that it carries possible health consequences as they’re closer to electromagnetic fields (EMF) to which the wiring connects.
While their appearances can be deceiving, there have already been countless studies about their effects. Unfortunately, there’s no solid evidence that it can harm one’s health once they live in a household near it.
There has always been an ongoing rumour that the EMF can cause cancer and isn’t suitable for pregnant women as it could cause congenital disabilities and miscarriages. However, there’s no hard evidence that all of those are from an EMF’s effects.
Even without solid proof that EMF is harmful inside a household, people would still opt to avoid it as they live by the words, ‘prevention is better than cure.’ Property buyers rather not risk their lives and look for a healthier and safer place to live.
3. Possible Fire Hazard
Faulty electrical wirings are one of the sources of fires in numerous households. But if your property is extremely near to one, it could not put you at ease, as you’ll constantly worry that something will go wrong, which could harm your property and your family. While the authorities might give you a statement that the electrical wirings are safe, the worry might still haunt you.
In rare cases when the electrical wiring causes a shortage or circuit and sparks, it might develop into a fire on the post itself or your house if it’s incredibly near to your walls. You can imagine the horror your home must face if the unfortunate happens.
Even with house insurance, it would still be a preferable choice, not needing to use it. With that, people wouldn’t consider living in a household near electrical wiring, decreasing your property value, especially since you won’t be attracting enough market, giving you the leverage to increase your price.
4. Limits House’s Capabilities
There’s nothing more frustrating than not being able to utilise your entire property just because there’s an external obstacle that you have no control over.
With electrical wirings that are just going over your property or can block your home’s full potential, you might need to make a few adjustments to accommodate the electrical wirings and hopefully prevent them from affecting your home’s design and usability.
If you won’t have any pathways and place your door in front of your property, you might limit yourself from having a balcony as it could go over your railings, which could transfer electrical charges, making your house unsafe and more prone to fire.
Moreover, since it’s reachable, it might provide safety hazards, especially if you have children around. It could also affect your landscaping plans, especially since trees can tangle with the power lines, which calls for disaster.
5. Lower Resale Value
Some people purchase a property to resell it for a higher price. What they usually do is renovate the house and try to make it more modern and pleasing to the eyes. They can add some cool new features and try to design a place that most of the clients in the market are looking for.
But if the house has poorly set up electrical wiring, clients might not be attracted to purchase the property, no matter how beautiful it is inside and out, which calls for a business failure.
Since only a few people will gain interest in purchasing a property with poor electrical wiring, it can produce a lower resale value, which will not be a good investment.
Since your property wouldn’t attract investors and business owners as it won’t be a profitable business venture, you can anticipate a lower property value since there would be no competition that’ll fight for your property.
Takeaway
Unfortunately, electrical wiring can negatively affect your home’s property value. Apart from not allowing your home to be pleasing to the eyes, it can also affect how you’ll build your house and the landscaping designs you might have in mind.
Moreover, while there are rumours about the health concerns about living near one, having that thought might put people at ease, knowing that there could still be a possibility. But maybe with a better design, you could still encourage people to purchase your home for a better price.
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