It’s taken you a long time to decide on which neighbourhood to buy into for a number of important reasons, whether it be proximity to work, school, or amenities.
Next up was to find a property you’d fall in love with and turn that house into a home!
Over the years, you’ve raised your family there and enjoyed the many great moments of quality time. You’re proud of all the work done to the house to make it look even more beautiful than it already was.
Now that it’s time to start the next phase in life, you’re thinking of selling your home. You had the local real estate agents come over to do a valuation, but you were quite negatively surprised by the number they produced!
As it turns out, your neighbours’ home is dragging down the value of your property?!
Have a look at three ways your neighbours can hurt your home value:
1. Lack of curb appeal
We all know the importance of first impressions.
And the first impression your home will make on any interested home buyer will be via its curb appeal! After all, that’s the initial view of your home people get before they even set foot on the property.
Too many people are not aware that the curb appeal of their neighbours will add to that overall first impression of your home!
Remember you complaining to your partner a few months ago about the state of the neighbours yard? Well, looks like you’re not the only one having an issue with it.
Whereas it might not always be as dire, visible signs of despair or clear damage next door will turn off any potential home buyers visiting your property.
While ‘not fair’ to you as a home seller, it will nevertheless leave a somewhat sour aftertaste for the buyer. Too many of those bad buyer experiences and you’ll start seeing it affect your bottom line: as it turns out, your gorgeous home has actually become a tougher sell than you anticipated!
2. Neighbour disputes
You may have gotten over your neighbours’ bad attitude towards most things in life, including basic neighbourhood friendliness, cleanliness and volume levels of car radios.
However, any potential buyers doing their homework will find out, won’t be as forgiving, and move on to viewing the next house on their list instead!
What seemed like ‘immature’ neighbours at first will now affect the marketability of your home, and potentially its lower sale price!
3. Financial troubles
You’re wondering how one neighbours’ financial issues could possibly affect your home value which is located a few houses away?
Well, recent studies have revealed that even a single foreclosure can seriously affect the values of homes in the same street!
And if there’s a homeowners association (HOA), the monetary hit you’ll take will even be bigger due to those delinquent neighbours.
Selling a home is a very serious financial decision and while having neighbours who hurt your home value is not ideal, it is definitely something to keep in mind when bringing interested homebuyers to view.
Perhaps worth a try to sit down with those neighbours ahead of the marketing of your property and diplomatically explain your predicament. Maybe offering some help in cleaning up or giving them money might go a long way in adding even more value to your home!
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