Have you ever moved because of a bad neighbor? Maybe the tenants above you like to tap dance late at night, or your next-door neighbors throw loud parties every weekend. What about the building resident that sets off the fire alarm every morning making breakfast? The great part about renting property is that, in these situations, it’s easy to pick up and leave. Unfortunately, if you purchase a home next to a bad neighbor, you’re in it for the long haul, especially if they own their property, too. Here are a few ways that a bad neighbor can influence the price of your home.
Curb appeal
If you don’t live in a neighborhood with an HOA, there’s probably no regulation on how your neighbors choose to decorate their home and lawn. And, while it sounds great to have no regulations, that also means your neighbor has a right to let their grass grow to an absurd height or let an old vehicle sit on the front yard for 20 years. This can actually lower the price of your home, and may also scare away potential buyers. Who wants to look at a rusted old clunker every day from their porch? If you’re wondering “What is my home worth?” you should take what’s around you into consideration, including on your neighbor’s lawn.
Home worth
Even if you spend a million dollars building a dream home in your neighborhood, it doesn’t mean you’ll get a million back when you’re ready to sell, especially if the other homes in your neighborhood are selling for much less. When your home is appraised before sale, the appraiser will look at other homes in the area to determine the value of your own. That means if a similar home down the block is in complete disarray and the one next door is in foreclosure, the value of your home will be brought down. If these homes are neglected, it can also be visually unappealing for buyers looking to move into the neighborhood.
Criminal Behavior
Before purchasing a home, many people look at crime records in the area, particularly if they’re looking for a home to raise a family. If the area is high in crime or residents of the area have a criminal background, you may find yourself settling for a lot less than asking price on your home. Records for sex offenders are easily accessible online, and if you’re living near a convicted felon, expect the price of your house to drop.
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Mohammad
1/20/2021
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