You are not the only one who controls the value of your home. Your neighbors can also affect your property value. What is happening inside your home and on your personal property is not the only thing you should consider before selling.
State Of Their Property
Your property is well maintained with the grass being cut regularly, but your neighbor’s grass may be overgrown with weeds growing all over the place that are spreading onto your property. Something as little as grass can reduce your curb appeal and turn buyers away.
When you pull up to your house, how often do you also glance next door? Probably more than you care to admit. Their property’s appearance affects yours, therefore you want to see if theirs looks nice. If they have clutter on their property it is going to avert people’s eyes away from your lawn.
Other factors that can make a negative difference are:
- Is their fence falling onto your property?
- Do you have a fence separating your backyard from their messier backyard?
- Do you share a driveway and only your side is paved?
- Do they have larger trees on their property with branches falling onto your lawn?
- Is their home in a state of disrepair? (paint chipping, roof caving in, etc.)
- Do they have a lot of cars and are always parked in front of your house?
- Is there any type of bad odor coming from their house?
Crime Or Complaints In The Area
There may be a frequent visitor in your area that you are used to; the police.
A buyer may be interested in your home, but not the noise complaints, drugs, break-ins or robberies, which they can research beforehand about the area.
If your neighbor often has parties, or dogs that do not stop barking no matter what time of day it is, your home sale will be impacted very negatively. It is not fair to sell your home to a new buyer only for them to realize all the problems involved in the area. If you do not want that to happen to you, do not let it happen to someone else. Discuss the issues with your neighbor or the local police department and come up with a solution.
New Developments & Old Houses
If you are living in an older home and there are new, custom homes going up next to yours, it may impact your property value and sale price. Your REALTOR® can talk to you about renovations for your home and what the trends in the neighborhood are in order for you to get top-dollar.
If your home is smaller compared to the newer ones going up in the area, there are tips to making it seem larger. Your real estate agent will connect with professional photographers and stagers to show people the full potential of your small house. De-cluttering and painting the walls a more neutral colour will also open the space up more. If you are thinking of having an addition put on, have your REALTOR® connect you with contractors to help increase the value of your home and compete with other selling prices in the area.
Your agent will want to advertise all the best features in and around the home, including the location, schools, commuting distances, etc. to distract buyers from the bigger homes.
Living Next To A Foreclosed Home
Foreclosures can affect your appraisal of your property; therefore your value can significantly decrease.
This could be a major red flag for homebuyers. Foreclosed homes could attract unwanted visitors, whether that be robbers, drug dealers, or critters looking for a warm place to sleep. Even though it is not your property, it may be in your best interest to maintain the lawn. Mow the grass, make sure there are no broken windows, or even leave your car in the driveway so it will seem vacant. Overall, just make sure it does not look abandoned.
There is no way to 100% avoid the situation except to make sure your home looks as presentable as possible.
There are ways to change the fact your neighbors are affecting your own property value. Unfortunately, sometimes the authorities will have to get involved, but that does not always have to be the case. Talk to your neighbors and try to understand their situation. Work together to create a positive change.
Talk to your REALTOR® too. If they are an expert of the area, they will know how to help you get top-dollar for your house.
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