Neighbours Can Affect the Resale Price of Your Home
Resale Price: If you’re lucky, your neighbours hopefully won’t play too big of a role in the sale of your home. However, if there’s a problem with your neighbours, they can have a huge impact on the resale price of your home. And the total value of your property. While this might be a hard pill to swallow.
Potential buyers aren’t just looking at your home that’s for sale. They’re taking in the entire picture of your neighbourhood, which includes your neighbours. So to help you see where potential problems might arise when it’s time for you to sell your home. Here are three ways your neighbours can affect the resale price of your home.
Watch Out For Foreclosures
If the potential buyers looking at homes in your area are at all concerned about home prices in the future. Foreclosures in your area are going to be a big deal. Not only can a foreclosure in your neighbourhood bring down the value of the neighbourhood as a whole. But it can also make the neighbourhood not look as nice. Which can make it even harder to make a good sale. Joanne Y. Cleaver, a contributor to BobVila.com, writes that when a home is going to be foreclosed. The current tenants often stop caring about the maintenance of the home. Especially if this home is right next to yours. It can have an impact on your ability to entice buyers to seriously consider your property.
Determining the Neighborhood’s Curb Appeal
It’s not only homes that are foreclosing that have problems keeping up the curb appeal of your neighbourhood. When your neighbours don’t keep their lawn maintained or have their property cluttered with debris and other items, this can be a big turnoff to potential buyers. No one wants to live next to someone who can’t seem to keep their property at least well taken care of.
If you’re concerned about this with one of your neighbours, Brendon Desimone, a contributor to Zillow, suggests offering to pay for them to get some work done on their home. You could offer to have a lawn care service clean up their front yard or get someone to repaint their house. Just be sure you approach this subject tactfully so you don’t have even more issues on your hands as you’re trying to get your home ready to sell.
Noisy Or Disruptive Neighbors
One of the rules of buying a home is to visit the property at different times of the day to assess how the noise of the area would affect you if you lived there. And if you have noisy or disruptive neighbours, this could be a deal breaker for a lot of buyers. In fact, Mandi Woodruff, a contributor to BusinessInsider.com, shares that bad neighbours can lower your home value by 5 to 10 percent. If there’s nothing you can do to get your neighbours to keep their noise under control, just be prepared for this to cause your home value to take a hit.
If you’re going to be selling your home soon, use the tips mentioned above to better understand how your neighbours could make selling your home easier or harder.