How Your Neighbors Affect Your Home Value
When selling your home, one thing that affects whether you can sell your home and how fast you can sell your home is your home’s value. Most people know that a home’s value can be affected by your home, but did you know that your neighbor’s home can also affect your home’s value? Here are four things about your neighbor or your neighbor’s home that can affect your home’s value.
The curb appeal of your neighbor’s home is almost as important as the curb appeal of your home. Any visible signs of disrepair or damage can turn off any potential home buyers from visiting your property. The more damage to your neighbor’s home and yard, the more impact it has on your home’s value. If you are in a neighborhood with a homeowner’s association (HOA), there are most likely guidelines that each homeowner must follow. If a neighbor isn’t following the guidelines, you can report them to the local HOA and they will handle the situation.
A single foreclosure on the same street as your house can affect your home’s value. Delinquent neighbors can also hike up prices of homeowner’s association fees. Finally, if you live in a condo, neighbors who don’t pay maintenance fees can affect your unit’s value.
Your home value is greatly affected by the record of your neighbors. Many communities keep a list of registered sex offenders that is open for public inspection. If you end up with one of these people as your neighbor, it can not only make your home value drop significantly, but it can also take you longer to sell your home. Your home’s value will also decrease if your neighbor has been convicted of any crimes.
Your neighbor might just be a nuisance. Common problems include neighbors who frequently make noise or have loud parties. Living near any closed-down or vacant businesses or other buildings can also affect your home value, as well as living near loud nightclubs, landfills, or other undesirable businesses and/or facilities.