When thinking of factors that affect a home’s value, most sellers will often think; square footage, market conditions, location, or planning, and building regulations. While it’s true the mentioned do affect the value you get for your condo in Las Vegas; it’s vital to keep in mind even minor factors can affect your home’s end price. For instance, while they may be the least of your worries, neighbors can negatively impact your home’s value. Here is how
Through Curb Appeal
An inviting exterior is one of the factors that buyers consider even before they can check out a home’s interior. What does this have to do with your neighbors? Well, you might give your all in ensuring that your curb is appealing. But if your neighbor’s home looks washed out and neglected, then it will not only negatively impact your home’s value but will also drive most potential buyers away. This is because no one wants to live beside an untidy and unorganized neighbor. Therefore, while you might stand the overgrown shrubs on your neighbor’s lawn or disarray on their porch, buyers will not. So if you live beside a cluttered and unorganized neighbor and plan to sell your home, consider talking them into doing some yard care. You could even offer a hand, so your intentions don’t come off negatively. Check out our blog post about curb appeal here.
Foreclosure
Even though you have no control over your neighbor’s financial standing or on whether they pay their mortgage on time, we are sorry to say that their foreclosure affects you as well. According to a report on the New York Times, homes within 300-500 feet of a foreclosed home often experience a 1.3% drop in value. The impact is even more significant if the said home is in poor physical condition. The good news, however, is that while it’s true a foreclosure will affect the value of your home, the impact is not permanent. Therefore, if you’re not in a hurry to sell your home, you can always lay low until the bank sells the house to another buyer.
Disruptive Neighbors
The closer you are to your neighbor, the more compatible your tastes and personalities should be. On that note, even if you own one of the best townhouses or condos in your neighborhood, but your neighbor is always throwing loud parties, a buyer with a family who was willing to offer a reasonable price for it may walk away.
Criminal Activities
Your neighbor might have the best looking house on the block, a well-manicured lawn, but if rumors have it, they engage in illegal activity, this will also affect your home’s resale value. Therefore if your home is situated in a neighborhood with multiple incidences of crime, it can be challenging to find a buyer leave alone get a reasonable price for it. Unfortunately, unlike in the case of curb appeal or foreclosure, there’s no way to alter the effects of this factor.
Bottom Line
Although you cannot control your neighbor’s life, there are steps you can take to ensure they don’t impact your home’s resale value. We cannot be in control of all things and factors, but being aware of the potential issues and how to remedy them to the best of your ability will be what is necessary to stay head of the curve!
