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We're soon closing on our first house and I have been curious how much neighboring houses can affect a home's value? I'll be the first to admit the immediate neighbor's house is completely heinous and dilapidated. All the windows are broken, most of the paint has flaked off, the roof is caving in, the siding is falling apart and it even has a warning sign posted on the door reading "warrant served" haha! While I would certainly prefer a nicer looking neighbor, these things don't really bother me, and the other surrounding homes are nice enough. Yet, I can't help but wonder how this might affect the home's value should we ever decide to sell, assuming the neighbors house is still standing. Thoughts?
We're soon closing on our first house and I have been curious how much neighboring houses can affect a home's value? I'll be the first to admit the immediate neighbor's house is completely heinous and dilapidated. All the windows are broken, most of the paint has flaked off, the roof is caving in, the siding is falling apart and it even has a warning sign posted on the door reading "warrant served" haha! While I would certainly prefer a nicer looking neighbor, these things don't really bother me, and the other surrounding homes are nice enough. Yet, I can't help but wonder how this might affect the home's value should we ever decide to sell, assuming the neighbors house is still standing. Thoughts?
Just how much is hard to say. You won't get top dollar if you resell with a neighbor like that. By your description the biggest concern is the roof caving in. As an investor I might be afraid of that. If sounds as though the current owner is on their way out which is a good thing. Someone may want to fix it up or tear it down for the right price. Not much you can really do since you are about to close anyhow. Time will tell.
I think a "bad neighbor" or "slob neighbor" can REALLY hurt the value of your home. I saw a house sit on the market for over three years and it HAD TO BE because of the neighbor. It was a standard house, two story- probably two br up, master down....standard "McHouse". There were two problems with it. The railroad tracks were nearby but more importantly it was right next door to a run down trailer that was owned by a "collector". You know the type- 10 to 15 junk cars in the yard, crap lying everywhere, chickens and roosters running around, you name it.
I don't know who finally bought the house but they had better have gotten a steal on it. There would be NO WAY I would willingly move into a home next to a slob like that let alone so close to the railroad tracks....
Although I used this house as an example, my question was aimed more at how neighboring homes can affect prices in general. We're very happy with our particular choice!
Although I used this house as an example, my question was aimed more at how neighboring homes can affect prices in general. We're very happy with our particular choice!
You can only hope that the house will have changed hands, and improved, by the time you want to sell your house. But, there is a lot we can't control about our neighborhoods. You might love your neighbors now, but they can sell and not always to people you approve of or who have property values in mind.
One thing I always said is when you are looking for a new house and see one you like, stand at the front door, look around, Do you like what you see? if not, then don't buy it.
If I looked around and saw my next door neighbors house was a mess, no I would not buy it.
That would become a problem, if you don't like it and you don't live there, you will hate it even more when you move in.
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haha! While I would certainly prefer a nicer looking neighbor, these things don't really bother me, and the other surrounding homes are nice enough. Yet, I can't help but wonder how this might affect the home's value should we ever decide to sell, assuming the neighbors house is still standing. Thoughts?
