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How to Prevent Neighbors from Devaluing Your Home
Your troublesome neighbor may not just be a nuisance...but a drain on
your property's value. According to the Appraisal Institute, a
professional association of real estate appraisers, homeowners and
potential homebuyers should be aware that problematic neighbors can
significantly reduce nearby property values.
Less-than-stellar neighbors can include homeowners with annoying pets,
unkempt yards, unpleasant odors, loud music, dangerous trees and limbs,
or poorly maintained exteriors. A homeowner or prospective homebuyer
should visit a street on several days at various times to learn more
about what is happening in the neighborhood. A home’s proximity to a bad
neighbor also can impact the rate of potential decline in value.
According to Appraisal Institute President Richard L. Borges II, MAI,
SRA, external situations, such as living near a bad neighbor, can lower
home values by more than 5 to 10 percent. Appraisers refer to this as
external obsolescence, which is depreciation caused by external factors
not on the property.
The Appraisal Institute suggests taking the following steps to help solve neighbor issues:
1. Speak with other neighbors. Get consensus when identifying issues, and approach the problematic neighbor together.
2. Look up original and updated subdivision restrictions. If
talking to the neighbor doesn’t work, see if they’re violating any
restrictions. If so, writing to the code office of the municipality and
reporting the problem could spur an investigation into the nuisance.
Depending on the offense, a call to the local health department also may
be warranted.
3. Hire an attorney. If all else fails, the cost of an attorney likely will be less than the home’s potential loss in value.
When looking to buy or sell a home, also consult a real estate
professional who is deeply entrenched in your neighborhood. An
experienced agent will be able to identify potential neighbor problems
and can help you troubleshoot the issue.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of
real estate and homeownership information that may be of help to you.
Feel free to
contact me
any time to learn more about this important information, and be sure to
forward this article on to any friends or family that may be interested
as well.
Professional Qualifications
- First licensed in 1996
- Joined RE/MAX in 2000
- Currently holds the title of Broker
- Member of RE/MAX HALL OF FAME & 100% CLUB
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Daniel Firks 630.637.9009
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Re/Max of Naperville
1200 Iroquois Commons Dr.
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Daniel Firks Re/Max of Naperville 1200 Iroquois Commons Dr 630.637.9009
Naperville IL 60563
