If you are trying to sell your house and move to a new place, there are some basic things you need to know about your home’s value. First of all, your neighborhood can actually affect the value of your home. This even comes down to who – or what – happens to be next door.
We’ve all heard that bad neighbors can hurt the sale of your home, but do you even know how badly? According to real estate experts, bad neighbors could make the difference between moving out and staying put with a house that won’t sell. A bad neighbor isn’t simply one who won’t return the favor when you lend a cup of sugar. Bad neighbors run the gamut from sex offenders and unkempt lawns to funeral homes and power plants.
Bad neighbors, regardless of type, can actually reduce the value of your home by as much as 15%. The actual impact of the bad neighbor will depend on the kind, of course, but they will all have an effect on what your home is worth and if you’ll be able to move it off the market quickly or even at the right price.
When it comes down to it, the very definition of a bad neighbor, real estate experts tend to have different opinions. But what it all boils down to is someone, or something, that turns people off. If we’re talking about an individual, we are talking about someone that has no consideration for the rest of the neighborhood. If we’re talking about a business, it is usually a commercial entity that most people would prefer not to move near to.
Since we want you to be prepared for whatever the housing market may throw your way, we are going to share some of the more surprising bad “neighbors” that might reduce your home’s value. Read on to learn more:
Power Plant – Most people don’t want to move into a home that has a power plant nearby. If a power plant is within 2-4 miles from your home, it may decrease the value by up to 7%.
Landfills – Having a dump near your home can also reduce its value. Very few people want to move near to a landfill. The proximity to a landfill may reduce your homes value by up to 10%.
Sex Offenders – While this one might be obvious, we have to share it. Living near a registered sex offender can discourage any family with children from moving into an area. The closer you are to the offender, the worse off your home’s value will be.
Foreclosed Homes – Did you know that simply living near a foreclosure could drastically reduce your home’s value? While there is nothing you can do about this, it is something to be aware of.
There are other bad neighbors out there, but we hope you get the idea. Anything that might seem less than appealing to prospective buyers will definitely impact the value of your home.