Saturday, September 19, 2015

Beware the Neighbors from Hell: Bad Neighbors Can Devalue Your Home

No matter how great your property is, you cannot expect to sell at a good price if you are surrounded by bad neighbors. Unfortunately, everyone has them.

According to the Appraisal Institute, the largest professional association of real estate appraisers in the country, bad neighbors can significantly reduce the value of nearby properties by 5% to 10%. 

Since home values can be affected by external obsolescence (economic or locational factors outside the property), homeowners should always be aware of what’s going on in their neighborhood and be prepared to take the necessary steps to correct the problem before it gets out of hand.

So, what should you do when you are surrounded by troublesome neighbors? Here are some tips that you may want to consider.

·         Find strength in numbers. Speak with your other neighbors and approach the offending neighbor together. Make sure you get a consensus when identifying issues before making a move.

·         Review local laws. If you cannot convince other neighbors to complain against the offending neighbor, review your local laws and ordinances to see if they are committing any violations. If they are, report the issue to the code office.

·         Hire an attorney. If none of these options work, then you may want to consider hiring an attorney to solve the issue and avoid any potential loss in your home’s value.  

In the same manner, potential homebuyers should also be more vigilant when looking for their next home. They should visit the neighborhood at different times of the day to get a feel of what’s really going on in the area, and reduce the likelihood of living near a neighbor from hell.

About me

I am a Mom and a Alpharetta, GA Realtor working with home buyers and home sellers in the Alpharetta, Cumming, Johns Creek, Milton, Mountain Park, Roswell, Duluth, Buford, Marietta, Canton and Woodstock areas.


Image by artur84 at FreeDigitalPhotos.net


  

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