Thursday, June 14, 2012

7 neighborhood threats to your home's value

7 neighbors that hurt home values (© Gail Mooney/Masterfile)

Who — or what — is next door can affect how much people will pay for your home.

Bad neighbors can be a serious problem, according to the Appraisal Institute. An unkempt yard, proximity to a sex offender or having certain commercial facilities nearby, such as a power plant or funeral home, can reduce the value of surrounding homes by as much as 15%.
The impact can vary tremendously, depending on a few factors: how ‘bad’ the bad neighbor is, the kind of neighborhood you’re located in and the type of market that exists.
But what exactly is a “bad” neighbor? Definitions vary, but real-estate professionals say it boils down to any home or business that turns people off.
A bad neighbor is one that has no consideration for the rest of the community. For example, someone who doesn't take care of the outside appearance of the home, such as the gardening, painting of the outside of the home, roof, garbage and general upkeep. In addition, a bad neighbor may have constant visitors taking up parking spaces, perhaps on the street, loud house parties, dogs that bark all night or stray cats lingering around.
A “bad” neighbor can also be a business or government enterprise whose very existence drives down the value of your property. Here are seven surprising neighbors that can reduce your home’s value:

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