Are your neighbors devaluing your property?

On Behalf of | Aug 5, 2022 | Residential Real Estate

Whether you are looking to sell or have just recently moved in, the value of your home is always going to be important. You never know what’s around the corner and you may need to sell up.

There are numerous factors that come into play when the value of a house is being assessed. Certain attributes will increase the value of your property, while others can make a dent in its worth.

Your neighbors can have a direct impact on this process, and they could even potentially devalue your property, and here’s how;

Is there house unkept?

There are few houses that sit in isolation, particularly in New York. The overall appeal of your neighborhood will influence the value of your home, and this includes how well the houses are kept. If your neighbor’s property has boarded-up windows, cracks in the exterior, and an unkempt lawn, this could be seen as a reflection on your place. Sometimes, a reasonable discussion with your neighbor is enough to resolve such issues. However, you may also want to keep in mind the legal options that you have at your disposal. For instance, you may be able to raise a complaint with your local housing authority.

Is your neighbor in debt?

Your neighbor may be struggling to pay their mortgage each month, which means they have ended up in significant amounts of debt. In many cases, this instigates the foreclosure process, where creditors repossess the home. Again, it’s possible that this puts a negative tag on the area, and it could devalue your home significantly.

It’s important that your house holds the best possible value in all circumstances. If you have concerns about a neighbor’s conduct, it may benefit you to seek some legal guidance on the matter.