For many, purchasing their home is the biggest transaction they’ll ever make. The last thing anyone wants is for their home to lose value, especially if they are considering a sale.
Numerous factors can devalue a home, with some being completely out of your control. Nonetheless, there are valuation problems that may be caused by others, such as your neighbors. How might your neighbor devalue your home and what can you do about it?
When their property is not in keeping with the area
You thought very carefully about the location of your home before committing to a deal. The house is in a great area, with access to good schools and a low crime rate. All of the houses are kept clean and tidy – except your neighbor’s. Your neighbor’s home has fallen into a state of disrepair and your property has almost certainly fallen in value as a result.
The first thing you can try to do here has a reasonable discussion with them. They may not have realized quite how out of hand things have gotten, and could be willing to make an effort to tidy up. If this doesn’t work, then you may have to start thinking about your legal options. If their property is unsightly or even unsafe, local authorities may be able to step in.
If they have encroached on your property
Each property has its own legal boundary. Owners can essentially do what they like within their own boundaries, as long as it is lawful. Sometimes, boundaries can be tricky to define. In other cases, neighbors could simply ignore them.
A property extension is a feasible option for those who are looking for more space, but extensions should not encroach on your land. If your neighbor has put up construction that crosses your boundary lines, then it is likely to impact the value of your home. Encroachment is actionable, so it would be wise to explore your legal options in this case.
Dealing with boundary disputes or other property issues can be stressful. Having legal guidance behind you can at least make you aware of what options are available.