You may spend a significant amount of time making repairs to your property, enhancing your curb appeal, completing various upgrades, etc. However, despite doing all you can to make your property an appealing location, it doesn’t mean others are doing the same. Your neighbours can play a role in how quickly your home sells and they can affect your property value. Here’s a look into how they play this vital role and a few things you can do about it.
What is Considered a Bad Neighbour?
Back in 2013, the Appraisal Institute cautioned that living near bad neighbours can reduce your property value by approximately 5% to 10%. That has not changed. A bad neighbour can be defined as nearby homeowners who has one of the following:
- Poorly kept yards
- Unpleasant odors coming from the home
- Are loud and unruly, particularly during the late hours of the evening
- Have loud and annoying pets
- Take little care for the exterior of the home
As buyers come into your neighbourhood to look at your home, your community must make an instant impression. No individual wants to be near homes with poor neighbours and they do not want to look at messy yards. Many buyers are also encouraged to drive around the neighbourhood at random times to determine what the area is like at all times of the day. If they are not impressed with the constant barking, the late-night parties, etc., they are likely to move on to the next property or provide a low offer.
What Can You Do?
If you have bad neighbours, you may be excited to move away and start fresh. However, you will still experience the stress of selling your home. A few tips to help you make the most from your sale and not let your neighbours greatly impact it include:
Talk to your neighbours: Explain your situation and ask if they could take the time to tidy up their yard or make a few repairs. In some situations, you may be surprised to discover that your neighbours do not know how or simply do not have the right supplies to make it happen. They may be sick or have other issues that are affecting their ability to perform the work.
Do your research: Some areas have strict laws and housing codes that must be met to keep residents safe. These could be codes that state trees must be trimmed to a certain height, yard debris must be limited, etc. Do your research and learn if your neighbourhood has these codes. Speak to local enforcement about the proper steps to address these problems with your neighbours.
Move On: It may be in your best interest to simply accept the lower offer and move on. However, as you look for your next property, make sure you look closely at the neighbourhood you are moving to and the condition of all nearby homes.
No matter if you want to buy or sell a home in Markham, you need someone to help you every step of the way. Markham real estate agent Martin MacFarlane is there to help. He can answer all of your questions, address your concerns, and walk you through the process to help you have an enjoyable and successful real estate transaction.