Can bad neighbors negatively impact home sales?
Posted on Friday, January 27, 2012 at 9:28:59 AM
Homeowners planning to sell their property often work hard to make it as tidy and presentable as possible in order to show it off to potential homebuyers. In many cases, consumers with residential financing in hand seek homes in tip-top-shape. Anything could scare a buyer off - including bad neighbors.
Almost every street has one, and they could harm a homeowners chance of selling their property in a timely manner.
"A nearby property's overgrown yard, peeling paint and clutter can easily knock 5 to 10 percent off the sale price of [a] home," Joe Magdziarz, the president of the Appraisal Institute and a real-estate appraiser with 40 years of experience told MSN.com.
The effect of a bad neighbor on a home is hard to quantify. What disturbs one potential buyer could be local color to another. Homeowners should discuss any neighborhood issue that may effect the sale so that the expert may be better able to find a solution. While they may not get the neighbor to stop having wild parties, they could schedule house showings around the potential negative feature to best avoid a no-sale.