Dec 27, 2011

Posted by in Real Estate | Comments Off on How Neighbors Can Impact Home Sales

How Neighbors Can Impact Home Sales

If you’ve finally found the home of your dreams after weeks or even months of searching, the last thing you’re probably thinking about is your would-be neighbors. At that point, many people are busy envisioning decorative color schemes or how they’ll remodel the kitchen. However, nearby homeowners can affect theresale value of a home almost as much as the actual owner. If some of your potential neighbors neglect to keep up with their yards, for example, that can drive down the appeal of the neighborhood as a whole. The same is true when multiple homes face foreclosure in the same subdivision; statistics show that this situation drives down home values significantly. However, the reverse is often true as well. Obviously, you can’t handpick who moves into your neighborhood, but you can take note of how the overall area may (or may not) appeal to others for resale purposes. Doing so could save you from losing tens of thousands of dollars on your investment in the future.

 

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