Bad Neighbor Affect On the Value Of Your Huntsville AL Home
Generally speaking, real estate articles dealing with the buying, selling, or appraisal of a Huntsville AL home render advice dealing with the condition and appeal of the property. Would-be sellers are reminded to pay particular attention to curb appeal, cosmetic
repairs, de-cluttering, and maintenance matters, while potential buyers are urged to focus on location, amenities, and structural stability. There are other, less publicized factors that impact a Huntsville AL home's value, however, and they, too, should be included in a buyer's or seller's check list.
The Appraisal Institute, the nation's largest professional association of real estate appraisers cautions homeowners and potential home buyers that bad neighbors can significantly reduce nearby property values.
Bad neighbors can include homeowners with annoying pets, unkempt yards, unpleasant odors, loud music, dangerous trees and limbs, or poorly maintained exteriors. A homeowner or prospective home buyer should visit a street on several days at various times to learn more about what is happening in the neighborhood. A Huntsville AL home's proximity to a bad neighbor also can impact the rate of potential decline in value. "I've seen many situations where external factors, such as living near a bad neighbor, can lower home values by more than 5 to 10 percent," said Appraisal Institute President Richard L. Borges II, MAI, SRA.
If your Huntsville AL home's value is jeopardized by such a situation, you should consider the following actions:
- Join with other neighbors and approach the bad neighbor together.
- Check subdivision restrictions with the municipality and/or HOA for any violations. If some are found, report the bad neighbor and request an investigation. A call to the local health department also may be warranted.
- Hire an attorney. If all else fails, the cost of an attorney will likely be less than the home's potential loss in value.
Another type of a "bad" neighbor can be a business or government enterprise whose very existence drives down the value of your property. Potential buyers of a home would be well-advised to be on the lookout for landfills, power plants, cell towers, commercial warehouses, funeral homes, a closed school or other public facility, and a number of foreclosed homes in a neighborhood, as these also can negatively affect a home's value.
Courtesy of Huntsville AL Real Estate Broker, Mike Manosky.