For most first time home buyers, the main focus is always the home itself. How many bedrooms, how big are they, what’s the kitchen like, and more. Unfortunately, this leaves a lot of buyers vulnerable to making a bad investment. Homes’ costs aren’t just based on how good the house itself is: your neighbors also play a part. An ugly, or poorly kept, neighbor’s home can lower your property value as well.
Here are the top five ways it’ll change your property value, and how to ensure you don’t get ripped off.
Curb Appeal
This part of decision making when buying a home is more extensive than you may expect. Homebuyers care just as much about the look of their neighbor’s house as they care about the look of the one they may buy. Their home can be their pride and joy, but the view they have to see from that home will affect how they feel while living there. If the neighbors have cars parked in their driveway or have a bad habit of never maintaining their lawn, home buyers will notice.
Safety for Families
As beautiful as a home may be, it doesn’t matter if the neighborhood isn’t safe for the prospective buyer. Buyers look for secure areas of other families that they’ll feel okay letting their kids roam free. If a neighborhood is unsafe, it will scare away nearly every family that comes to look at the home. You can’t use a seller closing costs calculator to figure out how much a family wants to risk their loved ones. If it’s unsafe, it’ll be harder to sell.
The Need for Community
People love being surrounded by like-minded people. Families with kids want to move to neighborhoods with kids to make friends, and their parents can become friends with their kids’ friends’ parents. This option can mean that you’ll have an easier time selling the family home to a family in a neighborhood with parents. Still, you’d have a more challenging time settling their family daily down in a group of houses owned by retired older adults.
Closeness to Schools
Parents don’t want their kids to lose their entire afternoon and mornings on a school bus. If your neighborhood is on the cusp of a school or you live within a short driving distance to some schools, your home could be a premium pick for families. Being close to a school means the kids get more time to be at home with their families, which parents consider.
Your neighborhood isn’t something you can control or change; you already own a home but consider these factors. Do you live close to schools? Do your neighbors take care of their yards and ensure that the neighborhood as a whole is beautiful? Is there any crime, or do you live close to schools for the kids? Each of these could affect how much you list your home and how quickly buyers will come banging down your door. Just be honest and friendly, and you’ll make a sale in no time!