Escaping bad neighbours can be a costly process
We’re always told to ensure our own house is in excellent condition if we’re looking to sell, but some aspects out of our control can affect the value of our homes, too – and one of those is having a bad neighbour.
Everyone remembers hearing about that ‘bad neighbour’ growing up… the one that your parents claimed never took pride in their garden, or the state of their home. And no doubt most of us have had to deal with that neighbour who thinks it’s socially acceptable to play music at full blast late at night.
What’s more, surely everyone can relate to a homeowner who has found themselves living next door to that neighbour with a ‘little Englander’ mindset, who enjoys making the lives of everyone around them that little bit worse by poking their nose in where it doesn’t belong.
The natural approach would be to move to a new home where you no longer have to deal with such nonsense, but in a survey by Privilege Home Insurance, 92% of estate agents claimed that the difference in value between a home with a good neighbour and a bad neighbour is as great as £37,000 – which can make it very difficult to move on.
Property selling experts looked at both maintenance-based and personality-based aspects of what most people would consider ‘a bad neighbour’, then ranked them in terms of their effects on value.
For maintenance, the greatest loss of value was thanks to broken or boarded up windows, closely followed by badly constructed or unsightly extensions or DIY attempts. In terms of personality, the greatest complaints were related to neighbours being too noisy, closely followed by having an unfriendly or antisocial attitude.
“Our increasingly hectic lives can mean that household maintenance falls to the bottom of the priorities list – especially for busy families,” said Dan Simson, head of Privilege Home Insurance.
“Yet this study shows that a poorly kept home can affect not just the value of your own property, but the value of those around you too.”
The issue of bad neighbours is not a new problem, but for those who want to sell their homes fast, the effect these people can have on the value of your home can be devastating, as it can take forever to find a buyer. For property buying companies however, this is not an issue as they will purchase any home in any condition for cash regardless of the proximity to bad neighbours.
Worried that neighbours are affecting the value of your home? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.