How Your Neighbors Can Impact Your Home’s Value
Generally speaking, real estate articles dealing with the buying, selling, or appraisal of a Magnolia TX 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 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 homebuyers 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 homebuyer should visit a street on several days at various times to learn more about what is happening in the neighborhood. A Magnolia TX 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 Magnolia TX 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.
Whether you are new to the Magnolia Texas real estate market, thinking of moving up, or you’re an experienced investor, Pam Sitterly has the expertise, proven track record, and resources to help you buy Magnolia TX real estate for sale or market Magnolia TX homes for sale. Enthusiasm, knowledge of the area and personal concern for her client’s interests combine to make Pam an outstanding resource for your real estate transactions.
Pam works extensively to help Buyers and Sellers meet their Magnolia Texas real estate goals. For more information about buying or selling your Magnolia TX home, please call Pam at 281-723-0324 or via email with this convenient contact form.