When you’re looking around for houses, you have to keep an eye on your future neighbors. They could affect your future property values. Your dream house might be more of a nightmare if your neighbors have unaesthetic houses that decrease property values for everyone in the area.
What Hurts the Value of Homes for Sale?
There are a couple of big things that will affect your home value. At the end of the day, most of the things have to do with the exterior of your neighbors’ homes. When the potential buyer is going to your home, they will be highly aware of the houses in the area as they drive by.
Foreclosure Hurts Your Home’s Value
If your neighbors are being foreclosed upon, that’s typically a black mark on your list price. It makes the potential buyer think something’s wrong with the area. If there’s a foreclosure sign on the outside of the house, then you’re in for trouble when it comes to selling.
Exteriors That are Poorly Maintained
Houses with poorly maintained exteriors will hurt the value of homes for sale in the area. If their lawn is overgrown and unkempt, it will hurt the showing for your property. Additionally, if their exteriors are poorly managed, it will hurt your value the same way.
Essentially it all boils down to the tours of your house. If you drive by 10 houses with overgrown lawns, broken windows, and missing siding, your mentality is going to skew. Even if the house you’re selling is perfect, the houses around you will hugely affect your home’s value.