Did you know the type of neighbor you are can increase or decrease your home’s value? It may seem silly, but it’s true and when it comes to Mint Hill real estate, being a good neighbor is a step in the direction of higher property values.
The Appraisal institute stated, “A bad neighbor could potentially reduce your home’s value up to 10%.” If having a bad neighbor can impact your home’s value, then you can have the same impact on your neighbor’s home.
How Property Values are Figured Out
Property values are typically figured by looking at the most recent home sales in the area. These are known as comparable properties and most appraisers and real estate agents will look at the most recent sales most similar to your home to figure the value.
Yes, adjustments are made based on your home having different features or a comparable property having different features. However, your neighbor’s home will provide the baseline for figuring out the value of your home.
Being a Good Neighbor Matters
As a good neighbor, you can help raise the property value of your neighbor’s home. This will, in turn, help raise your property value.
Homebuyers want to move into a good neighborhood. They don’t want to move into a neighborhood with foreclosed properties, noisy dogs, unpleasant odors, poorly maintained home exteriors or other issues. These types of things can all drive buyers away and make it harder for a home to be sold within your neighborhood.
When you’re a good neighbor, it will reflect well on the entire neighborhood. It’s a bit of the “bad apple” theory where you’re not supposed to let one bad apple spoil the bunch, but it often can. All it takes is one bad neighbor and the right buyer may skip over your neighborhood and choose one they see as better.
Property Values Fall or Rise with the Neighborhood
It’s common for real estate prices to fluctuate. However, some fluctuations are caused by a good or bad neighborhood.
If too many people buy homes in your area, end up in foreclosure, or sell for too low of a property value, it can cost you. When you become one of these people, it will impact your entire neighborhood, as well.
When you’re a good neighbor and other people in your neighborhood are also good neighbors, it may have a positive impact on your home’s value. Good neighbors take care of their lawn, the exterior of their home, and they pay their bills to ensure foreclosure doesn’t happen.
There are some things you can control when it comes to property value and some things you cannot control. By being a good neighbor, you can help make sure your neighborhood doesn’t see property values go down due to neighborhood issues.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger 704-650-5707 |firstname.lastname@example.org | www.1stchoicepropertiesinc.com