I read this and can remember instances where this rang true. Unfortunately, there are things beyond anyone’s control when you sell your home. So what may be a bit of a stretch, maybe peer pressure could be a good thing when it comes to the old phrase, were chickens come to roost. Please no roosters allowed. Good luck in doing this and cheers cvc
Neighbors’ effect on appraisals
When calculating the value of a property, an appraiser also factors in surrounding conditions. Neighborhood nuisances like an overgrown yard or a resistant odor could, in some cases, bring down the value of adjacent homes by 5 to 10 percent, according to the Appraisal Institute.
Making sense of the story
- What a homeowner might refer to as a bad neighbor, the appraisal industry calls “external obsolescence” – depreciation caused by factors off the property and beyond the homeowner’s control.
- Some issues are not always permanent and an appraiser may overlook them. But an obvious eyesore, like a yard cluttered with old cars, for example, may be enough to prevent a neighboring property from selling.
- The perception of what’s unsightly varies by neighborhood. It’s possible that even a roof covered with large solar panels might be considered obtrusive in some areas, though the impact on nearby homes would be far less negative than if the property was run-down.
- Some neighborhood annoyances may be potentially mitigated with help from the local municipality. Unregistered vehicles in a yard, for instance, or a chicken coop and thumping late-night music, may violate local ordinances.
- Real estate professionals recommend homeowners work directly with their neighbor before making a complaint, to avoid future problems.
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