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It How Much Should Neighbors Be Considered When Buying a Property?

Tim January 4, 2016 0
It How Much Should Neighbors Be Considered When Buying a Property?

You’ve looked through the real estate agent website and it’s finally happened – you’ve found the perfect house. The layout is ideal, the number of rooms are exactly what you’re looking for and the view is spectacular. There’s just one little red flag that is weighing on your mind – the fact that one neighbor has multiple ’85 Camaros on blocks in their front yard while two of the three homes in your cul-de-sac seem to be on fire. It begs the question – how much do you take into account the neighbors when purchasing a property?

Is it a Temporary or Long-Term Nuisance?

One thing you need to evaluate is whether the nuisance might be something that is just temporary like a broken down vehicle in the yard or one that is more long-term such as a caved-in roof or abandoned house. It never hurts to ask around the neighborhood if something happened like the homeowner getting incarcerated or going away on business which led to the lack of maintenance or if that’s how they treat their home full-time. It’d be a shame to miss out on your dream home simply because the neighbor’s pruning shears broke.

 

Is It a Residential or Investment Property?

Another thing to consider when searching through the real estate agent website builder and visiting various neighborhoods of different economical scale is if you are going to live in the home yourself or use it as an investment property. You might not think of a crummy neighborhood as a deterrent to you personally but your potential tenants may be instantly scared off, leaving the property empty.

 

Are There Alternatives To Consider?

Before just giving up on a property with allure and profit potential, first examine any and all of your options. For example there may be a homeowners association or a city ordinance that could (and should) be assessing fines for an unkempt property. Maybe the home has been abandoned for so long that you can purchase it as well and thus expand your property line? Maybe the landlord of the area is a foreign investor and will pay you to upkeep the land as a property manager? Maybe the tenant is an elderly lady who simply can’t perform her homeowner responsibilities and could use assistance?

 

Poor Neighbors Can Be a Bargaining Chip

As long as you or potential tenants safety isn’t compromised by shady neighbors or abandoned property, use it to your advantage in getting the best price possible for your new home and adjacent land, using the savings to increase the value of the investment – or at least building a really secure fence.

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