Like it or not, our neighborhoods affect the home value. If you originally bought in a nice neighborhood that slowly turned since you've lived there-- you could be facing quite a drop in home value.
What other neighborhood aspects affect the value of your home? Here are several more.
1. Cluttered Neighbors
You know that stressful feeling you get when you arrive home from work and there are dishes in the sink and laundry to tackle? That's the feeling potential buyers will get if your neighbors' yards are in disarray.
While you may be an excellent landscaper, odds aren't always in your favor that your neighbors are the same way. You may be able to overlook the overgrown shrubs and patches of dying grass, but buyers won't, and neither will the appraiser.
If your home is among those surrounded by disheveled yards, you can expect a reflection of that in its ability to sell.
A great remedy for this is to either offer a bit of yard care to your neighbors, rally some neighbors together to make and enforce covenants, or build a privacy fence.
2. Proximity to Amenities
The distance between the house and local amenities can increase the sale price of your home significantly.
The commute to and from bigger cities is important. If your home is near a highway onramp, it could increase your home value. On the other hand, if it is close enough to hear the cars and partake in the air quality, it can decrease your home value.
Distance to retail centers is also important. If your home is no less than a mile away from the closest retail center (in suburban areas) or within a quarter mile in urban areas, your home value could increase between six and eight percent.
3. Location
The location of your house itself can also impact the sale of it significantly. If it's on a busy street, in a shabby area, or too close to community gathering places, this could detract from the value of your home.
The appraiser will take a look at the neighborhood surrounding your home and adjust the value according. If there are several homes in the are that have foreclosed in the last year or are in the process of foreclosing, that could drop your value significantly.
Another feature of location that affects the value of your home is it's proximity to multi-family housing or other rentals. Homeowners tend to take better care of the property than a renter does, and homebuyers know it. If your home is on the same street as an apartment complex or near to rental property, you may see that reflected on your appraisal.
