Why the House Next Door Affects the Value of Your Home More Than You Realise

Property valuation is most often presented as a science. The science requires knowledge of factors such as square footage, the number of bedrooms in a home, the condition of a home, its location, and the prices of similar homes in the area.

The house next door is on the market in a condition that shows its owner hasn’t spent money on the house since 1992. The impact of neighbouring properties on the value of a home is real, measurable, and underestimated by many homeowners. The impact can range from the immediate to the gradual and invisible.

Another benefit of maintaining the exterior of a house is that it creates a better impression of the house to those who view it from the street. If a buyer sees a house on the street with a neighbouring house that is in disrepair, it may lower their enthusiasm for the house before they even enter it. For advice from Gloucester Estate Agents, visit a site like https://www.tgres.co.uk

An effect of the increased visual connection between adjacent homes is most prominent in semi-detached homes. Semi-detached homes share their rooflines, exterior walls, and window lines with the neighbouring home. Any alterations to these shared features are visible on the property that you own.

Beyond the visual inspection of the neighbouring properties, there is also a practical aspect to the investigation of neighbouring properties. Many property buyers will investigate the neighbours for issues like shared responsibilities, access to the property, and other factors that may impact the buyer’s enjoyment of the property. Issues like boundary disputes are common between neighbours, even between properties that have been neglected for years.

The impact of the value of a neighbouring property is not uniform and not easily predictable in its magnitude. The issue at hand, the type of property that exists, the expectations of the market in which that property is located, and the visibility of that issue relative to the neighbouring property all play into the determination of the impact of those neighbouring properties upon the value of a particular property.

The most useful thing a vendor can do before going to market is not always something that they can accomplish within their own four walls. Sometimes it’s a conversation with the person next door.