Bad neighbors can substantially devalue the cost of your property; fact.
The latest research from Privilege Home Insurance revealed 92 percent of real estate agents claimed having a bad neighbor has a serious negative impact on the value of the houses around them. It also has a big impact on what buyers will pay.
Taking into account factors like poor upkeep, real estate estate agents have calculated that it brings the value of the house next door down by 8.2 percent in the United Kingdom.
You can expect the same devaluation anywhere in the world.
In contrast, experts questioned by Privilege assessed that a good neighbor positively impacts the value of your house by 9.4 percent, adding more than 10 percent to average property prices.
Broken or boarded up windows are the worst thing the house next door can have to wipe big values off prices. This is followed by an unsightly extensions, and having rubbish or junk in the driveway or front garden.
Bad neighbour: Top things that devalue your house price
Source: Privilege Home Insurance
Maintenance Issue (-% Impact on Value)
- Broken or boarded up windows (10.7 percent)
- Unsightly or imposing extensions and DIY (7 percent)
- Rubbish or Junk in the driveway/front garden (6.1 percent)
- Run down vehicles in the front drive (5.4 percent)
- Garish/unsightly coloured external buildings/fixtures (4.8 percent)
The report found bad neighbours are most likely to be a family in a city where the parents are in their 40s and unemployed. They are most likely to own a dog.
The best neighbours live in the country, are retired 60+ singletons who do not have a pet. They are most likely to drive a Nissan.
Top bad neighbor behaviour
Source: Privilege Home Insurance
- They’re noisy (23.7 percent)
- They’re unfriendly (18.9 percent)
- They have an untidy / overgrown garden (17.3 percent)
- They’re rude (17.2 percent)
- They have a loud dog (15.4 percent)
A number (31 percent) of those with bad neighbours had also experienced sleepless nights, reporting an average of 2 hours and 16 minutes lost sleep each time.
Of those questioned with bad neighbors, one in three (31 percent) said they make them want to move, and one in ten (12 percent) said they have tried to move, or desperately want to as a result of their ongoing neighborly feud.
Dan Simson, Head of Privilege Home Insurance said: “Our increasingly hectic lives can mean that household maintenance falls on the priorities list – especially for busy families.
“Yet this study shows that a poorly kept home can affect not just the value of your own property, but the value of those around you.
“Fixing something like a broken window can seem like a burden but it can have a negative impact on the area. Most home insurance policies cover you for accidental damage, so you should check your documents. It might easier than you think.”
TOP TIP: Dot Property Group suggests potential buyers visit their potential purchase at all times of the day and week. Visiting during the evening or at night may reveal some unexpected issues that will need to be dealt with.