A bad neighbor can bring down the value of a home, possibly by even up to 10 percent, according to the Appraisal Institute.
What qualifies as a bad neighbor — or “external obsolescence” in appraisal speak? Home owners with “annoying pets, unkempt yards, unpleasant odors, loud music, dangerous trees and limbs, or poorly maintained exteriors,” according to the Appraisal Institute. The organization recommends home owners take action. For example, banding together with other neighbors to approach the “bad neighbor” together and check if the home is violating any municipality codes or subdivision restrictions that you can report. In some cases it may be worth hiring an attorney.
Sheila Newton, CDPE
Sheila Newton Team
RE/MAX Realty Professionals