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| jeepgirl30 |
 Posted: Sun Feb 20, 2005 12:49 pm Post subject: Will a run down property next door hurt us? |
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Investing Sr. Associate
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We live in a decent neighborhood and most houses are similar however there was one house that was built smaller and became a rental property from the start. The people rented for 20 plus years and just moved out this summer. The renters never did any upgrades nor did the owners. The roof is in bad shape, windows are a mess and the doors all need replaced. They have already lowered the price but most people pull up and leave without even going inside!
we are wanting to sell and build a house. Will the lower price of the house next door hurt us? Other houses on our street have sold for a lot higher than I would have guessed. |
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| JoiseyFamily |
| Posted: Sun Feb 20, 2005 1:20 pm Post subject: |
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Investing Associate
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It really shouldn't. It's a smaller house, and needs lots of work, therefore, it will go for less than yours. Consider that house ground beef, and your house a good quality steak  |
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| paula0000 |
| Posted: Sun Feb 20, 2005 3:48 pm Post subject: neighbour driving prices down? |
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Investing Manager
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| I don't think one run down house will hurt you. If it was a whole neighbourhood of run down homes that would be a different story! |
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| kimber |
| Posted: Tue Feb 22, 2005 5:28 am Post subject: |
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Investing Associate
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| I believe it definately will hurt your value if the house next door is run down as nobody wants to live beside a mess. A smaller house I don't think would change the vlue of your home. |
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| mrsboz |
| Posted: Tue Feb 22, 2005 10:25 am Post subject: |
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Investing Sr. Associate
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| We have a house diagonally across the street from us that is an absolute eyesore. Having said this, a few years ago when we refinance they did not say anything about this. They showed us what the value of our home was as compared with people in the same neighborhood showing the same type of home some of them 1/2 mile away. So while someone might not want to move next door to this I don't know that it will affect your selling price. |
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| lmountford |
| Posted: Tue Feb 22, 2005 12:28 pm Post subject: |
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Investing Sr. Associate
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| In my opinion as it stands at the moment it will possibly make your property sell a little more slowly and for slightly less but the difference won't be huge. |
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| andromedaslove |
| Posted: Tue Feb 22, 2005 1:32 pm Post subject: |
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Investing Associate
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| I have to say that it would definately affect the sale of your home. I wouldn't buy a home when the one next door was run down, because that's not what I want to look at every day nor do I want my friends and family to see that when they come visit. However as far as the worth of your home in general it should still be worth the same amount. Does that make any sense? |
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| trixiezzz |
| Posted: Tue Feb 22, 2005 6:51 pm Post subject: |
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Investing Manager
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| I agree. It's hard to put a price on 'curb appeal', but if the house really is depressing looking, I can't imagine potential buyers being excited about living near that rundown house even though yours is great. |
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| jeepgirl30 |
| Posted: Wed Feb 23, 2005 5:43 am Post subject: |
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Investing Sr. Associate
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| I'm just hoping the house next door sells quickly to someone that fixes it up fast. |
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| lmountford |
| Posted: Sat Feb 26, 2005 7:20 am Post subject: |
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Investing Sr. Associate
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| The house I currently live in was purchased by my father in law in the 1960s for a similar reason. He lived next door and this one was neglected, as the properties are terraced ( joined together) he thought there was a danger of problems such as damp spreading so he bought this one too . Would be an expensive solution in today's market though ! Good luck, hope the problem is sorted soon. |
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| foxnstocks |
| Posted: Tue Mar 08, 2005 4:15 am Post subject: |
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Investing Sr. Associate
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| Hopefully, the house will be sold at a discount price to folks who will take an interest in fixing it up. I've always heard that the one thing you DON'T want to have is the nicest house in the neighborhood. You always want to be a few homes behind as far as value since it's harder for the lead dog to keep upping its value |
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| bbehr |
| Posted: Mon Sep 19, 2005 8:09 am Post subject: |
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Investing Associate
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| this will affect your homes value with out a doubt, if there is any thing you can do such as: contacting the city if the house is really bad, HOA? if applicable, even looking up the owners name on public records and writing him a letter and see if he sympathizes with your situation. Also listen to your showing feedback. |
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| Grimreaper |
| Posted: Mon Sep 19, 2005 8:20 am Post subject: |
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CFO
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Hey Jeepgirl, I'll buy the crap house for 10K less than the assessed value, this offer is legit! if you can contact the owner let me know, do you live in one of those neighborhoods where the yuppies with more $$$ than sense are tearing down the homes with character and putting up mega homes? just so they can keep up wit da Jonses? if you do my advice is to sell your home as quickly as possible too! before the whole neighborhood goes to hell in a handbasket!  |
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| rodder4hire |
| Posted: Tue Dec 13, 2005 5:01 am Post subject: |
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Investing Manager
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| That house next door sounds like a great candidate for a flip... |
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| FunkDaddy |
| Posted: Mon Apr 10, 2006 3:04 pm Post subject: |
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Investing Associate
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Being that it's immediately beside you, it might not hurt the actual resale VALUE (say in terms of a property assessment) but it will hurt the resale CHANCES, which in turn might cause you to have to lower the asking price.
My dad had the same problem.
Best of luck! |
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