C&G’s Guide: Do Neighbours Affect Your Home’s Value?

Tips & Advice

You’re preparing your home for sale, and everything is looking immaculate. You step outside for one last spot check. It looks great – everything has been repainted and the front yard looks lush and presentable. However, you catch a glimpse of your neighbour’s home in your peripheral. There’s a mouldy couch on the front porch, a rusty car in the driveway, and the lawn hasn’t been mowed in months! What will your prospective buyers think? It’s your home that you’re showcasing – will your neighbours impact upon that value? This latest C&G blog will unpack the answer.

The short answer is, yes, neighbours can affect your home’s value. Good neighbours will add to your home’s charisma during an inspection and increase your asking price, while problematic neighbours might put a damper on a prospective buyer’s first impression of your property.

We all know how important curb appeal is – it’s the first thing your buyers see when they pull up to your street. If they are greeted with a clean and maintained neighbourhood, they are more likely to perceive it as a ‘good area.’ Don’t miss the opportunity to use great neighbours to your advantage. If you are fortunate to live next to gardening enthusiasts, their efforts can indirectly increase your home’s value and lend a ‘premium’ look to the neighbourhood.

Ultimately, it will depend largely on who your audience is, and their goals for the property. Families will prefer a neighbourhood that is safe and appropriate for their children. Younger couples, on the other hand, might be more forgiving.

So, what can you do if you have less-than-ideal neighbours? We can’t always control other people’s actions and it’s certainly an uncomfortable conversation to initiate. Depending on your relationship with your neighbours, you may need to announce you’re preparing for an open inspection and offer to help them spruce up their exteriors. If they’re noisy neighbours, you may need to respectfully ask them to keep noise levels to a minimum during your open house. We suggest asking your real estate agent for advice on approaching neighbours and support to tactfully navigate the situation.

Wondering if your neighbours could impact your home’s value? Chisholm and Gamon have years of experience selling homes across Bayside and Melbourne. We always assess curb appeal when conducting an appraisal, and can help you navigate tricky situations of all scopes! Reach out to our expert team today.