Finance Choices
Neighbours have £32,395 impact on house prices
Changing neighbours can add - or remove - as much as £32,395 from the value of your home, new figures show.
Research from propertyfinder.com reveals that while the perfect neighbours can add more than four per cent to your house price, squatters settling next door can lower it by four times this amount.
The ideal neighbours were seen as a childless couple, followed by old age pensioners. Singles and families with small children could also boost house prices - but not by as much.
On the flip side, squatters remove the most value from your property, followed by students. Families with teenagers and flat-sharers also lower house prices - but by a far lesser extent.
"Students are notorious for having a good time and living in messy conditions, but our results show a greater concern among householders regarding the detrimental effect students can have on the price of their property," said Nicholas Leeming, director of propertyfinder.
"Our neighbours have a very significant influence on our quality of life, especially in urban areas, and increasingly, house hunters are prepared to pay a premium for a quiet, trouble-free life."
Nine UK residents in ten see squatters as the worst neighbours, with close to two homeowners in three seeing students as bad neighbours.
"Slamming doors, arguments and drum kits" were among the things that put families with teenagers third on the worst neighbours list, with 36 per cent of people preferring to not be next door to them.
Young flat-sharers were frowned upon because of their "disruptive lifestyles" with 24 per cent of homeowners seeing them as having an adverse effect on property vales.
To find a cheap UK mortgage go to www.financechoices.co.uk/mortgages.html
Research from propertyfinder.com reveals that while the perfect neighbours can add more than four per cent to your house price, squatters settling next door can lower it by four times this amount.
The ideal neighbours were seen as a childless couple, followed by old age pensioners. Singles and families with small children could also boost house prices - but not by as much.
On the flip side, squatters remove the most value from your property, followed by students. Families with teenagers and flat-sharers also lower house prices - but by a far lesser extent.
"Students are notorious for having a good time and living in messy conditions, but our results show a greater concern among householders regarding the detrimental effect students can have on the price of their property," said Nicholas Leeming, director of propertyfinder.
"Our neighbours have a very significant influence on our quality of life, especially in urban areas, and increasingly, house hunters are prepared to pay a premium for a quiet, trouble-free life."
Nine UK residents in ten see squatters as the worst neighbours, with close to two homeowners in three seeing students as bad neighbours.
"Slamming doors, arguments and drum kits" were among the things that put families with teenagers third on the worst neighbours list, with 36 per cent of people preferring to not be next door to them.
Young flat-sharers were frowned upon because of their "disruptive lifestyles" with 24 per cent of homeowners seeing them as having an adverse effect on property vales.
To find a cheap UK mortgage go to www.financechoices.co.uk/mortgages.html
posted by Bruce Wayne at 1:38 PM
Neighbours have £32,395 impact on house prices
6 Comments:
Absolutely. I selected this house primarily because of the neighborhood. And I've been very happy with it. But, like you say, things change. One of my neighbors is an older widower in poor health. So I know it won't be too long before I get new neighbors next door.
My neighbors:
* older retired couple to one side: perfect
* childless couple behind me: perfect
* family across from me with barking dog, Harley, loud radio and 2 young kids: not happy about the noise
* family on other side with 2 teens, an ATV and dirt bikes: very unhappy about the noise
I feel like i'm living next to a race track. What happened to basic courtesy and consideration?
We have a field behind us, so that is perfect. My neighbors on the right, wonderful couple, kids grown, very good friends- love them! Then, on my left...the worst neighbors. They are from Mexico, which isn't the problem, but they rent out rooms to illegal friends and family. They have an abundance of cars, and do not take care of their property. When they have parties, they are all over our front yard, and we end up with cans thrown in our backyard.
Right now we are in the process of building a fence around our yard to keep them out. We call code enforcement constantly about all the vehicles, so that's improved a bit. (Instead of 7 cars, they are down to 4)
I have a feeling I am the neighbor everyone hates!! I am really the only one in the nieghborhood with 3 kids both people on either side of us have no small children both have adult kids living with them. Out of the whold neighborhood we really dont have many small children at all & anyone with kids only have 1. And we have our 3 & usually 10 more I guess I run the koolaid house!!! Which I love but I dont think my older neighbors maybe appreiciate sometimes along with 3 kids & all thier friends my yard somedays looks like a park!! Somedays I feel bad about being the neighbor they hate but usually its not so bad everyone in the neighborhood works so usually no one is around during the day so summers I dont have to worry about the kids disturbing the neighbors much.
On the other hand somedays I think the neighbors lower the property value thier are 3 people here 1 on each side of to that have above ground pools & like to have parties like on the 4th of july & stuff & thats gets kinda annonying they invite about 100 people over & sometimes in the summer can be out late in the pool or hottub making lots of noise!! And somedays with pool parties thier is no room on our street for cars it gets that bad when they have thier pool parties.
This is a real sore spot for me.
My neighborhood is a long block of 4-5 unit buildings. So we're talking the majority of people are renters (and not registered voters). Each building has a verrry large 3 BD apt that is bigger (more sq feet) than most houses. This attracts families. And not the good ones. The problem is compounded by the fact that almost every building has no yard which means these kids are in the streets and always running through the surrounding buildings.
My property has a wide driveway and a adjoining strip of grass. I've had kids rollarblade, bike, skateboard, and run up and down this driveway. Chase them off all the time. That's all I need...a kid to fall on my property and sue ME!
Due to the high concentration of people, parking is also an issue. One night a gal couldn't find anywhere to park her car so what do you think she did? Parked it in MY driveway! The cops couldn't ticket her since it was private property and I never gave them express permission to patrol my property. Couldn't have her towed cause the tow company I contracted with hadn't delivered their signage. But I gave her a hell of a tonguelashing and threats of a tow.
As for the grass, I've had other dog owners (renters) stroll right on over to allow their dogs to defecate and urinate on MY grass. One gal even parked her car, got out with her dog and let the dog do it's business on my grass. When I yelled at her she said to go right ahead and call the local police and speak to her uncle who'll get a big kick outta this! So I DID!
My building is beautifully maintained despite how other people care to live. I will be a thorn in the side of anyone who thinks they're going to bully me. Plenty of renters have moved out because of me and the pressure I put on them. GOOD!
I am in a semi-bad situation. I live in a neighborhood with strict covenants which does help to keep the majority of yards and homes looking good. We still have a few bad apples in the neighborhood that despite the association and covenants still do not properly maintain their property. A case in point is the people that live directly beside me. They left the house vacant about 2.5 years ago and have failed to maintain the home or the property. Fortunately the home is new with vinyl and brick siding so the exterior of the home looks ok. The problem is that they have mowed the grass and done basic lawn maintenance a total of 5 times over those 2.5 years. You can just imagine what it looks like. So, now it is up to me to file lawsuit against my neighbors in order to remedy the situation. I have tried contacting them but to no avail. Anyway, as much as I hate to it looks like we will be going to court over decreases in my own property value as well as violations in protective covenants.
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