According to research carried out by Privilege Home Insurance, nightmare neighbours can cause more than just sleepless nights… they can actually knock thousands off the value of your property!
Living next door to a property which displays signs of poor upkeep and overgrown gardens can knock a whopping £17,000 off the value of the average home, the research reveals, with buyers not wanting to invest in property in a ‘poor’ neighbourhood. By contrast, a good neighbour can add £19,856 to the asking price.
The research revealed that the hot spot for ‘nightmare neighbours’ is London, with the worst likely to be a family living in the capital, where the parents are in their 40s and are unemployed. In contrast, the best neighbours are apparently retirees living in Plymouth.
Top neighbourhood property problems that could devalue your home:
- Broken or boarded-up windows
- Unsightly or imposing extensions and botched DIY
- Rubbish in the driveway or front garden
- Run down vehicles parked in the drive
- Unsightly coloured external brickwork
- Building work
- Overgrown garden
- Rotting or chipped window or door frames
- Overflowing gutters
- Dirty brickwork or property
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