Don’t Let a Bad Neighbor Lower Your Miami Home’s Value

by Isaac Benmergui, Esq on June 21, 2013

house and down arrowBefore you contact a realtor to list your home, you generally do some sprucing up. A coat of new paint here or there, carpet spot removal, yard maintenance and other repairs add value to your home. Real estate attorney Isaac Benmergui warns his clients that there is an uncontrollable factor of living next to a bad neighbor could also lower the value of your home.

Your neighbor’s noisy pets, unkempt yard, loud music, or trees and limbs that could fall on your home, could detract from the value of your home, says The Appraisal Institute, the nation’s largest professional association of real estate appraisers.  .

A homeowner or prospective homebuyer should monitor the street on several different days at different times during the day and evening to learn more about the neighborhood.  Living near a bad neighbor can reduce a home’s value by as much as “5 to 10 percent,” states, Appraisal Institute President Richard L. Borges II, MAI, SRA.

You may be able to take action against the bad neighbor by:

  • Joining with other neighbors to confront the bad neighbor;
  • Checking with the city and/or your HOA for any violations, and reporting them. This may include calling the health department if the violation(s) are affecting public health and safety.
  • Hiring an attorney. It could be cheaper than the lost value of your home.

Other factors that could lower your home’s value include a business located nearby, as well as a landfill, power plant, cell tower, funeral home, or a large number of foreclosed homes.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

 

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