When a neighbor’s house goes on the market, there can be some important implications for the future price of your home. Here are some tips for staying real estate aware.
Document important disclosure items
For the most part, good fences make good neighbors. But sometimes the folks on the other side of the fence don’t cooperate, and unresolved neighbor conflicts tend to arise when one of the homes goes on the market.
Have a property line dispute or an issue with a broken fence and want to make sure that the new buyer knows about it? While sellers in most states have a duty to disclose issues to potential buyers, not all areas require this.
See things differently
Open houses allow buyers to spend some time exploring a home, but these events also present you with a chance to see your home from your neighbor’s perspective.
The open house is your chance to check your home’s paint job from the neighbor’s yard or simply to see your home from a different perspective.
Know and learn the market in real time
Typical sellers claim and save their home online, but also keep searches going after the fact. Why? To keep tabs on the market, see the comps and have a real-time sense of what’s happening nearby.
Just like when you were a buyer, knowing about the area and types of homes in the market is a good move for any homeowner. Take a neighboring home for sale as an opportunity to see what the market bears. You can also learn about the latest trends in home design.
Speaking to a real estate agent can help inform you of changes to property taxes, or how assessments are changing in your town. A smart real estate agent, working their listing, will be an incredible resource to would-be clients down the road. Leverage their experience when your neighbor sells.
Take note when your neighbor goes to sell their home. It’s not just a time to nose around, but to document, inspect or learn more from the home sale. Some homes do not get listed very often, take the advantage of the opportunity.