Around 88% of estate agents think a well maintained home next door will increase the sale value of a property, according to new research from Churchill home insurance.
The estate agents estimate that well maintained and attractive homes surrounding a property have the potential to increase the sale price by as much as 12% - equal to a staggering £19,400 at current market value, says Churchill.
However, an unsightly or poorly maintained neighbouring property is reckoned to reduce the price of a home by an average of 13%. If the house next door has an overgrown garden, broken windows, or a rundown car in the drive it could force down the property’s value by an estimated £21,000.
According to Churchill, estate agents are virtually unanimous (98%) in their belief that an unsightly or poorly maintained neighbouring property has a negative impact on the price buyers will pay for a home. The number one eyesore next door that drives down property prices is broken or boarded up windows, followed by rubbish and junk in the front garden. If your neighbours have garish paintwork, an overgrown garden or even dirty windows, this could also wipe thousands off the value of a property.
“Whilst many householders will recognise that the condition of surrounding properties can influence curb appeal, the study shows that the upkeep of a neighbouring property could affect the sale price of a home by thousands of pounds,” said Martin Scott, Head of Churchill home insurance. “Relatively minor issues such as maintaining gardens and keeping external paintwork in good condition could increase property values in the area generally, putting pounds in homeowners’ pockets when they come to sell.”