If you are planning a remodeling project, it is important to consider the neighbors. No, not because they might complain but because their home might be affecting the value of your own. Taking a look at all of the factors for your home, including your neighbors will help you make the right decisions about remodeling projects and get the most value from your investment.
First, if you are planning an addition, take a look at the square footage of the houses that belong to your neighbors. You want to keep the size of your house in line with the others. You don’t want your house to be the biggest on the block, because you just won’t get all of that money back when it comes time to sell, unless everyone else on the block is also remodeling to add additions. The value of smaller homes will bring down the value of the largest one.
Along the same lines, take a look at the property value of your neighbor’s home. Did it sell recently? If so, what was the sale price? Is the home comparable to yours? Just as having the biggest house on the block can affect your return on your investment, so can having the nicest house on the block. If you overbuild or over renovate, you may find that the percentage of value back is lower, simply because your neighbor’s house may influence the market in your neighborhood.
But what if you have an issue with your neighbor’s home in the form of ill-maintained property. There are a couple of things that you can do that may help. If the neighbor seems to be encroaching on your property, you can always remodel your property by install a hedge, a flower border, some hardscaping or a fence to define your property. You may need to hire a surveyor to make sure that your boundary lines are clear.
If your neighbor’s property is just unsightly, consider a privacy fence. It may make your home more attractive if there is no view of your neighbor’s property or home.
Finally, having good a good relationship with your neighbor’s is important, so if you do remodel, keep them informed on anything that may create noise or inconvenience.
Mary Ann Romans writes about everything related to saving money in the Frugal Blog, technology in the Computing Blog, and creating a home in the Home Blog. Starting June 1st, don’t miss her articles in the Baby Blog. You can read more of her articles by clicking here.
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