Remember that first question you asked your friends when they bought a new home? Your question probably was "Where?" Whether you are a buyer or seller, you are well advised to take a close look at the neighborhood.
If you are a seller, know that the selling price of your house will be affected, positively or negatively, by the neighborhood it is in. If you are a potential buyer, the neighborhood will not only affect your right to "peaceful enjoyment" of your home but also will play a large part in determining what you would be able to sell for in the future.
If you have a neighbor who has a "junk yard" in his front yard - expect the selling price of your home to go down. If, however, all your neighbors keep their properties well maintained and landscaped, your possible selling price will increase.
Noise level will affect the desirability of your neighborhood. If people who yell on the street inhabit the block, rev up noisy motorcycles, and have loud parties, prepare for depressed property prices. This is another area where it is no longer necessarily "Buyer Beware".
If you sell your home, knowing that there are noisy parties every night in the house next door, and have not disclosed that fact, you are open to potential legal action. There has been successful legal action due to sellers not disclosing serious problems with neighbors. The buyers are deemed to have a right to "peaceful enjoyment" and hence are to be informed if neighbors are a problem.
So look before you leap, if you leap into a bad neighborhood, you may not easily be able to pass the house (and the problem!) on to someone else.
For the rest of this article, taken from our Consumer Educational Series, click through the article, found in this edition and titled "The Consumer Education Series" and make your selection from the list of offerings.
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