Neighbors can have a significant impact on the value of your vacant land, because buyers generally consider the quality of the surrounding neighborhood. In this article, we’ll explore how your neighbors can affect the value of your vacant land, either positively or negatively.
Positive Impact
- Does your neighbor keep up their property? One of the main ways that neighbors can positively impact the value of your vacant land is by making their properties beautiful. If the properties around your vacant land are well-kept and attractive, it generally makes your land more attractive buyers.
- Is it a Friendly Area? if your neighbors have a good reputation for being friendly and welcoming, it can make your lot more desirable to potential buyers – people generally want to live in neighborhoods where they feel welcomed and comfortable.
Negative Impact
- Rundown Neighboring Properties: Does your neighbor have a giant rusting car collection in their front yard? Do they keep up their property? If the properties around your land are rundown or unkempt, it can make your property less attractive to potential buyers.
- Nuisance and Safety: If your neighbors throw frequent loud parties, or if they engage in other activities that are loud, generally disruptive, or even illegal, that will obviously limit the amount of people interested in buying your property.
- How Close are they? If your land is in a rural area, another factor to consider is the proximity of your neighbors. A lot of rural land buyers are looking for privacy, and a place to get away. If your neighbors are too close to your property, that can decrease the value of your land.
All of that to say…
Your neighbors play a big part in the overall value of your vacant land. Neighbors who are friendly, considerate, and who maintain their properties can add value to your land. Disruptive neighbors who don’t take care of their properties can decrease its value.