graffiti on property- effect on house price

be96erj

Hi Forum

we have found a house that we like, however there is a crime problem. In the past, there has been violent crime there, anti social behaviour and the side of the house's fence, which faces a public pathway, is covered in graffiti (as is the neighbouring houses' fences).

The house is being sold by the children of the last owner and so understandably want the most for the house. However, I feel that given the house and the area has a crime problem, I should not be offering the asking price (which I do not think has had the crime aspect factored into the price).

My question to you guys is:

1. How much (in % terms) does crime affect the price of a house;
2. How do I persuade the sellers/ estate agent, that they are being unrealistic with the price of the house, due to the crime in the area?

thanks very much!

malcolmffc

Offer what you think the property is worth. The vendors would argue that the crime aspect is already "priced in" to their asking price.

hcb42

brave to buy a house in a violent crime zone....

ruggedtoast

be96erj wrote: »

Hi Forum

we have found a house that we like, however there is a crime problem. In the past, there has been violent crime there, anti social behaviour and the side of the house's fence, which faces a public pathway, is covered in graffiti (as is the neighbouring houses' fences).

The house is being sold by the children of the last owner and so understandably want the most for the house. However, I feel that given the house and the area has a crime problem, I should not be offering the asking price (which I do not think has had the crime aspect factored into the price).

My question to you guys is:

1. How much (in % terms) does crime affect the price of a house;
2. How do I persuade the sellers/ estate agent, that they are being unrealistic with the price of the house, due to the crime in the area?

thanks very much!

It depends on the type of crime, they are all different and have a direct correlation to the overall remunerative enjoyment the vendor can expect for his or her property.

Granny bashing for example knocks 1/32nd off of the price of a maisonette, unless it has a conservatory, in which case you can expect to lose £700 for each incidence.

After ten grannies have been bashed you get an 8% crime loyalty bonus that you can collect from the estate agent after one year in residence.

Grafitti is tricky and hard to value at the moment but if it turns out to be by Banksy you will have to get special insurance for the whichever one of your windows it has been sprayed over.

Unfortunately mugging is very common place now and it seems like everyone is at it, so most EAs won't bother to mention it in the brochure unless you can evidence something unique like ABH.

It sounds great so you should definitely go for it!

newsgroup_monkey

hcb42 wrote: »

brave to buy a house in a violent crime zone....

First of all, we all have to live somewhere, but more importantly, it's whether not only can you handle yourself, but are comfortable with this sort of thing.

It depends on what sort of violent crime we're talking about.
If it's gangland type crime, you're probably not going to become a victim. After all, it's not in anyone's interest to attack a completely innocent party.

Don't get me wrong, people can be attacked for their money, but that can happen in the nicest of estates.

It's the thing about taking a whatsit on your own doorstep.

Not all of us can live in some middle-class semi with white picket fences.

LEJC

I guess the thing to consider is do you mind the grafitti?...or are you going to be forever painting over or replacing the fence?

The other thing to think about is a bit further down the line when you want to sell...what effect will there be on your chances of selling for the highest price...the deliberations you are having now will be exactly what someone else will potentially want from you in the future.

ognum

for me location is the most important issue when house buying so I would always buy a smaller property in a good location rather than a large one in a poor location.

I want to be able to walk out at night, sleep in my bed and not run the gauntlet of unpleasant people. I know there is crime everywhere but I simply would not buy a house in a high crime area.

Graffiti everywhere means either the residents don't care or the situation is so bad they can't deal with it quick enough both would be off putting to me. I have had the wall of my home graffitied in a city centre, I dealt with it the next day!

be96erj

thanks for the replies, but can anyone tell me what is the best way to negotiate down the price of the property? I expect the EA just to say that the vendors will not budge. What can I say to make them realise they are asking too much for the property?

LEJC

the asking price is a matter of opinion...the estate agent and the vendors want to get the best price for the vendor...the person buying wants to pay what the property is worth to them..

Hopefully in time if there is a difference in what you want to pay and the vendor wants to accept,then one of you will move on price...either you will increase your offer or the vendors will reduce their expectations on what they hope to achieve.

If the property is fairly new to the market or there is interest in it then the price probably wont be very flexible...but if its to close down a deceased estate and money is needed elsewhere then over time the price may drop.

A house is only worth what you are prepared to pay for it and no amount of telling an estate agent or vendor will probably move them until such time that they are prepared to be moved!!

And in the meantime someone else may come along and think the property is perfect for them and offer the asking price.

motherofstudents

I don't think you need to justify your offer to the EA, just say that is what you feel the house is worth to you, they can't argue with that. Have any nearby houses sold recently? If you check on sold prices it will help you to arrive at a price you are willing to pay. It is then up to the vendors to accept or not.

moneyistooshorttomention

be96erj wrote: »

Hi Forum

we have found a house that we like, however there is a crime problem. In the past, there has been violent crime there, anti social behaviour and the side of the house's fence, which faces a public pathway, is covered in graffiti (as is the neighbouring houses' fences).

The house is being sold by the children of the last owner and so understandably want the most for the house. However, I feel that given the house and the area has a crime problem, I should not be offering the asking price (which I do not think has had the crime aspect factored into the price).

My question to you guys is:

1. How much (in % terms) does crime affect the price of a house;
2. How do I persuade the sellers/ estate agent, that they are being unrealistic with the price of the house, due to the crime in the area?

thanks very much!

I tend to think its necessary to take into account all "people" factors to do with a neighbourhood personally. In my own neighbourhood we get graffiti attacks and flytipping at intervals - but that graffiti is promptly removed (provided its on Council territory or a house owned by a responsible owner). Cant speak for the irresponsible owners that take forever to do so. The flytipping is also removed very promptly. Both flytipping and the majority of the graffiti will therefore be removed promptly whilst I still live here (as I'm always the one who seems to report it:(:mad:). There has been one or two bits of crime round here as well (but that's probably the case in a lot of places).

On the other hand - the area cant be that bad - because a noticeable number of professional people (doctors, lecturers, etc) live hereabouts and I have long treated them as a touchstone for whether I can stay here or no. If they move out = I move too (ie because they will have made an en masse decision that area is "going to the dogs"). All the ones I know of are still here - which is reassuring, as they could afford better.

I'm moving out anyway - but was always going to do so as soon as I saw a chance at last.

So - you cant just take into account the "negative" factors in a neighbourhood. It has to be balanced out with who is living there generally and if they are staying there even if they could afford to go and whether there is any sort of "community spirit" in the area (could soon be established that there is - because of all the community pressure for facilities for children that exists round here in my area).

This is the thing - some other people in an area with "some" problems might have successfully held out for a reasonable price for their property (because of feeling it wouldn't be fair for reasonable people to be penalised because of the troublemakers around). This is the case in my tiny little bit - most owners have refused to be "penalised" for the rest and have got "their" price ....