Reduced value if House next door abandoned

mark5

If you had a semi detached bungalow where similar properties sell for 140-150k but the other semi joined on is empty and been left for over 20 years would this reduce its value and by how much?

Thanks

Sea_Shell

Are you looking to haggle as a buyer, or are you worried about selling??

Nebulous2

Does it look reasonably tidy apart from the garden, or does it look like a wwii bombsite?

mark5

I’m trying to use this recent sale to value another property a few streets away as both are 3 bed bungalows with identical floor plans.
The bungalow sold recently but next door has been empty 20-30 years, the garden is a right mess, the house itself I would say half way to being a ww2 bomb site.

csgohan4

if it's left for 20 years, could the council do a compulsory purchase order?

Simby

Hi op I think the answer is not exact.

Each person and buyer will be differ , I personally would offer less based on an abandoned house next door, but the seller might not accept it, ultimately it’s down to what the buyer is willing to pay and what the seller is willing to accept.

Personally I would attempt to knock 10 percent off if I was buying near an abandoned house my walk away position would depend on a lot of factors ( other comparable properties etc..)

Davesnave

For myself, the value is zero, I just wouldn't wish to buy semi-detached to an unoccupied and semi-derelict property.


Would this translate into a 10% reduction? Given that in some areas people are accepting around that figure already, I think it might have to be nearer 15 to 20%.

AnotherJoe

mark5 wrote: »

If you had a semi detached bungalow where similar properties sell for 140-150k but the other semi joined on is empty and been left for over 20 years would this reduce its value and by how much?

Thanks

For me, massively because as its a semi the structure can be seriously affected, you can get rats and mice coming through, all sorts. Wouldn't be interested.

Nebulous2

mark5 wrote: »

I’m trying to use this recent sale to value another property a few streets away as both are 3 bed bungalows with identical floor plans.
The bungalow sold recently but next door has been empty 20-30 years, the garden is a right mess, the house itself I would say half way to being a ww2 bomb site.

Then I don't think I would touch it at any price. Particularly as it is a semi.

35-40% off for a buy - to- letter who wants it for income.

markin

We tried to get a council to do a compulsory purchase for at least 5, possibly 10 years, something happen after we sold but i don't know the details, we just know it was eventually done up and lived in. The house was sold as a doer-Upper as we didn't want to risk sinking to much into it, but we got around 30% less i would think, A LL got a bargain and set up a HMO. Next door was a bomb site, boarded up windows that looked so old the wood was black and rotten, garden wall pushed over taking up most of the front garden, and heavily littered front and back.

phoebe1989seb

Back in 2011 we bought an attached (end of terrace of three, all of which were different) thatched, Georgian house in a village. The adjoining property - the centre house and smallest in the terrace - was empty. It was also thatched, unlike the house at the other end of the row. Our house was purchased as a fixer upper, although the vendors had had it rethatched about four years previously - otherwise it needed everything doing (rewire, heating, windows, kitchen and bathrooms etc) - and the price we paid reflected that.

Tbh, at the time of purchase we barely noticed that the adjoining property - which we later learned had till recently been tenanted - was empty. It transpired the owner was a bankrupt who also owned half a dozen other cottages in the village. During our three and a half years there next door's thatched roof - attached to ours - began collapsing and plants began growing inside the building. None of this affected our house (surprisingly) and having thick stone walls we were unaware of any rodents, damp issues etc. We did contact the council - who didn't appear interested - and we had several visitations from agencies attempting to trace the owner who it would seem had disappeared.

After a full restoration of our house that included building a large kitchen extension, we sold up and achieved full asking price within five weeks of marketing. The only comment regarding the next door property was from our buyers - who asked if we knew who owned it as they might be interested in buying it.

Last year I noticed it was up for auction and when we drove past recently it had been newly thatched, new windows etc....