Lack of curb appeal, small rooms and a poor paint job are just some of the many defects that can bring down the price of a home. One family alleges it's their neighbors that have weighed on the value of their house.
Charles and Karen Neglia of Queens have lowered the asking price on their home five times since putting it up for sale in April, the New York Post reports (h/t the Daily Mail). The home is now listed nearly $80,000 lower than its original $317,000 asking price. The reason? The Neglias say it's the neighbors.
The Neglias allege in a lawsuit that their neighbors, the Florentins, have made efforts to scare potential homebuyers away so that they can buy the house at a bargain price, according to the NY Post. The Neglias claim that the Florentins falsely told prospective buyers that the home is in disrepair and that the Neglias are dirty. The lawsuit also alleges that the Florentins block the walkway between the two homes with garbage and put tar on the vinyl sliding, according to the ABA Journal.
Though few homeowners sue over their neighbors' actions they can often affect the value of a home. Homes in disrepair that blight neighborhoods tend to hurt potential sales, CNNMoney reports. Foreclosed homes, which are often times abandoned and permitted to fall into disrepair, effectively shrink the value of neighboring homes by 1 percent, according to an report published by MIT.
Another type of neighbor scaring potential homebuyers away: Dead people. New York City homes that are within a two-block radius of a cemetery often have a lower median asking price than homes that are further away, the Wall Street Journal reported last year.
The Morning Email helps you start your workday with everything you need to know: breaking news, entertainment and a dash of fun. Learn more