Well-maintained neighbourhoods and streets achieve higher property prices
The condition of the neighbourhood and street or estate, is a key factor influencing both the interest of the buyer in making an offer on the property, and the price they are willing to pay.
Well-maintained neighbourhoods and areas attract more buyers and achieve higher prices on average. There is a direct correlation between the condition of the area or estate and the perceived value of a property.
Regardless of how appealing the property is, the initial impression formed by the buyer when seeing the surroundings influences their overall perception of the property's value. If the area is not neat, buyers will likely be put off before they have even seen the property or look for a discount on the price.
Desirability and security are affected by poor maintenance. In terms of the so-called “Broken Window Theory” poorly maintained areas send a message of a lack of care and vigilance, creating an environment more conducive to criminal activities.
As the area deteriorates and crime rates increase, it inevitably leads to a decrease in demand for properties and a decline in property values. In contrast, a clean neighbourhood conveys a sense of security and liveability which drives up prices due to demand for the area.
What can be done?
Property owners and residents are responsible for keeping their pavement areas neat. Those who own vacant land must also keep the plots clean. To ensure the buyer falls in love with the property from the onset, ensure your pavement is pristine with no unsightly obstructions.
You should also be a good neighbour and keep your property neat and regularly painted. Anyone who invests in property usually does so with the view to growing the value of their asset. It becomes especially important when you are looking to sell. Poorly maintained properties do not only affect their own sellability, but also those of neighbouring properties.
Get involved. It is now fairly well accepted that in many neighbourhoods there are service-delivery issues and growing problems in green-belt areas. The only way to maintain your neighbourhood and a healthy lifestyle, is to get involved with neighbourhood organisations and clean-up activities.
If there are infrastructure issues, get hold of your local councillor or use local lobby groups to drive improvement and service delivery. You can also organise your own street or area clean-up. It is often great fun and a workout too. You could also approach local businesses for sponsorship as they too will benefit.
About Samuel Seeff
Samuel Seeff is the chairman of the Seeff Property Group.
