Know thy neighbor

Odd neighbors. No, I’m not talking about the guy next door who talks your ear off, or the lady down the street who gardens in her nightgown. I mean non-human “neighbors.” Ones that need to be taken into account when considering a home purchase.

I live next door to the power lines, which I have no problem with, but such strange bedfellows are still something of which you should be aware and research before buying a home. I personally like living next to the power lines, because it means I have no neighbors next door, and that offers me a lot of privacy and the sense of more space. In fact, I have lived next to the power lines twice.

There have been many studies about the possible effects of living near power lines, and I read enough of them to satisfy myself before purchasing. Too, my partner used to work in the utility industry and is comfortable with this, so that’s a good endorsement too. But you should do your own research. For instance, with power lines there are considerations beyond safety. To wit, we learned the hard way that the power company has restrictions on what type of trees and plants can be planted close to the power lines; they will periodically come through and take down or cut back anything that doesn’t conform. Moral of the story – do your due diligence before purchasing your home.

Power lines are not the only “odd neighbor” to consider when purchasing a home. There are many other examples – parks, schools, creeks, busy roads, train tracks, and many more. Each has its own set of challenges and advantages. For instance, the idea of living next door to a park may seem idyllic, but how busy is the park? Are there people hanging out making noise at odd hours? What about critters that may migrate from the park? My sister in law will tell you about the benefits of being able to take her kids to the park behind her house…and about the rats that tend to live in the park because of the tasty doings they find in the oft-neglected trash receptacles.

Many of these factors will affect the value of the home, and should certainly be taken into account when figuring out a fair sales price. Although some may lower the price, others (like parks) may raise the value. That doesn’t mean it’s necessarily worth more or less to you, but you always have to consider these factors in terms of eventual resale. I assure you that the bank’s appraiser will be considering these factors when rendering their opinion of the home’s value. If the issue doesn’t bother you, you can get a better deal for the home than a similar one not affected by the same issue, but remember that the same thing will happen when you go to sell the home.

These are all things that usually will never change. You can change all kinds of things about your home, but you can’t change the location. Make sure the discount or premium you are paying is worth it to you.

Most importantly though, you must do your due diligence. Don’t just accept the seller’s disclosure of how often the train comes by the house or that that bucolic piece of land next door is a protected bird sanctuary – check it out for yourself, ask neighbors, call the railroad company, get a survey, check land records. It is incumbent on you as a buyer to make sure you know all the facts. As they say, knowledge is power.