What is the impact of an adjacent abandoned home on your home and property ?

My wife and I are considered a property which has an abandoned house next door to it. The house is actually owned and the taxes are paid every year but for reasons nobody understands the owner (who doesn’t live there) let’s it fall apart. He has also turned down generous offers to buy the house so basically the situation will only get worse down the line.

Now the house that we’re looking at is discounted because of this eyesore next door but we’re trying to determine the long term ramifications if we buy this house. First, we understand that our property will not appreciate as well because of it but are there other problems that we should consider ? Also, if anyone has had experience with something like this can you share what you’ve learned or insights you’ve gained?

Btw, we’re looking at a pretty stable area in Westchester County which has not been hit by the mortgage crisis. I mention this because I don’t believe that boarded up houses will become common sight as unfortunately they have in hard hit areas.

Thanks!

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