Ryan Rucker: What typically happens to home value when a shopping center is built nearby?
I’m looking to buy a home and have just found out that about a quarter mile a way, a former golf course is going to be redeveloped into a large commercial shopping center and park area. What will that do to my home value, if I decide to purchase in that area? I’m torn, I think that being near shopping could be a plus to future home buyers, but the added traffic could is a cause for concern.
Answers and Views:
Answer by Patrick Sweeney
Gg
Depends if the home you’re looking for is on a main road or quiet cul-de-sac. There are tons of homes that sell perfectly fine (based on market value) without being affected by nearby shopping centres creeping up. I have sold properties close to shopping centres etc and it hasn’t affected the value so long as the home isn’t on a main street. Obviously if it’s on a main street, there will be more traffic and congestion and noise which will negatively affect your property value. But just having a home tucked away in a cul-de-sac with a dead end or no exit makes it more desirable.Answer by Ariana
You nerd.
The value of your home will always increase with a shopping area nearby. People like convenience and are bound by it as our schedules get busier and gas gets higher!
Added traffic is a personal preference thing. If you want to be away from people then you’ll have to move out to the country. Unfortunately nowadays even in the country many find that trees are torn down to make way for new develops.
Personally as a first time homebuyer I would opt for a house that was bound to increase in value. However, if you think you would like your first home to be the only home you ever purchase, and you don’t like crowded high traffic area you might look into a more secluded area where many in the neighborhood feel the same as you about those “pesky” commercial builders. 🙂
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