Do you really understand the impact your lot selection will have on your homes value? While that busy road, apartment complex or grocery store may not bother you, you would be surprised at how many buyers it really turns off. The reasons may even surprise you.
Yesterday I showed a home that backed to apartments, sided a busier road, and was a block from commercial office space. Not surprising that even in this great Austin market this home was purchased as a foreclosure and is being flipped. The new owner has put in some nice tile, paint and updated the kitchen. But no amount of paint and pretty backsplash in the world will cover up the location.
Bad road and commercial aside, I want to share with you the concerns my clients had with the apartments.
- Two story balconies looking into the backyard and into the home. Fishbowl effect.
- Noise. Homeowners associate apartment renters with parties.
- Security. With the backyard open to the apartment parking lot & drive, the potential buyer saw the backyard as an escape route for criminals.
- Additional traffic and congestion surrounding the area.
- Future of the apartments and the price point they attract.
Location, location, location. This isn't just in regards to the commute! Think about the location of your home within the community as well. Buyers who are willing to overlook the surrounding area are usually only willing to do so for a pretty hefty discount.
Thinking of buying a new home without representation? You may want to think again. I've seen many homebuilders attempt to charge premiums on lots that will require a large price reduction in the future. That empty space behind your new construction home may be a nice pasteur with cows today.... but could turn into a three story apartment building faster than you think.
If you are looking to sell a home on a less desireable lot, don't worry. It can be sold! We do have control over the price and condition.
Somethings just can't be changed in your home. We can market "new carpet" and "updated kitchen".... but "New Location" just isn't within reach.
Brought to you by Ranee Bray of TCP Realty; your North West Austin & Cedar Park real estate professional. Thinking of buying or selling? General real estate questions? I am here to help save you money, time and reduce stress. Please call, text or email me, raneebray@tcphouses.com,
(512) 270-9750, www.RaneeBray.com
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