There are sometimes external factors that cause a home not to sell or to sell slower. Do you know what they are? Should you buy a home with these issues? How much do these issues influence price? Buying a home you will run across homes that have external factors that will make them harder to sell. By external factors I mean high tension wires, cell towers, commercial buildings, and busy roads. It does not matter if it is a home in White Lake Township or a Livingston County lake property. External factors cause a home not to sell or to sell slower. It is a fact. That I mean by that is because of the factor you will have to sell the home for less money than a similar home of the same size. It will usually take longer to sell too. Should you not buy the home? Of course not. If you like the home and understand that the home is worth less because of the issue then buy it. You should pay less for it because it will sell for less later on and take longer to sell.
Here are some of the external issues that will make a home harder to sell if you buy it.
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Cell towers. I had a cousin that bought a new home near a cell tower. When it came time to sell it took a long time to sell it. We also got a lot less for the home than other people did in the subdivision.Near an airport or flight path. The noise will deter some home buyers.
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Backs up to a busy road or on a road. The noise of a busy road, and the danger of the road to small children sometimes eliminates buyers with children and buyers that like to entertain outside.
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Near a commercial building or with a view of a parking lot. Nearness to places of business reduces the value of a home. The noise of trucks and customers coming to the business deter buyers. The bright lights of the parking lot are a nuisance.
- Schools. Yes some people do not want to live near schools because of the noise or traffic congestion.
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Near wetlands or swamps. Some people fear that their kids may drown in the shallow water or have excessive mosquito problems.
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High tension wires. These are a major negative for many home buyers. The fear of medical repercussions from the electricity and cell phone waves deter many home buyers from even looking at these homes.
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Dirt roads. Buyers who have expensive cars or like clean cars will not buy on a gravel road.
Are these Michigan homes really bad to buy? Throughout the country there are thousands of people that have lived on main roads. I bet if you knocked on their door many of them will tell you they love their home. They have raised family and made many good memories. These homes are still "good" homes. Thousands of people live in homes just like these in almost every city. So they are not "bad" homes. You as a home buyer just have to know that you should be paying less than market price for a home of similar size, style, and condition. These external factors reduce the value of the home.
I recently had a home for sale in South Lyon that was on the corner of Pontiac Trail. It sold for over 15% less than other homes in the neighborhood. If you realize that when you go to sell it, the home will take longer to sell and will sell for less money. If you understand this and love the house, buy it.
So remember it does not matter if it is a lake house for sale on Orchard Lake or a a home for sale in Highland Michigan external factors will make the house less desirable. I hope these home buying tips will help you make a sound financial decision.
If you have questions about the home buying process give me a call on my cell at (248) 310-6239. Remember if you buy a home that is $150,000 + you get a home buyer's bonus.
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