a bank wanting to expand it's parking lot bought the backyard neighbors' property. should i object at the city hall meeting. will our house lose value , and would it be harder to sell in a few years?
2007-03-17 05:25:35 · 2 answers · asked by s!!!!!! 1 in Business & Finance ➔ Renting & Real Estate
I don't know. A parking lot is different than if it was a liquor store, you know? But, if the zoning changed you can't predict what might occupy that property in the future, like a liquor store.
2007-03-17 05:28:29 · answer #1 · answered by Anonymous · 0⤊ 1⤋
It depends on the values of vacant commercial land verses the value of your home. You must be located next to commercial property; which would be a negative if you are in the suburbs and positive if you are within an urban area. If your home is worth 300k but the value of a commercial lot is 450k then you are in good shape. If your house is worth 450k and commercial lot is only worth 300k then it is bad for you. A good benefit is that you already have a buyer looking to purchase the property. Since, they are an adjacent property owner and have a vested interest in purchasing the property they will most likely pay more than the average buyer. You should get an appraisal on the property as a vacant commercial lot after the zoning has changed to get a good idea on what it's worth.
2007-03-17 07:13:57 · answer #2 · answered by tianaramal 4 · 1⤊ 0⤋