There is an empty lot on the corner of my street. It has been approved for a gas station. Between my property and the empty lot is a home which the lot owner plans to buy and tear down to increase the size of his lot. This will put the gas station right next to my lot. Will this decrease the market value of my house?
2007-12-10 07:29:15 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Somewhat. The fact that the lot is zoned for a gas station has already lowered it- the devaluation was included in the price when you bought the land. The value of your land will rise slower then the other plots farther away.
2007-12-10 07:37:05 · answer #1 · answered by rutgersgroup 4 · 0⤊ 0⤋
The short answer to your direct question is that it will most likely have some degree of negative impact on your house value simply because of the traffic.
Other questions that will arise are:
What exactly is the zoning status of the street/neighborhood? Is it being changed or likely to be changed in the near future? Is the area trending toward commercial or is the gas station something that is permitted as a neighborhood service in a mixed-use zoning that's predominantly residential?
These things have a bearing on how the property would be appraised for a refi or sale. If the highest and best use of your property changes from residential to commercial or interim residential it may be difficult or impossible to get a mortgage on it.
2007-12-10 08:41:02 · answer #2 · answered by Anonymous · 1⤊ 0⤋
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2016-11-15 04:25:42 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Most probably you will see a modest decrease. Hopefully, the station owner will take pains to separate the properties with a decent fence or similar to assist you in maintaining privacy. You're going to get substantial traffic flow in the area, and that's going to devalue your property somewhat.
2007-12-10 08:45:10 · answer #4 · answered by acermill 7 · 1⤊ 0⤋
As a house, yes it will lower your property value.
But if your property could be zoned commercial and be used for a commercial application, you could see a dramatic increase in value.
2007-12-10 08:37:01 · answer #5 · answered by godged 7 · 1⤊ 0⤋
I would think the value would increase since you could now sell your property as commercial property. Commercial property is generally higher in value than residential.
2007-12-10 07:36:20 · answer #6 · answered by Somethingtotry 6 · 0⤊ 1⤋
NO zoning?
That sucks.
2007-12-10 07:33:14 · answer #7 · answered by ed 7 · 1⤊ 0⤋
I would think it would. Bummer.
2007-12-10 07:31:07 · answer #8 · answered by falco_aesolon 4 · 1⤊ 0⤋