Homeownership is something that many adults are proud of. They’ve spent countless hours, days, weeks, and years working hard and saving up to be able to afford a residence of their own. There will always be items that need to be replaced, repaired, or renovated, but they’re just part of the homeowner experience.
Valuation of different properties will generally fluctuate from one year to the next. There are many different elements that contribute to the changes in value. Homeowners may be concerned when the value of their residence decreases suddenly, which may make it more difficult to attract potential buyers.
Selling a home in California can take time. The entire process may not be finalized for a few weeks or months. There are certain tasks that must be performed, some of which will necessitate the involvement of certain specialized industry professionals. Delays and other issues could prolong the sale even further. Patience, persistence, and a proactive plan of action can help you achieve your goal.
There are some obvious advantages and disadvantages of new construction near residential neighborhoods. They are as follows:
Advantages:
1. More jobs are created. One of the main benefits of nearby construction is that those companies will need more workers. Construction projects typically result in hiring more workers on a permanent or temporary basis. Depending on where you live and the nature of the specific project, those employees could be kept busy for anywhere from a few months to a few years at a time.
Adding more jobs can also help the local economy. People will have more disposable income. Some of those funds will be spent on food, transportation, and other items at local businesses. Workers may even buy or rent housing in that area, which can help to improve home values.
2. People will have more places to live. If new homes are being built in your town, that will open up more property buying and leasing options. Progressive cities often evaluate the annual demand for housing and allow for future expansion.
Having more houses in a certain area may affect your home’s value. Market conditions and economic trends are other common contributing factors. You’ll have to pay attention to determine whether you’re in a buyer’s market or a seller’s market if you’re thinking about selling your house.
3. Additional businesses and attractions are created. Commercial construction isn’t just about residential development. As communities continue to grow, certain industries add branch locations in those areas. They may be expanding into brand new markets, renovating an existing building, or adding another location in the same town.
When there are more restaurants, specialty stores, attractions, and other companies in a town, people have additional opportunities to spend their disposable income. These organizations also take in additional tax revenue when more money is spent in the community. These businesses also tend to create added jobs that allow people to continue to live in that area, which can impact home values accordingly.
Disadvantages:
1. It may be noisy for a while. Construction is never quiet. Be prepared for noise and other interruptions during waking hours until the particular project has been completed. Some homes and buildings are finished in a matter of months, while road expansion, shopping mall development, and other long-term projects may not be completed for a year or more.
Depending on where you live, you may have to get used to construction sounds all year round. People in colder climates usually only have to deal with such annoyances during the spring, summer, and fall months. Most projects are scheduled well enough in advance so that residents and motorists should have a good idea of what to expect. Certain tasks may even be finished ahead of schedule.
2. Homeowners may have a tough time getting around during construction season. If you live in a city or neighborhood that’s involved in an active construction project, prepare to expect delays and detours. Roads may be closed or expanded during that time. Those alterations may be necessary to allow workers to concentrate on completing the project.
Things can be a bit tricky if your home is in the middle of one of those areas. You might have a home or business being built along the same street or neighborhood. If your road is being worked on, it may be more difficult to get to work and back in a reasonable manner until construction has been completed.
3. Certain types of businesses may actually help to lower property values. Public transportation, schools, museums, zoos, movie theaters, grocery stores, doctor’s offices, and museums are a few of the common kinds of commercial properties that can increase property values in their respective areas. They are attractions and businesses that people actively seek out. These and other similar points of interest can also be key selling points for homeowners.
Conclusion
There are also certain types of organizations that can aid in decreasing property values. Common examples include adult-oriented businesses, waste recycling centers, cemeteries, hospitals, power plants, gun ranges, shelters, and social services. Buyers tend to shy away from living near entities that aren’t considered to be favorable or family-friendly.
If you have questions or concerns about property value changes, you can discuss them with your realtor. An experienced agent should have plenty of experience with this type of situation and can provide valuable recommendations and advice. It’s perfectly okay if you need to wait for a while before putting your property up for sale so that the market has enough time to rebound if necessary.
Once you’ve accepted an offer, it won’t be very long until the transaction is complete. At closing, all remaining paperwork will be signed and filed. The buyer will be given the keys to your former home and you’ll receive payment for the net proceeds. That money will be yours to do with as you see fit. It could be put towards the purchase of another residence or other big-ticket item or simply saved for later. Whatever you decide, you can breathe a sigh of relief knowing that chapter has finally been closed. It’s time to start looking forward to the next phase of your busy life in another location.
📞 Have Questions? Ask The Chris Eckert Real Estate Team
Give The Chris Eckert Real Estate Team a call today at 650.627.3799 to learn more about local areas, discuss selling a house, or tour available homes for sale.
