A new luxury townhouse community is going up next to mine. Is it true property values will increase?
Answer:
Absolutely. I am a loan officer and I see this happen all the time. The true value of any home is comparable to the other homes being sold in the same area.
You can only hope.
It will, since you do comps in the 3-mile radius.
Your property values are based highly on the selling prices of homes in your area.
So basically, if the tonhomes will be more expensive than your home, then yes, your property values will increase. On the same token, if the townhouses are less than yours costs, your property value is likely to decrease.
Hope this helps!
The property values will more than likely increase, but so will the traffic, noise.etc. You take the good with the bad.
yes. if you're curious as to what the increase is, ball park, then you can go to zillow.com and find your house. it will give your fairly reasonable estimates on the value of your house and the surrounding houses near you. it will also give a little stat sheet that tells you how much your house value has increased or decreased withtin the past few months.
Depends on the condition of the property . . . people might opt for the new townhouses and pass on older properties, causing the existing to go down. Old property means lots of expensive maintenance and repairs.
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