iowahomeloans

Buying a Home: How Development can Make an Impact

Posted on: August 20, 2013

There’s no question that commercial development can change the area where you buy your home. If you buy on the outskirts of a city, chances are good that you could find yourself in the midst of a suburb in 10 or 20 years – or less. Think about that peaceful, idyllic neighborhood where kids can ride their bikes in safety… becoming a strip mall, or having a casino put in next door. It’s important for buyers – particularly in a good economy when development is underway – to understand how development will impact their lives, and do some legwork to find out what’s currently being planned.

 

Think about How Development can Impact Your Property Values – And Your Quality of Life

Development can provide a big boost for property values. If your home used to be located an hour from the nearest supermarket and shopping center, and you suddenly get one just a few miles away, it can drive up property values in your area. But not all development is good for property values. Things like a casino or industrial developments can actually drive down the value of your home. How would you like your lovely home to be a quarter of a mile from a new nuclear power plant? Some things are good for home prices, and some things are downright bad for property values.

 

Additionally, it’s important to think about how new development can impact your quality of life. What used to be an easy commute from a low-traffic area could dramatically change if you suddenly get an influx of shopping centers, office spaces and other traffic-generating development. Alternately, if you’re someone who really values the beauty of nature when you look out your window – you could find that your perspective sours when nature is replaced with a parking lot or a chain restaurant.

 

Take the time to discover if there are any new development plans on the horizon before you buy. Check out the zoning of your new neighborhood before you commit. The home you love right now could change dramatically in the next few years, so know what’s coming before you make an offer.

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