While we all like to see progress sometimes the commercialization of areas can get a bit too much and start to affect our home values. If you’re living in an area where a lot of commercial buildings are popping up, you may see your home value start to go down. One option you can use to combat this is to keep ownership of the house, move to another one, and rezone that house commercial. This will allow you to rent. the property as office space and benefit from the elevated value that commercial properties in commercial areas enjoy.
Major Road Projects
Noise is one thing, but the inconveniences that high-profile road projects bring are well known throughout Wilmington NC. Not only can you expect large pieces of equipment and traffic cones to riddle the areas around your house, in a lot of cases you can expect your neighbors to start moving because widening of roads means more traffic which means a lot more noise. It’s prudent to keep a close eye on your state’s Department Of Transportation (DOT) website so you can stay up to date on high-profile projects that are taking place in your neighborhood. You can click here to see a map of all the major projects that are taking place here in Wilmington NC, which will help you escape up today.
A lot of people consider foreclosures to be someone’s personal mistake, and not something that’s going to affect home prices in the area. A lot of times this is true, but if there are five or more foreclosures happening in your neighborhood, appraisers will start to take notice of that being a trend in your neighborhood. What this means is that they will start using those foreclosure sales as comparables when estimating the value of your Wilmington NC home. Like commercialization and the major road projects we discussed, you have little to no control over how this can affect your home value, but keeping up-to-date with the local news and foreclosure sales at your local courthouse can help you stay informed and allow you to make more prudent decisions.
Ultimately, you have to decide if it’s worth it for you and your family to stay in a house that has any of these things going on. That’s solely up to you, and hopefully, this article helped to educate you a bit more so you can make better decisions when selling your house in Wilmington NC.