We currently live at the end of a street, in a nicer part of town. At the end of the street is farming land, which has recently been sold. Over the last few days, surveyors have been out there working, and today a whole lot of business people arrived with plans for a new subdivision. Turns out these people are from one of the larger display home/building companies in the area and they have purchased the whole development, with plans to offer most of it as house and land packages. A few blocks will be sold off (probably the ones they don't want!)
Wondering what the effect of this will be on the value of our property.
I see it two ways.
1. Currently, there is no vacant land in this estate at all. If you want to live here (it's probably the best area in this small town) you have to buy an established house. Once this new subdivision is opened, there will be more supply of land available which may mean that our property loses value or remains static.
2. I have read somewhere that a new development can increase the values of the surrounding areas - especially when your house is the one right next to the new area.
This is especially important at the moment because we have just listed this house for sale! Our plans were to use our equity to invest for a while. Now we are wondering if we've made the right decision!
Wondering what the effect of this will be on the value of our property.
I see it two ways.
1. Currently, there is no vacant land in this estate at all. If you want to live here (it's probably the best area in this small town) you have to buy an established house. Once this new subdivision is opened, there will be more supply of land available which may mean that our property loses value or remains static.
2. I have read somewhere that a new development can increase the values of the surrounding areas - especially when your house is the one right next to the new area.
This is especially important at the moment because we have just listed this house for sale! Our plans were to use our equity to invest for a while. Now we are wondering if we've made the right decision!