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If worrying about this is a big problem, you must be living a blessed life !
No worries, your sitting good and if you have to find something to worry about, just worry about what the interest rates on mortgages will be up to 5 years from now which will keep you from finding a buyer for your inexpensive house because of the affordability factor prevents them from qualifying for a loan.
I bought a house 2 years ago. It's on a small 10,000sq lot. Next to it was a vacant lot of the exact same size. I didn't know who owned it or if it was for sale.
Last fall someone came over and introduced themselves to me and said they would be building in the summer. They're now building and I have a few concerns.
1. They're building the minimum distance away, which is like 6 feet. Their house looks like it's on top of mine. I have zero side yard anymore on that side. It's their property so I am not complaining
2. My house is small. Only 2100sq. This new house is over 3000sq and brand new. All the houses on the block are from the 40s-50s. My house is 1 block off the ground, theres is 4. Its massive.
None of these things bother me, but when I sell I am scared most buyers will be turned off by these points. Considering my house is worth ~175k and the house being built will be worth around 400k, will people who can afford my house be willing to have a massive house right on top of them? This is really worrying me, and I could see myself having to take a huge loss to sell.
If you were in the market for a 175k house, would it bother you if your neighbor had a 400k MUCH nicer home?
Stop worrying. A big, nice, well-kept home next door to you will ENHANCE your value, not hurt it. And anyone buying your house will probably prefer to live next door to someone who can afford nice things, rather than another broke neighbor who does not maintain.
Hope that it starts a trend. But even if it doesn't you will still benefit, because you are next door to the rich people!
We live within a few miles of the ocean. My wife and I have been here our entire life. Back in the 40's to the 60's many smaller single story homes lined the streets near the beach. Very few two stories. By the late 70's and early 80's people were buying the smaller homes, knocking them down and putting in 2 story homes. Realize that at the beach you have very little room, seldom a yard at all. By the late 1990's the three story building boom started. Now it is the norm. The fact is that people love finding the smallest home that they can find, tearing it down and building the biggest home that they can on the land. One small little, single story, 2 bedroom home is now surrounded by three story homes. The owners have been there for years. They have a sign near the home that reads "Suits us".
Even in our neighborhood this is starting to take shape. We live in one of the older tracks for our area. Within a half mile are large executive size homes on a golf course. Not too far away are homes that are also twice the size of ours. Many homes near by are anywhere from 500 square feet to 2,500 square feet larger than ours. Maybe 3 or 4 blocks away a few people have done partial tear downs adding a second story and creating some beautifull homes. I think it is only a matter of time that our neighborhood will have someone do the same thing. My wife and I have decided how we would like our home to look if that ends up happening in our area.
If that's the case, how does 4 blocks (4 courses?) make a house massive (as the OP says)?
Quote:
Originally Posted by tonybarnaby
I
2. My house is small. Only 2100sq. This new house is over 3000sq and brand new. All the houses on the block are from the 40s-50s. My house is 1 block off the ground, theres is 4. Its massive.
It increases the visual presence by elevation as opposed to a home on grade with no step to the front door to one that requires several steps to reach the front door.
Last edited by Ultrarunner; 06-18-2015 at 06:30 PM..
I increases the visual presence by elevation as opposed to a home on grade with no step to the front door to one that requires several steps to reach the front door.
Thanks for that explanation.
I get that three extra rows of cinderblock raise the house...
but I thought maybe the OP meant something else as those 24" would not make a house seem "massive" to me. It would mean a taller basement in my area!
In my part of t he country, we don't put houses on cinder blocks. It has to have a poured foundation, and has to be down below frost line, which is about 4 feet below the surface of the lot. It makes for great crawl spaces under the home, and very easy to move around under the home to service furnace filters, look for problems, etc.
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