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My husband and I are ready to buy our first home. We have found one townhome in particular that we really like. The problem, a water tower a couple yards from the backyard! It really is an "eyesore." I was just wondering how many people here would pass on a house they really love because of something like this. I know this can't be good for resale!
as long as that water tower doesn't talk, make noise, keep you up at night and the price is right (remember..we continue to be in a DECLINING MARKET) than I would not worry about the backyard. The front is much more of a concern.
You will resell the property. If you think it's an issue, your buyers will think it's an issue.
The bottom line is that it may take longer to sell in any market. It may not sell for as much as comparable properties.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Almost every property has warts of one sort or another. Be it power lines, a freeway, or in your case a water tank. The resultant decrease in value has already been factored in by the market. I've always found there's a buyer for every property. We had a home on a major road that we figured would never sell. A guy from the big city bought it because everything else was too quiet for him! Go figure!
Like FLBob says it won't sell for as much perhaps, but that means that you can buy it for less as well.
You should already be getting it for less than others in the neighborhood due to the proximity.. just understand that when you go to sell you won't sell for as much either... but maybe that is why you love it. Inside is Everything you want that a more expensive home would have... so you have to put up with the water tower... keep it in great shape, update as needed and when you sell another couple like you will come along to buy it : )
imho i like water towers and cemetaries for the reasons already well stated by heydade. dont think about resale think about being happy and paying off your house and living in it. too many people think constantly of buying and selling. most rich folks i know dont buy and sell they just buy and buy and buy.
You should always buy a house with resale in mind, even if you are sure you are never going to sell it. Things change and you never know for sure if circumstances will cause you to sell in the future. Power lines, freeways, water towers, rail road tracks, the back of a big box store, cemeteries and more always make it a little harder to sell.
It will sell - eventually - but it may just take a little more time, or a lower price.
It's kind of silly really, but it matters to many people. As a Realtor I show all kinds of houses and people comment on the smallest things. As a buyer, my husband and I would never buy near power lines. I think they are an eye sore and the minute I go into a house (or in the back yard) and see a huge power line or some other big monster tower, I'm outta there. I know its silly, but I like a good view and a water tower or power lines don't qualify.
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