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I have been looking at buying a home in a new subdivision, The homes range from 300 -700K. They are really beautiful, average of 4100 sq feet, good school district.
the problem is, the subdivsion is about less than half a mile from a major highway. it is the only enterance into the development. Also there is a strip of land seperating the subdivision from the highway and we were told that land is commercial. That there is supposed to be super target or a lowels. I am guessing they will end up adding a strip mall of some sort with these stores.
Will the value of these homes go down after the highway is expanded and there busniess's added? I really love this one house and I am looking at phase 1 which there is only 2 houses as a buffer seperating the lot I am looking at from the enterance. Phase 2 and up wil be out of my price range. So that's not an option.
People buy in discounted, less desirable locations within a sub division for one reason, they cannot afford a better location.
Homes in less desirable locations will not appreciate as well as those in better locations and are tougher resales because many people will not consider them.
In other words, you did not pay as much as the next phase and likely will not get as much, when it comes time to resell. Make sense?
Out here 1/2 a mile isn't a big deal, but we have urban growth boundaries here.
I would look at
1) Traffic noise. If it's bad that's a problem.
2) Talk to the city and see what the plans for development are looking like. What kind of traffic increase are they projecting?
3) If you like it get a good discount. What folks need to remember about good neighborhoods with location issues, is that if you discount it, it will sell to get into the better neighborhood. If you get it discounted on the buying end, just remember you will need to get it discounted on the selling end.
The problem you have, as I see it, is that there are no guarantees that the next phases will be more expensive. If they bring the plans down in price, then it is possible you will overpay for this house. That would be a problem, IMO. This is all clear in my head, but not sure this is coming out right in writing...
Phase 1 is a given while Phase 2 is a projection at this point but the builder is obviously hoping that those who buy in the first Phase will absorb most of the impact of the highway and commercial use coming in the future.
My experience has been that homes located in or close to high-traffic areas are harder to sell. I recently showed a beautiful 10 year old home that was extremely well maintained by the original owners and located at the end of a cul de sac. The problem was that in the rear of the home - on the other side of the evergreens that bordered the lot - was a major road. My clients loved the house but the noise from the road killed any interest. The house finally sold but (1) it was on the market for almost a year and (2) it sold at a steep discount.
This may not happen in your case but it is better to make your decision knowing the possibility could be there.
If you are in an area of severe urban sprawl, like I have been, EVERY new development comes within close proximity to shopping and highways. The only way to escape is to purchase a historic home in downtown but many people can't afford that or they want new construction.
I think it depends on where you live as to how much that location will hurt resale.
I am in Dallas, actually outside of Dallas. Trophy Club/Roanoke area. Since I moved here, it seems like Texas doesn't plan very well. I seen odder areas and decided not to buy there and the homes were more expensive. Such as one enterance on a busy road and across the street is a railroad track and the a bunch of industrial factories. Those homes in that area start out at 300k and go up to 900k.
I have been looking at buying a home in a new subdivision, The homes range from 300 -700K. They are really beautiful, average of 4100 sq feet, good school district.
the problem is, the subdivsion is about less than half a mile from a major highway. it is the only enterance into the development. Also there is a strip of land seperating the subdivision from the highway and we were told that land is commercial. That there is supposed to be super target or a lowels. I am guessing they will end up adding a strip mall of some sort with these stores.
Will the value of these homes go down after the highway is expanded and there busniess's added? I really love this one house and I am looking at phase 1 which there is only 2 houses as a buffer seperating the lot I am looking at from the enterance. Phase 2 and up wil be out of my price range. So that's not an option.
Traffic is going to be a nightmare getting in and out of the subdivision.
I am in Dallas, actually outside of Dallas. Trophy Club/Roanoke area. Since I moved here, it seems like Texas doesn't plan very well. I seen odder areas and decided not to buy there and the homes were more expensive. Such as one enterance on a busy road and across the street is a railroad track and the a bunch of industrial factories. Those homes in that area start out at 300k and go up to 900k.
I live in a 50 year-old subdivision in Richardson ("inner ring" suburb of Dallas) and my house is about 1 mile from 75-Central Expressway. I can hear a dull roar from the highway at all hours of the day, but there are few places in Dallas where you cannot hear that. Even in some of Dallas's most desirable neighborhoods you are never more than a mile or two from a major highway.
The road noise here does not bother me at all, I cannot see the highway and if you grew up with that dull roar as I did, you do not even notice it. There is a shopping center that backs up onto this subdivision but I live 3 blocks in from that so it is not an issue. Houses in this neighborhood that are right next to the shopping center are worth less than others, but the ones on the east end (where the shopping center is) are also much smaller. Per square foot, they are worth about the same. Also, this subdivision's proximity to 75 is a selling point, not a problem to be overcome. To me it was attractive because I use 75 for both work and play and now I no longer have to deal with the dreaded 635 loop.
That being said, huge box stores like Super Target and Lowes will have floodlit parking lots and the Super Target will be throwing out expired food products in their dumpsters on a daily basis. If your house backs up to the shopping center, that is an issue (think smell, insects, and vermin). Also, if the only entrance to the subdivision is right off the highway, getting in and out might be a problem, especially if it is one of those types that builds walls and gates all around the perimeter.
If you are that concerned about it then I would keep looking. Once the highway and businesses are built you will have no control over the situation and as others have said, it may affect your ability to get a good price for your house when you do sell.
I only closed on this house on July 2nd and moved in on July 24th so I remember my most recent house-hunting experience very well! When looking through MLS listings, the first thing I did with a house that I liked was to map it on Google. If the house backed up to or faced a school, a major road, or retail, I took it out of the "maybe" pile and put it in the "NO WAY" pile.
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