Will an upcoming retail development project increase or decrease your home’s value? Homeowners oftentimes fear that new development in their area will decrease their property value, based on the belief that popular large-chain retailers can bring property value down once they are built near a residential area. We’ve debunked that myth and found that across the country, new developments in a community increases property values within it.
A home’s proximity to a retail store is often taken into account when home buyers are purchasing a home. If a home is closer to a retail store, home buyers may find this more attractive because the location of the home would allow them less of a commute to shopping. From this standpoint, retail development actually tends to increase property value by a certain percentage. Retail stores can even revitalize an old neighborhood with already decreasing property value. This is because new retail stores can create jobs for community residents. This will, subsequently, bring more money into the community because area residents are supplied with more jobs.
Adversely, retail developments can bring traffic to a previously quiet or rural area. This hassle may cause residents to move away because of the new bustling community and their preference for a more rural environment. A retail development may also cause potential home buyers to rethink their neighborhood choice, but this usually doesn’t have a substantial enough effect to hinder property value as potential homeowners will often times be attracted to the new community retail shops.
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