A few of my initial concerns: (and there are likely to be many more)
â€œThe builder said blah blah blahâ€¦.â€ Really, he doesnâ€™t see any issues? I donâ€™t trust a word of what any builder says, anytime, anywhere. Builders and their site agents will tell you whatever they need to to sell you a home. Of course he â€œplansâ€ to do many things â€“ when, how and even if are worried about down the road. Unless things are in place, it doesnâ€™t count. His job is selling homes, nothing else.
What do â€œhigh endâ€ buyers desire? Quality, privacy, size, a nice lot, pleasant settingâ€¦.I donâ€™t see detention pond anywhere on the list. Is it a detention pond or retention pond â€“ two very different things? With it 10â€™ off your line and fenced, how does it visually impact your home?
What do many buyers see with either retention or detention ponds? Well why are they there in the first place? Water. Itâ€™s reasonable to assume that this will be a wet area â€“ how will that impact you next door? Letâ€™s toss out the big ones that buyers think about â€“ wet grounds, weeds, insects, snakes, smells, molds and when the heavy rains come â€“ possible extended moisture issues that could spread to adjacent lots â€“ flooding and erosion off your site. What happens if your lot begins to erode? And letâ€™s talk maintenance â€“ do you know how many HOAâ€™s lack the money to maintain those? And what happens when they arenâ€™t maintained?
Iâ€™m coming from this as both a certified appraiser and broker doing this since â€™89. When I was with the Army Corps of Engineers I designed and built surface water management systems for improved areas â€“ thereâ€™s a method to the madness. Many things have to be properly addressed, usually they are but many times they arenâ€™t. Over the years Iâ€™ve seen many ponds fail, head walls collapsed, and inadequate designâ€¦..all in the name of speed of construction.
Without a doubt, they impact value and marketability â€“ anyone that says otherwise is welcome to show me their research. I adjust for both value and appeal when evaluating homes adjacent to them, they have an impact.
Also â€“ is this home already up? If so, when was it built and whatâ€™s the history? If itâ€™s been a while has the HVAC been running or has it been buttoned up? Stagnant homes without proper ventilation need a thorough inspection, mold isn't unusual.
I donâ€™t see mention of an agent representing you â€“ if you donâ€™t have one then get one, an experienced one. As far as how much to offer or a percentage of reduction, paired sales analysis is the best way to determine that; there is no one size fits all answer. My last word of caution â€“ buying a home is like getting married; easy to get in but you better have an exit strategy in case things come to an unexpected ending. By that I mean you need to think about selling the home youâ€™re thinking about buying. Sounds crazy, but my clients donâ€™t step on landminesâ€¦.or fall into detention ponds.
Associate Broker & Certified Appraiser
Keller Williams Atl North
I just thought I would put in some positives since it seems most are making it out to be some type of bad thing. Really, I am sure there are others who feel as we do.
If having the pond next to the property your going to live in does not bother you then go ahead and purchase this home. The only downside of this purchase could be the effect on future buyers of your home. Will they have a problem with this issue? My guess is that they may have and that could effect the sales price when you try to sell. We call this a possible stigmatized property due to an external issue. Can I ask why you are considering this property? Is it because the price is great? Is the builder anxious to sell this property? Is this the last home to sell in the development? They may be having an issue trying to find a buyer now. All of the questions you are asking will be questions a future buyer of your home will most likely be asking. Do your homework prior to making this purchase and consider all the facts prior to making a decision to buy or not.
All the best,
Unwavering Commitment to Service
Others will be afraid for various reasons, Bugs, flood or whatever they are thinking about.
Best answer would be to decide if you like it or not.
Hope this helps!
If not you, some one else will end up buying that lot eventually. Even the most undesirable lots will get sold in the end. The loss of value in the property due to the detention pond while selling can be neutralized by negotiating the purchase price down. Again, the impact on value will not be as much on a low-end subdivision house as it is on a high-end subdivision.
If you dont have much choice in the area you are looking to purchase, why not get it at a justifiable price provided that the builder and the HOA have written guaranties in regard to proper build and maintenance of the pond. I have been living in the Alpharetta/Johns Creek area for the last twenty years. I know of two new subdivisions that have detention ponds and the lots next to them are currently available. For some buyers other criteria overshadow such negatives in the property they buy. Its like, I am flying - its a full flight - and I am the last passenger to check in - I will have to take whatever seat that is available no matter how undesirable it is.
The fact that the pond is dry now, would make me expect it to stay dry most of the time. Why? ecently we have had lot of rains and melted snow. If all that water did not make the pond wet, what else can? So you should not have mosquito problems.
After reading all these messages, you must be realizing that you definitely have to have an agent assist you with professional knowledge, yet at no cost. If dont already have an agent, you can and you should get assistance from an agent. I am also curious to know when you said higher end - is that more than half a million or less?
Simple answer is to pick one of the other available lots if they have the attributes you are looking for as you purchase your home. The resale of the detention pond lot will be a major challenge for you down the road. I have worked both sides of the fence as a resale and onsite sales manager and have found the the last lots built in a subdivision (dog lots) are the last lots for a reason. The reason is they are undesireable for the builder group because of the difficulty of building on the specific lot, such as the grade or lot encumberances, increased associated costs of building on the lot, and lack of desireability of the buying public which translates into even larger holding costs for the builder.
Best of Luck in your home buying journey...
Chuck Green, Realtor
Keller Williams Realty
"I have represented many builders and developers throughout my career, and have not experienced any negative side effects to a pond." AND "They are designed by Engineers, and built by humans."
If you've been in new home construction most of the time you should get out into the resale world, thinking a pond has no impact is a nonsensical statement. As far as the second one, how many builders are actually out doing quality control? If minor things like slumping the concrete, placing rebar properly, compacting soil, allowing concrete to properly cure before backfilling.......aren't being done, what else is being overlooked? How many builders actually pull real quality control? And building inspectors.....please. Everything is built around speed and with speed comes poor quality control.
I expect you to defend new construction - but please don't try to tell me that everything is beer and skittles with new construction. A quick google on specific builders and new construction issues might show otherwise...
I agree with John that you may wish to consider ithe affects of insects that live around water and possibly any offensive smells that eminate from the water and the vegetation. Do check the run-off and flood maps as it could affect the property's usage.
Prudential Connecticut Realty
Ayelet is right. If you are already thinking about how much to knock off on price and wondering about potential impact when it is brand new, imagine later down the road your next buyer when he can choose from many resales or from new construction himself. It will definitely be a risk.
Good luck with your home purchase and make sure you have a realtor working for you as a Buyer's agent even in new construction. This service is free for you and will protect your interests.
"A Reputation for Results"
Stages Realty of Georgia
12600 Deerfield Parkway, Suite 100
Alpharetta, Georgia 30004
If a builder says they are going to do landscaping, make sure it is in writing or better yet done before you close. I assume you have an agent representing your best interest in this purchase. If not, get one!
I'd be happy to help.
answer this question. I could diffintely negoitate a great deal for you.
Location is a very important factor when purchasing a home.
Give me a call it's free direct 770-307-8751
17 years of home selling experience
You can get a great value when purchasing a home with a detention pond,and as one of the other agents mentioned, you can always landscape and block the view of it. Leland Cypress Trees are excellent for that purpose. They grow quickly and they're tall and thick.
But, I see two disadvantages to doing this. One, like mentioned previously by another agent, the resale is going to be a bit tougher when you get ready to move. You'll be expected to come down on the price compared to other home sales in the area b/c of the pond. Second, you need to make sure you are competely aware of who is responsible for maintaining it. Alot of times the homeowner whose property the detention pond is attached to is responsible for that. I've heard of instances where the homeowner has to dredge it...which can be very costly. Make sure you contact (or have your agent do so) the HOA and read their covenants.
Good luck and let me know if I can be of any further assistance to you with this or any other issue.