Home Buying in 15241>Question Details

Karen, Home Buyer in Pittsburgh, PA

property value on a private road

Asked by Karen, Pittsburgh, PA Wed Oct 29, 2008

How the property value is affected by being on a private road?

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Answers

3
Great question! As the previous poster notes, road maintenance will be an issue.
3 points I would make:
1 Financing: It is very difficult to find a lender who will write a mortgage for such a property without a recorded (or recordable0 'private road maintenance agreement.'
2) Actual road maintenance and accessibility: The length of the private road and your ability to do snow removal, and mud-ruts-control if the other parties cannot, or choose not to, attend to those issues might be a factor in your sale.
3) R.O.W.: Do you have a recorded right of way for the road wher it crosses other private properties?
As suggested, check these things out carefully, to assure that you will be able to have clear enjoyment of your property.
Hope that helps
1 vote Thank Flag Link Wed Oct 29, 2008
In your area, USC, property value can be delightfully attractive if it's a lovely house with nice landscaping and a good-looking garage. Many people love the privacy and safety for playing children & pets.

If this is just a normal house, it may be less attractive because of no adjacent neighbors or kids to play with.
0 votes Thank Flag Link Thu Oct 30, 2008
The property value may not be affected by being on a private road specifically as much as the condition of the private road. The biggest concern is to the title company that may be responsible for insuring the title. Consult a local real estate attorney, but the "shared road maintenance agreement" may need to be a recorded instrument to make the process of a sale a little easier. The value of the house will be most likely tied to the values of other houses on the road, without a lot of resale activity which is often the case in a more remote or rural area it may be difficult to get an "acceptable" appraisal. Again, talk to local Real Estate agents, as well as a local Real Estate attorney as to the status of a shared road agreement.
Web Reference: http://www.JimMellen.com
0 votes Thank Flag Link Wed Oct 29, 2008
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