house value change due construction

Asked by S. Meyer, Flushing, Queens, NY Sun Oct 12, 2008

Own an 'attached' one family/one story house in Flushing. My neighbour 2 doors up added second story to his house, and my immediate neighbour apparently plans to do the same thing early next year.
Will my one family/one story house increase/decrease in value due next door construction? Plan to sell reasonably soon due my wife's cancer and need info to make plans.
Thank you for your time
B'Rgrds - S. Meyer

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3
Gail Gladsto…, Agent, 11743, NY
Sun Oct 12, 2008
Hi Mr Meyer...I'm like you, from New York. What happens when your neighbors upgrade and expand is that your house can now sell with an "upside." As a buyer, I am thinking, wow...I can improve on this house without over improving for the neighborhood.

Does it make your house more valuable? No, but it makes your house more saleable!

Need further information? Feel free to contact.
Web Reference:  http://GailGladstone.com
1 vote
Hal Goldstein…, , Nassau County, NY
Sat Oct 18, 2008
The simple truth is, No. The value of any home is determined only by recently sold, COMPARABLE, homes located within that home’s market area. Your neighbor’s homes are newly renovated; as such they are not comparable to yours. However, if homes on your block or in your neighborhood are being renovated, it would indicate your neighborhood is stable or increasing in value, in this market consider it a blessing. Before you put your home on the market have it appraised to determine its listing price. Find a certified residential appraiser who is not affiliated with anyone involved in the transaction, this will guarantee you an impartial appraisal. If you have a problem finding an appraiser or if you have any questions feel free to contact me. I can be reached through my website at http://www.SummitAppraisers.com, I’ll get back to you within 24 hours if not sooner. Good Luck, Hal Goldstein
0 votes
Keith Sorem, Agent, Glendale, CA
Sun Oct 12, 2008
S.
Sorry to hear of your concerns and your wife's cancer.

My suggestion would be to talk with a Realtor that knows three things:
1. Your home
2. Local market trends and values - what buyers are looking for in a home
3. Your personal situation.

I would be happy to refer you to a top Realtor in your area that could help analyze your situation and offer your options, pros and cons, then your family can make the decision that is best for you. No cost or obligation.

Best of luck to you.
0 votes
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