Dale Elenteny The Mortgage Expert,
Publish On: February 23, 2024
This blog post will explore the implications of Buying House Near Apartment Community or Commercial Areas. Buying a house near an apartment community can significantly impact homebuyers. There have been numerous cases where individuals buy homes near large apartment complexes and experience dissatisfaction after the relocation.
Unlike buying a car or other high-ticket items, purchasing a house involves more than a financial transaction. A house is where children grow up, and many homeowners forge lifelong friendships with their neighbors, creating lasting memories.
Advantage of Buying House Near Apartment Community
Buying house near apartment community presents benefits and drawbacks, contingent upon individual preferences and lifestyle choices. Several factors warrant consideration in this decision-making process. Living near an apartment complex has its perks, like having easy access to shops, restaurants, and public transportation. This can make running errands and commuting much more convenient.
Moreover, the communal atmosphere often cultivated within apartment complexes can extend to neighboring houses, fostering social opportunities and a supportive neighborhood environment. The proximity to amenities and a sense of community may contribute to a potential increase in the house’s resale value in the future.
Disadvantages of Buying House Near Apartment Community
Are you considering buying house near apartment community? It’s important to be aware that apartment complexes, with communal areas, playgrounds, and frequent gatherings, can generate significant noise, potentially disrupting those who prefer a quieter living environment. Proximity to an apartment complex may lead to reduced privacy due to increased foot traffic. Moreover, when buying a house near an apartment community, you may have less control over selecting neighbors than in a single-family home neighborhood.
The elevated population density around an apartment community often translates to more traffic and heightened competition for street parking spaces. This can pose inconveniences, especially for individuals with multiple vehicles or those who frequently host guests. Therefore, it’s crucial to carefully weigh these factors before deciding about buying house near apartment community.
Buying House Near Apartment Community: Property Value Stability
When buying house near apartment community, it is important to recognize that proximity to amenities can contribute to the property’s value. However, it is equally crucial to assess the stability of the apartment complex itself. If the complex needs to be better managed or has a high turnover rate, it may harm the attractiveness and value of surrounding properties.
Before finalizing your decision, take the time to visit the area at various times of the day to evaluate factors such as noise levels, traffic patterns, and the overall ambiance. Additionally, delve into the reputation of the apartment complex through research and consider engaging with current residents to gain valuable insights into their experiences.
Ultimately, carefully analyze the advantages and disadvantages to determine whether residing near an apartment complex aligns with your preferences and lifestyle.
Location of New Home Purchase is Key
Potential homebuyers should carefully assess the location and neighborhood when considering a purchase. The decision of buying house near apartment community can elicit varying reactions from owners, with some expressing reservations and others showing indifference.
Evaluating the potential impact on resale value and the anticipated timeframe for selling a property near larger apartment communities is crucial. Many homebuyers may hesitate to invest in a single-family home near apartment complexes.
Talk To Neighbors Before Buying House Near Apartment Community
Potential buyers often receive only some of the information from sellers, but neighbors can gain valuable insights. Engage in conversations with nearby residents and inquire about the advantages and disadvantages of residing close to an apartment complex and business districts.
It’s advisable to consult with multiple neighbors to gather a comprehensive understanding. Gustan Cho Associates, operating under the licensing of NEXA Mortgage, LLC, is a reputable mortgage company licensed in various states. They are known for their extensive network of wholesale lenders without overlays on government and conventional loans.
Mortgage Broker Licensed in 48 States with 220 Wholesale Lenders
Gustan Cho Associates offers numerous alternative financing options for self-employed borrowers, including non-QM and bank statement loans. As part of our commitment to client satisfaction, we conduct a post-closing survey specifically focused on individuals interested in buying house near apartment community or in proximity to commercial zones. In this survey, we address common queries raised by home buyers considering properties near an apartment community or those adjacent to commercial areas.
While many individuals express satisfaction with their choices, it is crucial to acknowledge that some families may have reservations or regrets about buying house near apartment community or close to business districts. Recognizing the significance of this matter, we emphasize the importance of addressing concerns related to property location before entering into a real estate purchase contract and proceeding with the closing process.
Frequently Asked Questions By Homebuyers Buying House Near Apartment Community or Business Districts
Here are some common frequently asked questions by buyers thinking of buying house near apartment community or businesses:
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- The resale value of property
- How long has the property been on the market
- How much of a discount is the home versus homes not near apartment complexes and/or businesses?
- Don’t be surprised if the subject property has been on the market for a while due to being next to apartment complexes and/or businesses
- Is privacy important?
- Apartments are condensed and many residents may have smaller kids
- Many young people occupy young residents: Do residents play loud music, drink out front, and/or fight often?
- Will security be an issue?
- Will parking be an issue?
- Parking can be an issue
- This holds especially true during weekends when residents may have guests over
Why Buying House Near Apartment Community Is Attractive
One of our borrowers has been looking for a 2,000 single-family home in the $225,000 price range in the Western Suburbs of Chicago. The buyer researched over 127 single homes within a 30-mile radius of his workplace. After 8 months of shopping for a home, he found a perfect home:
- 2,300 square feet
- 4 bedrooms
- 3.5 bathrooms
- Full finished basement
- Built-in 2000
- Newer roof and remodeling
- Fenced 0.40 Acre Yard
- Two car garage
- Two-story with nice sized bedrooms and large kitchen
- Comparable homes in the area go for $255,000
- This home is listed for $210,000
- Market time on MLS is 145 days
- The market value of this home is $245,000
- Home is a short sale with the lender-approved short sale price of $210,000
- Most homes in the area sell within 38 days on the market
Alright, so what’s the catch? Why has this house yet to be snapped up? If something seems too good to be true, it usually is. This property has yet to sell, or the sellers had to resort to a short sale because the backyard faces a bustling car wash. This full-service car wash operates seven days a week, making it quite noisy and not close at 10 PM.
For those who prefer an early bedtime, this might disrupt their sleep. Additionally, the house is close to a 4-story 1970s-style “box” apartment building, comprising 20 units, just 300 feet away. The separation between the single-family homes in the vicinity and the apartment community is shielded by 25-foot tall pine trees.
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Due Diligence Prior To Entering Into an Offer
The home buyer loved everything about this home. The price was perfect. The layout was phenomenal. Quality of construction was more than he ever dreamed of. He initially took a pass and looked at other properties listed in this price range. Nothing close came to fruition. Our borrower decided to pull the trigger and closed on the home. It was the perfect home for this buyer and we will explain why.
Why This Home Near Apartment Community and Backing Into Car Wash Was A Perfect Home
Our client’s goal was to purchase a townhome for under $225,000. After two to three years, our borrower was going to sell this home and purchase a single-family home. His main goal was to purchase a 4 bedroom, 3 baths, 2 car garage home in this area. However, most single-family homes in this area compared to this home are going for $300,000. Our client is single with a fiance and plans in getting married within the next 24 months. They have no children. Both my client and his fiance work long hours and are hardly at home. They have no dogs. So they do not have to worry about a dog barking at the people at the noisy car wash.
Buying House Near Apartment Community or Busy Commercial Zone
They plan on planting Blue Spruce Pine Trees as a barrier between the car wash and their backyard. Due to this phenomenal deal, the buyer does not need to buy a starter townhome. He can just purchase this single-family home that is PERFECT for him and his fiance. He is planning on having kids in the future and plans on staying at this home for many years to come. Buying house near apartment community or backing into car wash was perfect for him because of the great value.
Considerations Buying House Near Apartment Community or Business Districts
Here are considerations home buyers buying house near apartment community needs to consider.
- The main issues that keep on arising is noise levels
- Privacy is another concern they need to consider
- Security is another major concern many have
- Having many residents live next to you often get noisy with cars
- Parties on weekends and special events is very common
- Apartments have many visitors coming and going
- If your bedroom is facing the apartment complex, this can disturb your sleep because of people coming and going at all hours
- Apartment residents can be nosy neighbors where they may check you out when you are in your yard washing cars, playing with your dog, playing with kids, or doing yard work
- Most homeowners adapt to this and much more after they move in
- Depending on how large the apartment complex is, security can be an issue
- This is because you may not know who are residents of the complex
- Break-ins may be more common in apartment communities than in single-family districts
There are many home buyers who do not mind buying house near apartment community. Others regret it and would never purchase their next home nearby apartments or businesses.
Resale Value of Buying House Near Apartment Community or Commercial Properties
In general, homes nearby apartments or commercial properties are not considered favorable. Expect to get lower resale value than comparable homes that are not nearby commercial properties when you sell. Expect a longer listing market time. However, if you are getting a great deal when buying a home in nearby commercial areas, you should do fine.
The home will appreciate other homes but may need to take a pricing reduction due to the apartments and/or businesses nearby. Again, there are many variables in buying homes nearby apartment communities and/or commercial properties. Take time in doing your due diligence. Talk to neighbors, realtors, and seller of the property. Weighs the pros and cons. It may be a great deal for that special buyer.
Frequently Asked Questions – Buying House Near Apartment Community or Commercial Areas
1. What are the advantages of buying a house near an apartment community? Buying house near apartment community can offer benefits such as easy access to shops, restaurants, and public transportation, making daily activities more convenient. Additionally, the communal atmosphere within apartment complexes may extend to neighboring houses, fostering social opportunities and potentially increasing the house’s resale value.
2. What are the disadvantages of buying a house near an apartment community? Considerations include potential noise disturbances from communal areas, playgrounds, and gatherings in apartment complexes. Reduced privacy due to increased foot traffic, limited control over selecting neighbors, elevated population density leading to more traffic, and heightened competition for parking spaces are also factors to weigh.
3. How does the proximity to amenities affect the property’s value when buying a house near an apartment community? While proximity to amenities can contribute positively to the property’s value, it’s crucial to assess the stability of the apartment complex itself. Poor management or a high turnover rate within the complex may adversely impact the attractiveness and value of surrounding properties.
4. What should homebuyers consider before purchasing a house near an apartment community or commercial areas? Homebuyers should carefully evaluate factors such as noise levels, traffic patterns, and overall ambiance at various times of the day. Researching the reputation of the apartment complex and engaging with current residents can provide valuable insights. Assessing the impact on resale value and the potential timeframe for selling a property near larger apartment communities is also crucial.
5. Why might a house near an apartment community be on the market for an extended period? Properties near apartment complexes or businesses may experience longer market times due to factors such as noise concerns, reduced privacy, and potential inconveniences like parking issues. Prospective buyers should consider these aspects when evaluating the desirability of a property.
6. How can potential buyers address concerns related to property location before closing the deal? Engaging with neighbors and seeking their insights can provide valuable information beyond what sellers may disclose. It’s advisable to consult with multiple neighbors to gain a comprehensive understanding of the advantages and disadvantages of residing close to an apartment complex or business district.
7: What are common considerations when buying a house near an apartment community or busy commercial zone? Key considerations include noise levels, privacy concerns, security issues, potential disturbances from nearby residents, and the impact of weekend parties or special events. Factors like the orientation of the bedroom facing the apartment complex and the potential for nosy neighbors should be taken into account.
8. How does the resale value of a property near an apartment community compare to those not nearby commercial properties? In general, homes near apartments or commercial properties may have lower resale values and longer listing market times compared to comparable homes in quieter residential areas. However, getting a great deal on the initial purchase may offset these factors for certain buyers.
9. What steps can buyers take to ensure a successful purchase near an apartment community or commercial area? Conducting thorough due diligence by talking to neighbors, realtors, and sellers, weighing the pros and cons, and understanding the specifics of the deal are essential steps. Engaging in discussions with current residents and assessing the long-term impact on lifestyle and preferences can contribute to a successful purchase.
If you have any questions about Buying House Near Apartment Community or Commercial Areas, please contact us at Gustan Cho Associates at 800-900-8569. Text us for a faster response. Or email us at alex@gustancho.com . The team at Gustan Cho Associates is available 7 days a week, on evenings, weekends, and holidays.
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This blog about the Buying House Near Apartment Community or Commercial Areas was updated on February 23, 2024.
