Buying near construction might not sound like a good idea but one real estate employee says while there may be some risks involved, there could also be rewards. NY1's Jill Urban filed the following report.
Nearby construction can often be the big negative on an otherwise perfect apartment. Many buyers won’t even consider these homes once they see the construction vehicles. But Leslie Hirsch of Brown Harris Stevens says there can be positives to buying near new construction and buyers should consider a few things before walking away.
"Buyers shouldn’t discount a property just because there is a construction site next door," Hirsch says. "Often times, there is a big fear factor. People are walking down the street and see a hole in the ground or a crane with a building going up but it's not always a bad thing. A lot of times, new construction could be great for the neighborhood."
She says it may be worth it in the long run, so it's important to find out all the facts. First, ask about the view. Will your view be obstructed? Will it impact your light? That could affect the way you live in the home and the property value.
Also ask if the unit has lot line windows.
"What that means is that if the property goes up next to you, they can block your windows," Hirsch says. "So where you once had light and a view, now you will have a brick wall to look at and that is a very important thing to look into."
Then find out what’s coming in. Maybe it’s a new retail destination or a school that could be good for the area and your resale value. If you live on a coop-dominated block and a condo is going up, condos usually command higher prices and it could eventually boost property values on the street. Then again, it could be a bar that could be noisy and disruptive. So it’s important to know the full story first.
If you are seller and you are afraid the construction itself could negatively impact your sale, Hirsch has some advice.
"If at all possible, you should wait until the structure is built," she says. "That way, buyers can see what the actual view will be. You should also wait until the noisiest part of the construction is over. Usually that’s the blasting period. So once they start building the structure, it’s a good time to put it on the market.
And finally, the sales market is tight these days because there is such limited inventory. For buyers ready to pounce, this could be an opportunity. In the right circumstances, a short-term inconvenience could translate into a solid long-term investment.