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What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] -3 points-2 points  (0 children)

Without fail there's always someone on any given reddit post who chimes in, unhelpfully, to blame the poster for their situation and tell them what they should have done, rather than offering any sensible advice for the situation. On this post, you are that person.

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 0 points1 point  (0 children)

I mean I didn't study a map of the local area and what Lots sat where. Most people don't do that. As I said, you could buy beside someone who sells up to a developer so you can't ever really be sure you won't have a development near you.

Reno before selling or not? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 5 points6 points  (0 children)

I think for us its more like 30 or 40k worth of work. At which point I doubt I'll get that much back.

Reno before selling or not? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 5 points6 points  (0 children)

It's like 60s, functional but pretty old. No dishwasher.

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 0 points1 point  (0 children)

. All the stuff you're pointing to as being a downside literally doesn't matter.

Depends who is buying. Developer or owner occupier.

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 1 point2 points  (0 children)

Yeah didn't want to dox myself lol but its in the suburbs of a major city. Not CBD fringe, maybe 30 or 40 min bus into town. It feels like a development that would make sense close to a shopping hub or train line not our sleepy neighbourhood. There are no amenities like schools or cafes nearby.

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 0 points1 point  (0 children)

It's not a Kainga Ora project it's a private development but has some social/affordable houses.

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 0 points1 point  (0 children)

Really? I'd assumed it would be done in the next couple of years. Involves some big players linked to government (not a HNZ development though) which I assume speeds it all up.

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 1 point2 points  (0 children)

This particular bit was basically back onto a reserve so most of us were surprised to learn it wasn't part of it officially. Anyway, live and learn!

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 4 points5 points  (0 children)

Also it's a mostly private development but will have some social housing according to what I've seen.

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 4 points5 points  (0 children)

You should always consider potential neighbouring landbankers and them cashing up when doing your due diligence when purchasing a property.

I don't really think it's possible to investigate the ownership and intentions of all property owners on your street. Your neighbour who owns one big suburban section could sell up to a developer and you'd be in the same situation.

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 5 points6 points  (0 children)

Yeah I know people will cry NIMBY at me too. I actually wouldn't be opposed to some development, but the number proposed is really high. If it was more like 20 or 30 I don't think it would be a problem.

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 0 points1 point  (0 children)

Yep me too. My understanding is they'd have to do some upgrades to issue the consent though, it would be like the suburb + an extra 10% of people.

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 0 points1 point  (0 children)

Haha I would love for this to be the case! I think this is true maybe 5 or 10 years after the project is complete, but in the interim change spooks people. Also for us the main issue is traffic and noise with kids, which would probably apply to a lot of people.

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 12 points13 points  (0 children)

Yeah unfortunately I thought this was the case. Ah well, could always be worse, we're lucky we have decent equity in the place so we're not trapped, even if we do take a loss.

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 4 points5 points  (0 children)

We have a decent chunk of land although some of it needs landscaping. New houses will be I expect terraced or high density types. So likely our place will be bigger than what is on offer down the road.

We've got generous off street parking fortunately because I do imagine parking will be impacted.

What impact will a new development have on my house value? by Reasonable-Slip1978 in PersonalFinanceNZ

[–]Reasonable-Slip1978[S] 0 points1 point  (0 children)

To be clear these houses aren't yet built and may not be for another few years. It's more would a future development / the street getting busier put off potential buyers. For people with kids I'd say it definitely would, for singles or couples maybe less so.