Messages and Online Forum Q&A

Re: Lot for sale

From: info@builderswebsource.com
Category: Other/Misc
Remote Name: 63.198.181.43
Date: 26 Sep 2001
Time: 09:02 PM

Comments

Purchasing property is always a personal decision based on a wide range of factors, including budget, location, quality of schools, daily work commute, as well as other environmental factors.

Based on your description, however, I concur with your instincts and concerns about the "negatives" you mention. I would think twice about building a home near busy streets and a gas station. Of course, ultimately your available budget may dictate what you can afford. However, in real estate, the slogan "location, location, location" generally holds true. The value of the property will increase more quickly if you find a good property in a quiet area with well maintained homes...even if the lot size is smaller.

Consider that the lot is only part of your investment. You still need to build a new home. The cost of the home itself will be about the same no matter where you build it in Philadelphia, so you're better off to buy in an area where the property value itself is higher. You can always expand the house later when you can afford to...but you can't easily change your lot!

My other concerns about being near a gas station is potential ground or soil contamination which is fairly common if the station has been there for many years. I would insist on soil tests before making any commitment. Furthermore, the noise factor you mention is another big negative.

If you plan to live in this property for a long time and are going to put your heart and soul into building a new home, do yourself a favor and find a lot in an area you really like. Even if the lot is somewhat smaller, you can still build a nice home...and you'll have the peace of mind of knowing that you're surrounded by property that will retain its value better.

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