apartments building behind my property

Lfishy1 on 17/06/2015 - 14:28

Hi

I recently purchased a property that I　planned to live in and after settlement found out that there's going to be a four storey apartment building behind my property. about 8 meters from my back fence. (please spare the why I didn't check part)

The property is in a sydney west suburb, no train station. It is walking distance to shopping centre and city buses. My land is not zoned to build apartments.

given my situation, what you think I should do

  1. hold on to it and hope my land will be rezoned one day to build apartment
  2. sell it before contruction of the apartments begin
  3. hang on to it and see what happens after the apartments are built.

How much negative impact on the value of my property you think it will have after the apartments are built?

Your opinions are appreciated:)

Financial

Comments

  • retiredfeline on 17/06/2015 - 14:43

    3

  • QW3RTY on 17/06/2015 - 14:45
    +1

    I won't commend on how foolish it is to purchase property without checking your immediate surroundings for major Development Applications such as this, but the long term implications are simple.

    As apartments pop up around your area, you will find that single dwelling lots such as yours will be more desirable, and you may experience appreciation in value as these single dwellings become rarer. However, this may be offset by other factors, such as your loss of privacy from having an apartment block built up at your back fence.

    Option 1 would certainly be my choice.

  • grabngo on 17/06/2015 - 14:53

    Bye bye privacy !

  • leiiv on 17/06/2015 - 16:58

    Options 1 and 3 can go along together for some time and you can top it up with option 4 for a plan: Make it as an investment property if needed. Choose interest only repayment and make sure you have an offset account with the home loan.

  • Adz81 on 17/06/2015 - 17:14

    I go option 3. I'd also cease wearing pants in your back yard. Because it's your damn yard, that's why :D

  • seewaichan83 on 17/06/2015 - 19:04

    anyone selecting option 2? once the apartment go up it might significantly effect the price?

  • Kevan2 on 17/06/2015 - 19:13

    How big is your property?
    Is it big enough to build apartments thereon?

    If not, what! Talk to solicitor and or agent to see if developer behind you will buy you out at a good price.

    Your street may not have approval for development. My old house could not be changed , removed, or turned into high rise. But, across the road could?

    Solicitor checks could have discovered this.

    Trees maybe a position for you. Get them in before construction. I do not know NSW tree law but I believe they are tough.

    Last of all does the new building take out the north, east, sun?

    Good luck. PS price will, in the future depend on - how ugly, how clean, how much sun is lost.

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