Would you buy the house right next to this water tower?
I got a kick out of this aerial image. I have three appraisals in my bag right now in the City of Galt from a very loyal client, and during the course of research I came across a property located near F Street right next to the Galt water tower. This was a potential comp that I didn’t end up using.
A water tower like this is something that should be disclosed in the appraisal report because it could be a potential hazard if it fell. That wouldn’t be good. Additionally, there may be a reaction in the marketplace for the location. Some buyers would pass up making an offer on this property, whereas others might not care. Ultimately, through the course of research, the appraiser needs to come to a conclusion if there is any value to be assigned to the location based on what the market is showing, and if so, how much that reaction is worth.
I’m curious to hear from home owners or prospective owners on this topic. If your property is located next to a water tower or within fall distance of another type of structure (power tower), have you encountered any difficulties with financing or reselling your property? Or if you were in the market to make a home purchase, would such a location be a turn-off or no big deal?
Your comments are welcome below. Thanks so much. I really appreciate everyone visiting my blog.
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Tagged as: City of Galt · Galt Appraisal · Galt Appraiser · Galt Real Estate Market · House next to Water Tower · Locational Challenges · Real Estate Market · Water Tower
Although conventional wisdon would say there will be negative market reaction we should always test, measure, and verify if this is the case. I once did an appraisal on a property where there was a suicide in the home and while there was not an abundance of market data there was enough for me to determine that no adjustment was warranted. Sometimes we have to overcome our own preconceived notions.
Good point, Tom. You are definitely right about that. It’s interesting to consider suicide. Some people care and others don’t. That is a very personal decision. I suppose it depends too on who lived there and how the person killed himself/herself. It sounds like you did a good job for that appraisal.
[...] August 23rd, 2010 I swear I don’t have some sort of water tower fetish. I posted a photo of a tower in Galt last week and now this week I’m sharing another image from the field today. While taking [...]