We are looking at a new grouping of patio type homes that are built directly next to a cemetery. The homes are built facing a center grassy courtyard and are very close together with an HOA that takes care of landscaping. Will either of these factors (patio home, next to cemetery) adversely affect resale value?
When purchasing any home (single family, patio home or condominium), the surrounding areas must be considered by the buyer in evaluating not only the price but the future anticipated appreciation in value. In this case, it is likely that the price being paid now is less than a comparable home without the close proximity to the cemetery, therefore, the current price may make this purchase attractive.
That being said, it is also likely that there will be be less future appreciation with this property than one that is not located next to a cemetery. The patio home/condominium versus a single family home is an entirely different topic, and that exact question is answered in detail on our Realtor.com “Ask a Realtor” site by me in fact. Bottom line, the answer is similar. You are probably paying less now for a patio home than a single family home in the same area, and the patio home will likely have less future appreciation.
Location is a very important element when considering buying a property. In fact, many professionals would argue that it is THE most important consideration. However, there are always a variety of positives and negatives that influence a home buyer’s decision, from purchase price to neighborhood safety, to school district, etc. If the other positive elements of this property and lifestyle it provides outweigh the negative of the cemetery, and future appreciation is not the primary goal for you, then the cemetery does not have to be a deal breaker.
– Karen Crystal
Karen Crystal, REALTOR® at Ewing & Associates Sotheby’s International Realty, specializes in estate properties. She brings a unique blend of efficiency, honesty, integrity and business- savvy to her clients.