school closure affect to property value

**ulmanb** · 02-11-2011, 12:27 PM

I live across the street from a elementary school that will likely be closing within the next year or two. It will likely remain vacant after closure.

The neighborhood is a nice one in mid-michigan, the market has been stale for several years, and I am concerned about how much a vacant building across the street will affect my home value.

We were originally planning to move/upgrade in a few years, but the fear of how much it will decrease our home value is causing us to re-evaluate and sell now.

Any comments as to the amount of decreased value we should expect?

**Greg** · 02-12-2011, 05:58 AM

It really depends on what happens with the school. If they let it become derelict it could become very expensive for you.

**Jonathan Radford** · 02-16-2011, 06:42 AM

You should probably consult a local realtor that has more knowledge of your local market. You say "the neighborhood is a nice one," so I wouldn't expect it to remain vacant too long, since residents of nice neighborhoods don't like vacant, decaying properties in their neighborhoods. On the other hand, you say that "it will likely remain vacant after closure," and "the market has been stale for several years," so there a lot of different variables to account for here. As I said, my suggestion would be to speak with a local realtor.