I wondered if an experienced realtor could give me professional insight on what effect the gas station and vent situation were having on the value of my property.
I contacted several London realtors who had a variety of years in the profession. All of them had an office near this area or had recently represented property in the tainted EOA area.
I wondered if there was some secret guidebook they had to do a valuation, like ” Good landscaping adds $ 5000.00, ugly exterior paint color loses $ 3000.00, etc.”
I was upfront that I was not ready to list my property, but hoped that they could offer their opinion. No one was willing to speak on the record. I didn’t want to waste anyone’s time, so no one actually visited my house though a couple drove by to have a general look, and everyone looked at Streetview.
I emailed them all a similar inquiry where I mentioned that I was now next to a 24 hr gas station/convenience store and wondered how this might affect my property value ?
No one said that it INCREASED my property value. The location near a busy street was a deficit, as was the neighbourhood due to the lower values in the area.
The approximate valuation they could give me was speculative – based on the comparable solds from the area. The value of a property is only worth what someone is willing to pay for it.
As we got futher into the conversation, I explained about the vent location and the problems thereof. A couple of the realtors didn’t seem to take my description seriously and acted like I was complaining about engine exhaust. No one said that my home might be worth $ XXX, XXX but due to the vent location the value would be reduced by $ xx,xxx
I said that I knew that I was legally obligated to disclose this negative issue, or else I potentially opened myself to litigation. A neighbour in Toronto hadn’t disclosed water infiltration in their basement, which was an ongoing issue they never remedied, nor the owners before them, and had to give the buyer back $ 50,000 due to this.
It gets even more complicated as the defect I would have to disclose is not actually even on my property ! Due to the actions of the TSSA’s approval and the Petroleum Contractor who did this modification a serious issue had resulted that I felt made my property unsaleable as residential or even commercial/light industrial property. Who would buy a home that is periodically filled with gasoline vapours ?
A couple of the realtors said that I should just sell and move, and not disclose this. Take the money and run. I argued that I had made numerous reports to the Ministry of the Environment and the TSSA so I could not claim I did not know there was a problem.
One realtor told me I should not attempt to go public about my situation, as it would give my property a stigma, which would last in the public memory, and potentially render it unsaleable.
All the realtors suggested I what I needed was an appraisal, which would be admissible in a legal context, whereas a suggested listing price would not be.