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Updated almost 5 years ago,
Will a 7/11 help increase the value of my home?
Hello,
I purchased a new build in Frederick, MD about three years ago. It was my first home (still my only home) and my goal was to househack it until I was ready to leave the DC area. I had roommates paying about 75% of my mortgage while I lived there for the first two years and over the last year I moved out and a new tenant is paying 100% of the mortgage for me. I'm breaking even but gaining equity.
When I purchased they told me that once the residential section was complete the construction on commercial and retail properties would begin. They told me a grocery store, bars/restaurants, coffeeshops, some retail, and even a hotel would be moving in. Breaking ground on that side should have begun after three years based on the timeline that they provided when I purchased my condo. We are past the three year mark by about 7 months and nothing that was promised has begun. However, I've been told that a 7/11 is now being built.
Looking for some some advice. I purchased the house with the intent of it being a stepping stone to something in a less expensive market that I could use for some additional monthly income. My goal was to hold on until the community was built and hopefully get some appreciation out of it. With this latest news, I'm thinking that maybe I go ahead and move on.
My question is; is the 7/11 a sign of more things to come? Or is it pretty much a desperate attempt by the developer to get SOMETHING in there?
Thanks for the advice. First post! Long time podcast listener and hoping to get more involved in the BP community.
Cheers!