Properties Close to Power Lines
If you are in the market for a new home, one factor you may not consider when deciding whether to put in an offer is how close your new property is to power lines. While lenders are willing to approve home loans for properties close to power lines, they do want to manage the risk. The location of the power lines in relation to your property can have an impact on your home’s resale value down the line. Depending on the type of power lines and the proximity of the power lines, your lender may not be willing to approve your loan for the full amount.
How Power Lines Affect Your Home Loan
The biggest factor that should be considered when you are looking at a property close to power lines is the voltage of the power lines. Low voltage lines have 600 volts of power running through them at any given time. High voltage lines have between 69 and 155 kilovolts. These are the power lines that lenders consider to be high risk. High voltage lines are dangerous if they are knocked down by a storm or by strong winds. If they are directly over your property, your lender may deny your home loan based on the risk. If they are not directly over your property, your lender may be willing to finance at least part of your home loan, depending on how far away they are from your property line.
If you are looking at a property close to power lines, consult with the brokers at Mortgage House before making an offer. We take into consideration the voltage of the power lines, the distance from your property, and the risk of your loan to find the perfect home loan for you. If you are worried about the power lines affecting your resale value, we can also perform a property valuation.