What makes Pahrump Values Different?
Pahrump is a rural community with a few factors of value that many people may not know or understand.
Some of these can be extracted with the market approach to value and some of them it can be very difficult to determine a specific value.
The following is a short list of considerations when looking to relocate in Pahrump.
Lot Size
Single family homes in Pahrump that are one acre or more typically command a higher price in the market. There are a few likely reasons for this, as homes with 1+ acre have a few benefits:
(1) the ability to install a well for water
(2) the ability to have livestock (including horses) on your property
In Pahrump, it is common for both of these to be desirable in the market. There are other requirements for a private well in Pahrump (click here for information).
Neighboring Lots
Many homeowners in Pahrump will purchase lots that surround their home. This is typically done to preserve a view.
It’s important to understand that an appraisal cannot value a home based on who owns lots that surround it, due to the ability to transfer land freely.
Be careful when looking at property in Pahrump because it is possible sometimes that a neighboring lot may be developed in such a way as to interfere with a specific view that you may currently enjoy or seek to enjoy.
Improving Land (building)
Want to build that dream home in Pahrump?
When looking for land in Pahrump to build, it’s important to understand that a lot of land doesn’t have utilities (water, sewer, power).
This means that you can either build a well and septic and find some other way to provide power to the home, or you can have these utilities attached.
It can be very costly to attach utilities to land, and this is a primary factor of differing land value.
What to watch for: are there neighboring homes with power or water? The cost may be minimal if there is.
If you’re looking for an FHA loan, know that FHA requires the appraiser to report whether or not public utilities are available and feasible. If they are, it’s possible that FHA will require you to hook them up. This is outside of the scope of real estate appraisal so please contact a mortgage professional or attorney for more information on what this may mean for you.
Yes, We Have Donkeys (and horses)
While I was writing this I actually had a few donkeys wander up close to my backyard in Pahrump (I live along BLM land).
Donkeys are fun to look at but they’re noisy. If they decide to bless you with their presence in the evening you will hear them making noise possibly all night long. They will sound like a trampling herd or may just yell, who knows, but be aware that depending on your location – these uninvited guests may show up.
Wild horses are common also. The main road (Rt. 160) is a place where wild horses (and donkeys) often wander around, particularly at night. This is why the speed limit is 35 mph and why residents should adhere to it. They will jump in front of your car without seeming to care.
When selecting a place to live, be aware of these somewhat infrequent guests (depending on where you decide). The northside of town I’m told has more horse and donkey sightings than the south. It’s unlikely to see them in densely populated communities like Mountain Falls, except in open areas.