Reduction of Land Value Due to Fracking
When Pennsylvania was becoming a popular zone for fracking and energy industry, many people felt it would be a great opportunity to live near fracking sites. On one hand, fracking means an unimaginable boom to the economy and market of state. On the other, it meant more job and financial opportunities for everyone. The developers became happy as the properties in this area were in high demand. The owners of small properties started giving their land for fracking as well.
But, over time, many people living near fracking sites realized it is not always ideal to say the least. The potential risks of water, soil, and air contamination, as well as increasing health hazards have come along with the fracking boom. With time, fracking has started affecting the value of land as well.
One of the most effective ways in which fracking has affected the land value of the area is by contaminating the drinking water. When the liquid, which is a mixture of water and other harmful chemicals are used to break through the layers of rock, it comes to close contact with the groundwater immediately. As a result, the water becomes contaminated. Now, fixing the polluted drinking water is neither easy nor cheap. Also, the government has failed to control random illegal fracking practices. In such a scenario, buyers are quickly diverting their attention from the properties of this area which is eventually contributing in less value of the land.
Fracking involves heavy duty drilling work which is inevitably affecting the constructions of the area. So, it is quickly becoming quite tough for the residents of the area to cope with the situation. On the other hand, if a buyer is planning to buy property, banks often refuse to give loans in this area. Obviously, the investment seems to be pointless as it is going to be affected by continuous heavy drilling work in the close vicinity. This is why the property values are rapidly decreasing here. Also, the frequent transportation of the heavy trucks and vehicles make the roads and the areas quite unsafe and hazardous for normal residents. It is more difficult to sell property located next to fracking sites. With the decrease of land value many people are losing money on the sale of their property. It is unfortunate when people suffer from financial loss due to circumstances which are out of their control.
If your property value has been hurt by the constant drilling by hydraulic fracturing, you are not without options. An experienced attorney can speak with you about your rights. At Stopperich Turturice & Logue, our professional Washington, PA accident lawyers will not only help you understand your rights better but will also assist you in the fight. Call us at (724) 350-8995 and get a free consultation. Our attorneys have over two decades of trial experience. We are always ready to take on cases big or small and will fight to receive the compensation our clients deserve.