The factors that can influence the market value of a home are myriad, but one of the most influential is going to be its location. What the home is close to, and far from, can have a powerful effect on whether or not people will be interested in it. Below are a few common locations and the effects they can have on the value of a home.
A home in a neighborhood that’s near a school will often be the target of families. However, it’s important to note that the quality of the school district can play a major role in how desirable that home will be. If the school system is great, the interest will likely be high. If it isn’t so great, well ….
On the other side of that coin, being near a school can also mean abhorrent traffic conditions at least twice a day, and having to deal with walking to and fro can make getting in and out of your driveway a nightmare. Close proximity to schools and playgrounds also means that there will be intermittent noise throughout the day, from children yelling and playing outside to bells going off at regular intervals.
If your home is near a commercial area that contains what’s considered to be a high-end store (Trader Joe’s, Whole Foods, etc.), data suggests that the price of that home will appreciate over time. As a matter of fact, homes near Trader Joe’s and Starbucks locations have been consistently worth more than homes that are not near these businesses.
Keep in mind that the homes that went up in value did so because they were near these very specific businesses. Just because your home is near a commercial area doesn’t mean that it’s going to go up in value. As a matter of fact, things like adult book stores, industrial businesses, warehouses, and liquor stores can actually inhibit the appreciation of your home’s value.
Being near the freeway can be awesome. Getting where you need to go faster cuts down on travel time and allows you more precious time to spend doing things you enjoy as opposed to sitting in your car. Based on this, close proximity to a freeway can be a major selling point; especially if you know the person looking at your home is someone who has to commute.
Freeways, while convenient, are also loud. The noise is constant, uncompromising, and isn’t going to go away. Ever. The ever-present pollution thanks to car exhaust can also be an issue. Ideally, you’ll want to be close enough to the freeway to tout its convenience, but far enough that the noise and pollution don’t cause problems.