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How Proximity Affects Your Home Value
Chris Holm
Whether buying or selling, hundreds of clients in the Armstrong and North Okanagan area have relied on Chris Holm since 2007...
Whether buying or selling, hundreds of clients in the Armstrong and North Okanagan area have relied on Chris Holm since 2007...
Location, location, location.
You’ve definitely heard how important this is in real estate — and that's because it's true! Location is a crucial factor when it comes to the value of your home. Not only does what part of town you are in matter, but what is physically near you can actually help or hinder your property value. We put together a list of the most important proximity factors that will increase as well as decrease your home value.
Factors that increase home value
Schools
Homebuyers who have children are willing to pay more to live in a home that is closer to schools, especially ones that have a good reputation and high academic scores.
Entertainment
In most cases, homes that tend to be in walking distance or a short drive from entertainment opportunities like a movie theater, golf courses, and parks usually sell for more money than homes farther away.
Shopping
Homes with a close proximity to grocery and shopping stores usually sell for more.
As communities grow Walkability becomes more important.
Outdoor Recreation
Having great scenery and access to outdoor recreation like the ocean, lakes, rivers, and parks usually increase a home’s value.
Sought-After Views
Depending on where you live, things like lake view, cityscapes, mountains, or golf courses tend to increase value and even help sell your home faster.
Starbucks
We all love a good cup of joe in the morning, especially if you like to make a quick stop on the way to work. According to Forbes, homes that are within a quarter-mile of a Starbucks, have appreciated 96%.
Factors that decrease home value
Power Lines
Aside from being an eyesore, some people believe that emissions from power lines will not only decrease the air quality but the value of your home.
Busy Areas
Although being close to railroad tracks, airports, and busy intersections is convenient for when you need to leave, it can be pretty noisy when you are at home which could drop the value of your home.
Crime
Areas and neighbourhoods with higher crime rates tend to decrease home values.
Schools
As we said above, the good quality schools are a big priority for some home buyers.
Knowing the catchment area is important when you buy.
Cemeteries & Funeral Homes
Whether you believe in ghosts or not, the thought of living near a cemetery or funeral home is a bit eerie for some buyers.
Hospitals
You may think that being right around the corner from a hospital is a good thing in the case of emergency, but with hospitals comes ambulances and sirens. And there’s no telling what time of day or how many times a day you might hear these noises.