When you’re buying a new home or searching through listings, the property’s location may be the last thing on your mind. Instead, you might focus on the soaking tub or the in-ground pool you’ve always wanted in your dream home. If you’re trying to sell your home, you might try renovating or upgrading to improve the property’s value. While this can help, proximity factors into your home value more than you may realize.
Potential home buyers want to be near quality amenities and in safe areas. The homes in low-crime areas and close to popular destinations will likely be worth more on the market. Learn more about how proximity factors into your home’s value.
How Does Proximity Affect My Home Value?
If you’re looking to sell your home, you need to consider your proximity to determine its value. Homes within a specific proximity to local amenities are worth more than those further away or in the country. The commercial buildings and activities in the area can have the most significant effect on your home value and determine your asking price. Some of these factors are within your control, while others are not and can change at any moment.
Consider the factors that can increase or decrease your home value when deciding to sell your home.
What Boosts Property Values?
Certain factors have a significant role in your properties value, including:
- Schools: People with children are looking for homes in a quality school district. Living within a community with high-performing schools is more appealing to homebuyers looking to improve the quality of their children’s education. Factors they’ll consider include test scores, reputation and distance. Schools close to the home provide convenience, especially to working parents.
- Shopping centers: Homes located around grocery stores or shopping centers are more convenient for homeowners since they don’t have to drive far to get everything they need. The market value of your home can increase by as much as two to three percent when you live by a grocery store or shopping district.
- Local entertainment: People enjoy having local entertainment, such as movie theaters, golf courses, parks or fitness studios, within proximity of their homes. They can travel to their desired location quickly and return home within a matter of minutes. Living close to an entertainment hub can significantly increase the value of your home.
- Landscaping and views: Many individuals enjoy waking up to a beautiful view each morning, whether it’s the sun rising over the ocean waves or rolling mountains. Having one of these views from your home can make your property more desirable to buyers, increasing your home’s value.
- Outdoor activities: Many people love participating in outdoor activities and connecting with nature. Some people enjoy hiking, walking along the beach or having a nice path to walk their dog. If you live in an area with plenty of outdoor activities, you may be able to increase your asking price.
- Coffee shops: Homes close to a popular chain, such as Starbucks, can increase in value by up to 96 percentage points. While a Starbucks popping up might not be a direct cause of the increase in value, there is a marked correlation between increasing home values and Starbucks stores.
What Lowers Property Values?
While many factors can increase your home’s property value, your home value may also decrease, making it harder to sell at your desired asking price. Some of these factors include:
- High-traffic areas: Living close to public transport can help increase your home’s value, but being close to busy highways, airports or railroad tracks can create a substantial amount of noise, making your home less desirable to potential buyers. If traffic noise becomes a problem in your neighborhood, it could impact your ability to sell your home in the market.
- Crime rates: Crime rates or hot spots can decrease your home’s value since people prefer to live somewhere safe. Research shows that vandalism is the crime that affects property rates the most. The further away the crime hot spot is, the less it’ll affect your home’s value.
- Power plants: Nobody likes to look at a power plant when trying to relax in their home, and the emissions can lessen your air quality. Homebuyers often steer clear of homes within a short distance of a power plant to eliminate the eyesore and ensure that their air quality isn’t affected in their future home.
- Low-rated schools: Parents often look for the best school district when searching for a new home to set their children up for success. Living in an area with schools that have low test scores and poor reputations can make your home harder to sell than those located in a good school district.
- Funeral homes or cemeteries: Many people are creeped out by funeral homes or cemeteries, whether or not they believe in ghosts or ghouls. Individuals may avoid purchasing homes near a cemetery or funeral home so they don’t have to see or drive by it daily.
- Low-quality neighborhoods: If you live in an area with noisy neighbors or neighbors who pile trash and other debris in their front yard, it can be challenging to sell your home and make it look appealing to potential buyers. People often prefer that their home environment is quiet and comfortable, and low-quality neighbors can ruin the experience, meaning you’ll have to lower your asking price.
How to Find Properties With the Best Proximity Factors
If you’re buying a home, you’ll want to look for proximity factors that will positively affect your home’s value if you decide to sell in the future. If you’re working with a real estate agent, you can let them know about your preferences so that they can filter out properties for you. They can help you find homes in a quality school district and near all of your favorite or necessary amenities, such as grocery stores or shopping malls.
You can also look for homes online and filter your search results. Once you find a property you like, you can look up the location to determine what’s nearby. If you have the time and ability, you can also visit these homes in person to get a better idea of what the area is like and if it suits your needs. Buying a home with the best proximity factors will make living more enjoyable for you and make it easier to sell in the future.
Get an Offer on Your Property
If you’re trying to sell your home but are having difficulty finding quality offers due to your proximity to specific amenities or other reasons, consider selling your house to HomeGo. We are a professional home buying company that can help you get out from underneath your home in a matter of days. We will give you an offer on your property, regardless of its condition or proximity to different locations, such as schools or coffee shops.
Once you schedule a walkthrough, one of our professionals will take about 30 minutes to assess your property and can give you an offer the same day. We don’t play any tricks or try to hide any fees. You can trust that our first offer will be transparent and accurate to the value of your home. We can close the deal in just seven days, allowing you to move as quickly as you’d like. Our leaseback program lets you stay in your home if you need more time to pack or tie up loose ends.
If you’re ready to move, take the first step and schedule a walkthrough with one of our agents or contact us today to learn more about how we can help.