If you’re looking to buy or sell a home here in , understanding what affects property values is crucial. While some factors like location and square footage are obvious, there are a few hidden factors that could be impacting your property value in . In this blog, we’ll explore seven surprising things that affect your property value that you may not be aware of. Knowing these things can help whether you are listing your home for sale or if you are trying to evaluate a deal when buying.
1. Proximity to Highways and Public Transportation
For many home buyers, their daily commute will play a big role in where they choose to buy. Nobody wants to spend a long time going back and forth to work each day. Properties close to city centers or urban working areas can sometimes attract more buyers than more remote properties. Closeness to a Starbucks, Whole Foods, or other trendy establishments can boost property value due to convenience and perceived lifestyle. In the digital age, access to high-speed internet has become a crucial factor. Properties with reliable and fast internet connectivity may have higher values.
While having a car is necessary in many parts of , not everyone has one. That’s why proximity to public transportation is key for many buyers. If your home is within walking distance of a bus, train, ride share, or subway stop, it could be a major selling point. On the other hand, if your home is far from public transportation, it could be a turnoff for some buyers.
2. Street Names
While it may sound silly, the name of the street your home is on can have an impact on its value. If your home is on a street with a name that has negative connotations or is difficult to pronounce, it could be less desirable to buyers. On the other hand, if your home is on a street with a positive or easy-to-pronounce name, it could be more desirable. If you are selling your home, which happens to be on a street with a lovely name, you’ll want to highlight this in your marketing. The presence of a celebrity in the neighborhood can influence property values positively. The appeal of living in proximity to a well-known figure can attract buyers.
3. Trees, Flowers, and Landscaping
While many buyers focus on the interior of a home, the exterior is just as important. Trees and landscaping can have a big impact on your property value. Mature trees and well-maintained landscaping can increase property values by providing shade, and aesthetic appeal, and enhancing the overall ambiance. If your home has beautiful landscaping and well-maintained trees, it could be more attractive to buyers. On the other hand, if your home is surrounded by dead trees or overgrown bushes, it could be less desirable. Keep curb appeal in mind when valuing a home, as this is the first thing people see when viewing a property. The color of your home can influence its perceived value. Some colors are more attractive to buyers than others, and a fresh coat of paint in a trending color can make a difference.
4. Noise Pollution
No one likes to live in a noisy area, and noise pollution can have a significant impact on property values. If your home is located near a busy road, train tracks, or an airport, it could be less desirable to buyers. On the other hand, if your home is in a quiet area, it could be more attractive to buyers. There are things you can do to lower noise pollution, such as installing fencing, landscaping, or fans. Changes in local zoning regulations or upcoming construction projects can influence property values positively or negatively, depending on the nature of the changes. Proximity to these structures might lower property values due to potential health concerns or perceived unsightliness.
5. Crime Rates
Crime rates can also have a major impact on property values. Homes in areas with high crime rates are typically less desirable to buyers and may sell for less than similar homes in safer areas. Safe neighborhoods tend to have higher property values, as people prefer living in secure areas. If you’re looking to buy a home in , it’s important to research the crime rates in the area to make an informed decision. As such, if you are trying to sell your home in a high-crime area, be sure to add and highlight security features such as cameras, safety lighting, and fencing.
6. School Districts
Even for those without children, the reputation of nearby schools significantly impacts property values as it’s a key consideration for many buyers. For families with children, school districts are a major factor when buying a home. Homes in highly-rated school districts are often more desirable to buyers and may sell for more than similar homes in less desirable school districts. Properties located near parks, green spaces, or recreational areas may see higher values. These areas enhance the quality of life for residents and contribute to a sense of community. If you’re looking to buy a home in , it’s important to research the school districts in the area. That said, school districts impact values whether or not you have children, so it’s important to stay on top of them when buying or selling a property.
7. History of the Property
Being in or near a historically significant area or having a property with historical value can positively influence its worth. If your home has a history of flooding, termites, or other issues, it could be less attractive to buyers. If the property was occupied by hoarders or suffered from neglect, people may want to pay less. On the other hand, if your home has a positive history, such as being owned by a famous person or being featured in a movie, it could be more attractive to buyers.
Remember that the impact of these factors can vary depending on the local real estate market and individual preferences. It’s always a good idea to consult with local real estate professionals for a comprehensive understanding of the factors influencing property values in a specific area.
There are many factors that can impact your property value in . While some are obvious, such as location and square footage, others are more surprising, such as street names and the history of the property. If you’re looking to buy or sell a home, it’s important to take all of these factors into consideration to make an informed decision. Are you looking for more information about buying or selling real estate in the area? Find out how NC Off Market Pros can help you get all of the data you need. Reach out to our team today! 919-629-1140