We all know that living near a good school increases the value of your home. But who knew a neighboring cemetery can adversely affect your property value? Or that proximity to a hospital isn’t a good thing?
In fact, we now know—or should know—that nothing is more important when selling your home than your neighborhood. So if you’re buying, think ahead; purchase your dream home in the wrong location and you may be buying into a nightmare. Here are some location no-nos:
• Realtor.com research has found that living near a cemetery will lower your property value by 12.3% and having a hospital nearby means when you sell you can expect an impact on your sale price of 3.2%. Also note: make sure you move near a “good” school; a “bad” school will reduce your home’s value by 22.2%.
• An article in the Journal of Transport Economics and Policy indicates that having an airport nearby can discount the value of your home. The greater the noise level, the greater the negative impact.
Among the amenities to look for in your neighborhood-to-be:
• Proximity to transit. According to a Transit-Oriented Development in America survey, 55% of Americans would pay more to live near good transit options. The study, conducted by consultant HNTB Corporation, found that 57% of respondents liked not having to depend on cars to “work, live, and play.”
• A neighborhood on its way up—not down. In transitional neighborhoods, you get a lot of value for your home-buying buck. Your real estate agent is the best source of information and will also know if there are any planned roads or developments that may impact the neighborhood—positively or negatively.
• Water, parks, and green spaces. A nearby waterfront can add up to 25% to the value of your home. A fabulous view is also a moneymaker when it comes time to sell.