By Jesse McCarl
Real estate is all about location, location, location! It’s no surprise that what affects home value more than anything else is your proximity to certain places (or people). This infographic takes a look at exactly just how important that can be! Here’s how various factors help or hurt a home depending on their nearness to the property.
Remember home value is not the same as resale value.
Boost Home Value
Being within walking distance of lightrail transit can actually boost your home value by 17%. Being near public transportation stops in general can raise home value as much as 41%. If you’re within a quarter mile of a Starbucks, your home value increases about 21%. Similarly, proximity to a Dunkin Donuts can make your estate about 15% more valuable. In general, buyers seek to be closer to shopping and community activity. 21% of buyers will pay more to be in walking distance of their kids’ schools.
Hurt Home Value
As great as those things that boost home value are, there are a lot more factors that could work against your estate’s worth.
Being near a garbage dump lowers your home value about 5-7%. Similarly, being near a power plant can hurt value about 4-7%. Even the threat of fracking can devestate home value. Just living near a shale gas well can hurt home value as much at 24%.
Living near a foreclosed lot can lower value around $7,200. Living near a sinkhole or even just tacky billboards can cost you up to $30K.
It’s not just places that hurt your home value. Being near certain people can be damaging, too. Loud neighbors or neighbors who don’t maintain their lot can lower your home value anywhere from 5-10%. Living in the same neighborhood as a registered sex offender lowers home value a whopping 12%. Not very fair, is it?
Some other factors working against your home value include living near a busy road or freeway, loud railroad tracks, or telephone poles.
Some of these figures may seem kind of crazy! Here’s where we got our stats so you can take a look for yourself:
Starbucks and Dunkin Donuts stats come from GrubStreet. Many of the other value booster statistics came from HouseLogic and BankRate. Most of the factors that destroy home value came from this Business Insider article. You can also refer to our post about home-buyers looking for walkable communities at our Take A Walk Infographic.How Proximity Affects Home Value [Infographic] by HouseHunt