Your House Location Will Affect Home Value
Just from the title of this article you are probably thinking, of course, any home that sits next to a busy freeway is not going to get nearly as much profit as one that’s in a quiet cul-de-sac, but there are many other types of roads that can affect the price or even the sale of your home.
Just like some first-time buyers who settle for buying a fixer-upper home, there are also those who have to give up on their dream neighborhood as well.
Now, while there’s not much you can do about where your home is located, there are some things you can do to combat the fact that you may be located next to an undesirable roadway.
Here are the types of roads that can have a big impact on home sales and what you might be able to do about it. Learn about each of these types of locations and how they can affect property values.
Cul-de-sac sounds a lot better than dead end road but that’s exactly what it is. While this doesn’t have a negative impact on most home sales, it can definitely have a positive one. Home buyers want a space that they can enjoy without a lot of fast-moving traffic or people moving through the neighborhood that really don’t belong there.
Families with small children can let the kids play in the cul-de-sac, ride their bikes or scooters, and people tend to get to know each other when their homes face each other in a cul-de-sac setting.
Home sales increase even further when these Cul-De-Sacs back up to wooded areas or undeveloped green space or lands so that each homeowner can benefit from added privacy.
Living on a road that sees a lot of traffic throughout the day can deter buyers from finding the advantages or pros to the home itself. If they’re so distracted by the rushing noise of cars going by, the sights and pollution, they can overlook some of the key components to your home that they really wanted so it’s important to emphasize the advantages of the home.
Perhaps you have more bedrooms than the closest comparable property. Maybe you have an amazing backyard with a high fence that blocks a lot of the traffic noise. Whatever it is, find your homes feature and really showcase it either in a brochure or pamphlet when people walk through the door or make notes of it in the agent remarks of the listing.
This could have a positive or a negative impact depending on the type of buyer that’s looking. Some people prefer to get away from the chaos and look forward to a road that no one else is going to be on, miles away from the closest freeway where they’re not going to get a lot of solicitors. But some buyers don’t like the seclusion and want to pick a neighborhood that has all the amenities they desire.
Plus, the farther you get away from society the more you are on your own for garbage disposal, school bus pickups, and general utility maintenance.
This narrow street between buildings often in a city setting may or may not be a good location for home buyers. For starters, it may be hard for visitors or buyers to even find however, some buyers may consider it a plus because there’s only foot traffic and a lot of people like the uniqueness of an alley entrance. There could be a feeling of privacy or exclusivity and some buyers may pay more for that benefit.
Road divider or double yellow lines.
If your home is only accessible via one-way route, it can be a negative for potential buyers and homeowners. If there’s a huge divider between the directions of the freeway, homeowners may need to go several hundred feet or more out of the way to make a U-turn and come back to their location.
This may or may not deter buyers but the more you emphasize the benefits of the property; it may outweigh the fact that homeowners will need to do a little bit more driving to get to their home.
Living next to a freeway on-ramp might be an easy and clear choice for some commuters, but others don’t want anything to do with the freeway so even a view could be a deterrent. There could be noise pollution, difficulty reselling in the future, and because the area seems already established, there might not be any chance for growth in the future.
I think back to when I was selling real estate and we looked at a home that was literally less than 10 feet away from the railroad tracks. I can’t imagine anyone actually got any sleep. I don’t know how long that house sat on the market but there were several homes in this cul-de-sac that work more than 10 to 50 feet away from the railroad tracks that I know had trains on them multiple times a day and night.
his is definitely a negative and unless you find a railroad enthusiast, it may be very difficult to sell this home for competitive price.
There are a lot of advantages to a corner lot but not all may be seen as an advantage to potential buyers. Attitudes about corner lots can vary depending on individual’s preference. Corner lots back in the 1950s were a premium location but today, a lot of people steer clear of them because there’s too much traffic going into many different directions.
If the yard is fenced, it can be a benefit to protect kids and pets, but some people might also like the idea of having the garage on one side of the house in the entrance on another. I know for a fact that my father hates houses where the garage is the very first thing you see and corner lots can prevent this.
One-way streets are not only found in major cities but even in some residential neighborhoods. This can be complicated if you’re running late and need to head in the opposite direction of the one-way arrow. This may or may not affect your home sale but when listing and marketing your property, make sure you give clear directions, so the buyers don’t feel frustrated trying to get to the home.
Again, the way to de-emphasize something negative about the home is to emphasize the positive. Take a look at your competition and try to focus on what your home has that others may not. I.E. Fenced yard, close to great schools, extra bonus rooms or offices, extra storage, 3-car garage, close to Trader Joe’s or Starbucks (yes, those matter).
Or, ask your agent about ways to de-emphasize the negative aspects of the location, things you really can’t do anything about and come up with a strategy that has a positive impact on your home sales. All homes have a perk, find yours!
Other Impressive Real Estate Resources
- How to Make a Good Impression When Selling a Home – When selling your property you want to do everything you can to make it stand out in an excellent way. See some terrific tips on making a lasting impression on home buyers.
- How to Price Your Home for a Fast Sale – Do you know how to get your home sold quickly? Learn some great ways you get nail the sweet spot in home pricing so your home gets scooped up quickly.
- Ways to Add Value to Apartment Buildings – Want some great ways to make your apartment complex more appealing? Check out the helpful advice laid out in this resource.
- First-time buyer checklist – are you going to be purchasing your first home? Well, it is super easy to make mistakes if you’re not careful. Find some outstanding tips on what you should and should not be doing in this excellent article.
- Watch out for home buying deal breakers – when purchasing a home, especially for the first time, it is essential to have a deep understanding of the property condition. Make sure you have a professional inspection and watch out for some of the most common property issues.
Use the aforementioned resources to make great business decisions when you are buying or selling a home.
About the author: The above article on how a road type your home sits on affects market value was written by Tammy Emineth. Tammy has been marketing and blogging for real estate websites and many other businesses since 2004. Her business, Personal SEO offers a wide range of marketing options from social media to custom website design, blogging and white hat SEO.