Physical Factors That May Affect Your Home’s Value
While there is a lot you can do to increase the value of your home from within, sometimes the things that affect your home value the most are physical factors that are external to your property. While these elements are largely uncontrollable, educating yourself about them is important in order to be prepared when putting your home on the market. The main physical factors that potentially affect your home’s value include:
Location
Physical location has always been one of the largest determinants of home value.
Your home’s proximity to these three main elements has the most effect on its value:
Hubs
In Arizona, these hubs are largely situated in Phoenix and are important because they house all of the amenities, entertainment, and jobs in the area. Houses that are conveniently located near hubs are designated as “location-efficient.” An “inefficient” home can lead to higher commute times. When individuals are forced to travel longer distances to desired locations, it leads to a decrease in residents’ quality of life and an increase in transportation costs. Making note of the shops and restaurants near you can help you justify your home’s value.
Transportation
Even if your home is not directly situated within a hub, it can still have transportation-based value. Being close to a major transit station can have nearly as much of an effect on your home value as living close to downtown does. Many people recognize that it is not always possible to walk straight to work, so they are happy to at least be near a major transit station, which can take them everywhere they need to go. In addition, land value can be driven up by your proximity to alternative transit means, such as bike paths.
Educational Institutions
This is particularly relevant if the property is a family home. If your home is close to schools, this will play a major role in determining house prices within your area. Not only does the proximity to the school matter, but also the quality of the schools in the neighborhood. If you don’t already know about the schools in your area, it’s worth doing some research to determine what kind of schools are around and how they rank.
Surrounding Structures
Structures that contribute to the quality of the environment around your neighborhood can also drastically increase or reduce the value of your home.
Industry
Proximity to city dumps and industrial plants can negatively affect the price of your home. These can be anything from power plants to factories, as well as industrial activities like fracking. All of these contribute to a variety of negative outcomes, such as pollution, smells, or – most commonly – noise.
Sports and Entertainment Venues
Homes that are close to popular sport or entertainment venues like football stadiums or concert halls may be affected by such locales. If parking or traffic is impacted by these venues, home prices could be driven down. However, if the venues are popular enough to attract individuals who desire a residence in close proximity to them, then home values may increase.
Knowing what kinds of physical factors affect the price of your home can allow you to make an informed decision regarding whether to sell or not and to settle on a reasonable sales price.
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