How does location impact a home’s value? Consider these 5 factors

There are many factors that influence a home’s value with location being at the top of the list. There are five key factors associated with location: zoning, neighborhood, traffic, street condition and noise.

1. Zoning: When buying a home, be sure it is located in an R-1 zone, which means single-family residence. Being adjacent to or across the street from a school, business, apartments or other different zoning areas will reduce property value, and often increase the amount of time it takes to sell the home.
2. Neighborhood: Do adjacent neighbors maintain their property or are their homes in need of obvious repairs, yards are not cared for, or are boats, trailers and other vehicles parked everywhere? When driving through a neighborhood, first impressions are important and greatly impact value.
3. Traffic: Is there a lot of traffic? Houses located on corner lots or on streets that have speed limits greater than 25 miles per hour, tend to sell for less. Streets with double yellow lines or solid while lines are indicators of high traffic. This impacts safety, especially for pedestrians, or even backing out of the driveway. The amount of traffic and speed reduce the number of potential buyers and influence value.
4. Street Condition: Is the street well maintained, or are there potholes or other indicators of needing repair? Lack of street maintenance may also indicate that the neighborhood does not have other governmental support, including law enforcement. Neighborhoods that receive good governmental support enhance property values and help reduce the time a house is on the market.
5. Noise: When considering a home, drive by the property at different times and days of the week. Park your car, roll down the window and listen. Are there noises that would be irritating, like loud music, rumbling semi-trucks or buses, honking horns, or other annoying sounds? Noise can carry for over a half mile and can be especially aggravating when trying to sleep. Most people do not take time to check on noise, which actually greatly influences value and resale.

Considering these basic location elements may either allow you to negotiate a lower purchase price for a home or protect you from making a poor investment.

Nancy Neal Yeend is a retired Realtor, mediator and dispute management strategist, who specialized in resolving real estate and other business related matters.