While there are numerous things that you can do to improve the value and
selling potential of your home, there are several external factors that are
outside of your control. These impediments are especially important to consider
when you are purchasing property because they are not factors that will easily
be fixed.
There are two categories typically outside of the
control of remediation that may decrease your home's value: proximity and
location, and lot features. The first set of factors that may decrease your
home's value fall into the category of Proximity and Location
Factors; location factors refer to the
location of your home and it's proximity to desirable and undesirable features.
Because location factors that devalue your home are based on where and how your
home is situated, there is generally little you can do to improve these
factors. This lack of potential to improve and increase value means it's
especially important to consider their impact on resale value when purchasing.
If these factors do not deter you, or you are willing to oversee certain
devaluing features, these devaluing factors can be used during negotiations to
secure you a more favourable purchase price.
1. Proximity to good schools
It is important to consider your home's
proximity to good schools
as this can often increase the value of your home as well as the neighbourhood
as a whole. Parents often consider school district catchment as major
determining feature of their home purchase, they want to ensure that their home
falls within the catchment of a successful, high-calibre school. Buyers who do
not have children may be aware that this impacts resale value and will factor
it into their decision.
2. Proximity to transit
Many buyers consider a potential home's
proximity to transit as a key selling feature. If there are grocery, produce
and butcher stores all within walking distance, this is a great selling feature
as well.
3.
Proximity to main road or access road
Lot location on, or near a major road poses a risk for children and increases
overall noise; access roads have pose the same issue.
4. Proximity to train, major highways or
airport
Like major roads and access roads,
trains, highways and airports significantly increase noise pollution, making it
less ideal than comparable quieter areas.
5. End of cul-de-sac of t-intersection
Houses that are at the end of a
cul-de-sac or t-intersection will suffer from having car headlights constantly
directed at their house, oftentimes right into living room or bedroom windows.
6. Neighbouring properties in disrepair
A neighbouring property in disrepair
poses a twofold threat of devaluing your home: it is an eyesore that negatively
impacts the value of houses nearby and it may often be a sign of other
potential problems with the neighbour.
7. Backing onto power lines, trail, path or
greenbelt
There is a lot of inconclusive and
conflicting research on the hazards of proximity to power lines; whether you
believe that proximity to power lines pose a potential health risk or not, many
potential buyers do and this will decrease the value of your home and make it
harder to find a buyer.
8. Issues with lot
A. Corner lot
B. Lot irregularity
C. Comparatively small lot
D. Slope of property
E. Presence of stream or river