How Proximity Affects Your Home Value

Brian Sperry  |  December 16, 2021

How Proximity Affects Your Home Value

Location, location, location

You’ve definitely heard how important this is in real estate — and that's because it's true! Location is a crucial factor when it comes to the value of your home. What part of town you are in matters, but what is physically near you can actually help or hinder your property value. We put together a list of the most important proximity factors that will increase as well as decrease your home value.

Factors That Increase Home Value

Schools

Homebuyers who have children are willing to pay more to live in a home closer to schools, especially ones with a good reputation and high academic scores. This article takes a deeper dive into why this may be.
 

Entertainment

In most cases, homes that tend to be within walking distance or a short drive from entertainment opportunities like a movie theater, golf courses, and parks usually sell for more money than homes farther away.
 

Shopping

Homes with close proximity to grocery and shopping stores usually sell for more. According to this article, being close to a popular grocery store or a shopping mall has shown to have a 5% premium.
 

Outdoor Recreation

Having great scenery and access to outdoor recreation like lakes, rivers, and parks usually increases a home’s value.
 

Sought-After Views

Depending on where you live, things like cityscapes, mountains, or golf courses tend to increase value and even help sell your home faster.
 

Public Transit

According to this article, Canada is spending billions of dollars on new public transportation infrastructure, which has a positive effect on property values.

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