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Appraisals, Real Estate, Real Estate Attorney in NJ, Real Estate in New Jersey

Surprising Factors that Influence the Value of Your NJ Home

On Behalf of Veitengruber Law | Jun 09,2020

Many things impact a home’s value: the square footage, the lot size, the location, and the neighborhood, among many other things. But while these are the most common factors to influence home value, there are also some quite surprising factors that go into assessing the true value of a property. Here are seven unconventional factors that can impact your home’s value. 1. Privacy In general, most homeowners desire a certain level of privacy, but not all homes offer the same level of seclusion. Neighborhood home density, proximity to neighbors, and backyard exposure all influence the perception of a home’s privacy factor. A home that is a significant distance from other properties or has a backyard that cannot be viewed by neighbors will be valued higher than a similar home located close to neighbors. 2. Frontage Length They always say that size doesn't matter, but when it comes to real estate, it definitely plays a part. Specifically when it comes to frontage length - the length of a home’s lot that faces the street. Not only does frontage length directly figure into the dimensions of a property, it also determines how much parking will be available to the residents. This tends to influence home values more in rural areas than suburbs. 3. Renters in the Area There is a correlation between the number of rentals in the area and the value of a property. General opinion holds that renters don't tend to care for a property as well as a homeowner would, thereby making the neighborhood less desirable. Because of this, lenders want to make sure there are not too many renters in the area of a property they are considering buying. 4. Proximity to Train Tracks or Airports This one isn't too surprising when you put it in simpler terms. It comes down to one thing: noise. Trains and planes are loud and can cause quite a disturbance throughout the day and night. Realtors know this and will often list a home at a lower price because selling near these travel hubs can be challenging. 5. Corner Lots While this isn’t the case for all buyers, corner lots can be a turn off for some people. A property that borders two roads means there is a potential for increased (noisy) traffic, impacting the level of privacy and solitude the occupants will have. Corner lots also tend to have unusual or odd configurations that diverge from the typical square property lines. 6. History of Death in the Home You often hear about this on tv and in movies, but the truth is that a home that has been the site of a traumatic event like a murder, suicide, or even accidental death can be negatively impacted when it comes to valuation. In fact, studies have shown that potential buyers are so turned off by these factors that a home's value may be reduced up to 10-25%. 7. Low Scoring School Districts Parents will relocate based entirely on the quality of a school district, so this is a very important factor. A home located in a school district with low test scores will not be valued as highly as a similar home in a district with higher test scores. The quality of the school districts in the area can also impact property taxes. These factors don’t just influence the value of a house when you are looking to buy, but they can also affect how the value of your home changes over time. If you are looking to purchase a home, Veitengruber Law can help you connect with a realtor that knows the true value of homes in your area.                          

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