How a Busy Road Affects Home Value
If 2020 is the year you intend to sell your home fast, there are some tips, tricks, and factors you should consider beforehand. One aspect of the home-selling process that too many homeowners forget is traffic. You’ll be hard-pressed to find a buyer who will willingly live next to a busy roadway — at least, not without the right amenities in the home.
The actual loss of property value for a home along a busy road is tough to nail down, but an initial appraisal may put the loss at about 10 percent. In reality, it all depends on the market. If the number of houses for sale shrinks, then so does your risk. Here are the factors to consider when trying to sell a house located near a busy road:
Conventional Assessments
In the past, traditional assessment estimates placed the value loss of a house along a busy roadway at about 10 to 20 percent. The opposite is true for a condo, however. When selling a condo, the value actually increases when located along the main road in town.
While families usually seek homes with peace and quiet, condo owners usually require easy access to major roadways for work and travel.
The Neighborhood Factor
You can get around any significant loss in value due to a nearby road with the help of the neighborhood. A buyer can easily look past a busy road if the neighborhood is ideal. A home in a quiet, residential suburb with friendly neighbors, for example, is bound to sell fast.
Furthermore, if a neighborhood is up and coming, then the property in question will acquire value over time.
There are many factors to consider when selling a home. If you want to skip all of the hassle and planning, then call We Buy Salt Lake City Houses. We’re excited to make you an offer for your property. Just call 801-758-5005 to get started!