Close proximity of high-tension power lines are disconcerting for some.
This old real estate adage is still relevant in this uncertain, confusing housing market and in fact is the number one rule of selling real estate. It suggests that identical homes can differ in value due to their location.
If you are a homeowner preparing to sell, you clearly cannot change the location of your property. Unfortunately, the only way to compensate for a poor location is to reduce your asking price. However, choosing the right location is certainly something to keep in mind when you make your next home purchase.
What makes a good location? For one, the school district your property is located within does matter even if you have no children or are an empty nester. Although you will typically pay more for a home in a top-rated school district, the investment may be worth the return in resale value.
This home on a quiet, private street is attractive to many
Another huge factor you want to consider is the type of road the home sits on. When possible, it is not advisable to buy a house on a busy, high traffic street or road. What constitutes a busy road, of course, is somewhat subjective, but a good rule of thumb is to avoid buying a house on a street with a yellow double-line. A double-lined road may not be a concern for you, but a future prospective homeowner may have concerns such as inability for guests to safely park in front of the house or small children and/or animals running into the road.
Because the presence of railroad tracks can affect the desirability of a property, it too can negatively affect resale value. If train tracks are visible from a house, it is likely you can also hear trains rumbling though. Noise, plus grit and the potential danger (if there is not sufficient fencing) are all reasons many find it undesirable to live near railroad tracks.
Other location factors include proximity to major highways (for easy commuting), distance from high-tension wires and buying in a flood zone. Having a diligent Realtor is hugely important, as the right agent will be looking out for such things on your behalf.