How often do we hear, location, location, location when it comes to valuation statistics. Living next to loud noises has a definite impact on valuation since the amount of sound levels affects the desirability of living in an area where annoying noise abound. That airports, trains, highway traffic noise effect a home’s value is indisputable.
Sound levels are measured in decibels. An airplane’s jet engine roar at 100 decibels would be unnerving every time it past. Likewise, road noises going from 40 to 80 decibels effect the value of a residence. Richard L. Borges II, the president of the Appraisal Institute, was quoted as saying that “Neighborhood nuisances like an overgrown yard or a persistent odor could in some cases bring down the value of adjacent homes by 5 to 10 percent”.
The rule of thumb is that if something looks, sounds or smells dramatically different than the majority of immediately surrounding properties, or the neighborhood is subjected to noises (such as an airport, an interstate freeway/highway, railroad tracks, power lines, etc.), that nearby neighboring subdivision are not subjected to, it is highly probable that the sales prices for a property proximate to such influences will be less than other properties that a potential purchaser might consider as an option.
Percentage Adjustment For Road Noise
The “5 to 10 percent” reduction, quoted above, is probably a national or regional average. The diminished value will likely be directly proportional to the severity of the influence, and the generally acceptable tolerances of the neighborhood itself.
Calculating your noise reduction needs
https://www.realtor.com/news/trends/noise-discounts/ So what’s the leading offender to sensitive ears? Airports—sellers of homes within a 2-mile radius will knock off 13.2% of the going rate in the rest of the ZIP code. In fact, transportation is responsible for the top three noisemakers, including railway tracks (12.3%) and highways (11.3%).
Data sources: realtor.com®, Federal Aviation Administration, Bureau of Transportation Statistics, Office of Highway Policy Information, GreatSchools.org, Hartford Institute for Religion Research, Department of Agriculture, Google Places API, municipal fire departments, Nielsen
