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Should You Live Near a Cemetery, Casino or These Other Landmarks?

Determine your deal-breakers.

It’s time to begin house hunting, and you’re all about that “location, location, location” mantra everyone mentions when it comes to real estate. But the right number of bedrooms, square footage and proximity to work and school aside, how much weight should you give to external factors that can potentially have a big impact on a property’s value? Here are 13 things you might want to think twice about living near — some could be a big boost to property value down the line, while others could be a deal-breaker for you and future buyers.

A school

Living next door to or down the street from a school can be a selling point for families with school-age children, but a headache for those without kids. “Kids can walk to school, and it’s very convenient … but people without kids might not be too thrilled with that,” says David Michalski, principal broker and president of Fairfax Realty in Falls Church, Virginia. He notes a high school in particular can create noise pollution with football games and other events that stretch into the late evening.

Train tracks

A short walk or drive to a commuter train may be convenient, but few homeowners want their property to back up to train tracks. Noise at all hours of the day and night will not only be a nuisance that drags down your property value, but a freight train that carries hazardous materials may also be a concern to consider. “Trains can crash and tip over, and you have all kinds of issues there,” Michalski says.

A mall

A shopping mall or retail development may be nice to have a short drive away, but most buyers are going to steer clear, says James Krueger, broker/owner of Krueger Real Estate in Houston. “People like to live in a neighborhood, and when you’re right next to something commercial like that, you lose your neighborhood feel,” he says. For those who don’t mind living close to commercial property, you can likely get a good deal on a house.

A lake, river or beach

On the opposite end of the spectrum, waterfront property tends to go for a premium. “People like to have a water view,” says Holly Finn, marketing coordinator for the Finn Team at Coldwell Banker West Shell in Cincinnati. Depending on where you live, you may need to consider the possibility of flooding and factor in the cost of additional homeowners insurance, but that doesn’t necessarily detract buyers. “I’ve seen people pay huge premiums for flood insurance just because of the location,” Krueger says.

A cemetery

A cemetery — either connected to a church or nondenominational — can put off homebuyers regardless of whether they believe in ghosts. “That’s going to have a psychological impact, I think, on most people,” Michalski says. But some homebuyers see the positives. While sharing property lines with a cemetery might have a minor negative impact on a property’s resale value, a cemetery in current use is far less likely to be developed into homes or commercial buildings in the near future, which means a quieter neighborhood. “Those who don’t let it negatively impact their thinking … love the fact that they’re backing up to a church,” Michalski says.

A detention center or jail

The only plus for living near a detention center or jail would be if you worked there, Krueger says. The thought of potential jailbreaks and the sight of the imposing (and typically unattractive) structure of a detention center is a deterrent for most homebuyers. Krueger says he knows of a nice, gated housing community located down the road from a detention center in the Houston suburbs: “There’s a lot of buyers that see the detention center on the drive there and say, ‘We’re not going to go here.'”

An apartment complex

Buying a single-family home next door to an apartment community may not seem like too much of a negative for day-to-day living. But Michalski notes it can be like buying the nicest house on the block, where the surrounding properties have the potential to drag down your home’s value. When purchasing a house near a multifamily building, “you’re buying a much more expensive property compared to what’s next door to you,” Michalski says.

A park

As with any external feature, a park may not be for everyone, but most homebuyers are going to see the appeal of backing up to, facing or living down the street from one. “Generally speaking, overall you’ve got to say that’s a positive,” Michalski says. Krueger adds that while an urban versus suburban location may have a bigger or smaller impact, the general consensus is that “there’s going to be a price markup for that kind of property.” So be ready to pay more for a home near a park, and hopefully make more when you decide to sell down the line.

A casino or sports stadium

Bright lights all night and the potential for increased traffic may not sound like a plus, but a new casino could mean other business development that serves as a big boost to home values. Michalski was involved in a few sales near the MGM National Harbor casino in Oxon Hill, Maryland, and says the announcement of the facility served as a boost for the surrounding residential real estate, as a new outlet mall and hotels with conference facilities developed as well. “Because of the massive development that went on around there, a lot of property value went up within a several-mile radius,” Michalski says.

A power plant

Whether you’re concerned about overexposure to electromagnetic energy or simply don’t want to deal with a commercial compound near your home, a power plant tends to be considered a downside for a house on the market. Finn says a power plant is “definitely a negative in terms of home values if they’re near anything electrical — a power line field as well.”

A water treatment facility

People largely don’t like sharing property lines with commercial developments, but Krueger says a water treatment facility could be a plus for some buyers — especially if they like the idea of seclusion. “The fact that you don’t have a backyard neighbor can be an attraction for some people,” he says. Some water treatment facilities are specifically designed to fit in with the neighborhood and have attractive facades, to avoid dragging down home values or being an eyesore.

A highway

If you’re OK with the extra noise a highway will bring, get excited to land a great deal on a house that backs up to a major thoroughfare. But when it comes time to sell, be ready to price it for less than otherwise comparable homes. Backing up to a highway will always be deemed a negative — and while a wall serving as a sound barrier may help, it’s still considered undesirable. “On the other side of the street, even, is higher in value than the one that backs up to the highway,” Finn says.

Airplane flight paths

“Most buyers are going to be leery of something that makes a lot of noise,” Krueger says. But because frequent flight paths aren’t visually obvious like a highway or railroad, you might want to do your research when it comes to the neighborhoods planes fly over most, as the seller may not be obligated to tell you. “In Texas, that’s not a requirement of disclosure, so that’s going to be the buyer’s due diligence for sure,” Krueger says. You may be able to look up a map showing general flight paths surrounding the nearest airport, but to find out if noise is noticeable on a specific street or in a home, you’d likely have to spend some time there and observe.

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Should You Live Near a Cemetery, Casino or These Other Landmarks? originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. 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But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. 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If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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