In today’s world, one of the biggest problems involves depositing trash. As it becomes difficult to find new landfill sites, existing ones become crammed with more trash. For homes living near these landfills, this can result in many issues. Whether it’s enduring disgusting smells, increased traffic, or having drinking water contaminated by chemicals, the results can be difficult. As a result of these issues, property values are often affected in a negative fashion. If you’re searching for a home, make sure you know all the facts about the site before you move and have a trouble with trash.
If you’re currently living near a landfill, read more about the ways it affects your property value.
Superfund Sites
According to the Urban Planning department at Cleveland State University, people who live within two miles of a landfill are considered to be a Superfund site and may see their property values fall by as much as 15%. This is no surprise to many, since a Superfund site is defined as one the federal government has designated as a hazardous waste facility.
Subdivisions
Even if you don’t live near a Superfund site, chances are your property values will still see a significant decline. Based on a study from the Pima, Arizona Assessor’s Office, with all factors such as house size, quality of schools, and residential incomes being equal, the average home located in a subdivision will lose up to 10% of its value. Many home buyers will hesitate to buy in the surrounding area of an active landfill.
High-Volume versus Low-Volume
While most people think all landfills are created equal, they are not. Most are classified as high-volume or low-volume, depending upon how many tons of waste they accept per day. However, according to the Journal of Real Estate Research, the impact these landfills have on property values decreases the further they are from homes. On average, the impact a high-volume landfill has on property values decreases by 5.9 percent for each mile they are away from homes. Therefore, it’s vital for those dealing with these issues to seek out experts with a Master’s in Public Administration. By doing so, they can examine ways to change the overfilling of landfills as well as their location to residential zones.
By utilizing this and other information, those who live near landfills may be able to find ways to turn a negative situation into a positive one, allowing them to keep their property values as high as possible. And remember, it pays to get all of the facts before you buy a new home so if a property price looks too good to be true, it might be.
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