If my subject property is next to an airport, will it bring the value of the property down? Also, what other things can affect the value of a property?

In general, yes, a nearby airport can bring the value of a house down compared to a house in a similar area with no airport. This is because of the noise from the flight path of the planes, or possibly there is more traffic in the area since the airport is nearby. These are both things to consider.

Please keep in mind, that the price will be more affected negatively depending on the proximity of the subject property to the airport. If the property isn’t affected by noise, or increased traffic, well, then having an airport nearby can actually be neutral/positive since easy access to the airport can be a benefit to the potential buyer.

Every situation is different, and you’ll have to take all of the variables into consideration.

Be sure to use comparables that are also in the same area so you get an accurate description of the value of the homes. The comparable properties are what will dictate the sales price of the property.

Keep in mind that airports, bus stops, loud noises, and other things like this can be a concern to financing partners as they might avoid certain properties with these “external factors.” This is why it is important to get your financing partner’s buying criteria so you understand what they do like and what they do not like.

Things that can negatively affect the home value of a property:

Did a person pass away (die) at the property? Some real estate investors will not consider buying a property if someone has died in it. This can scare away some buyers. In some states, if it is within a certain timeframe, you have to disclose that someone has passed away on the property when you want to sell the property. This should be disclosed on the MLS, the Listing Agent should tell you, or this should be in the property disclosure documents if someone has passed away on the property you are analyzing within the time frame that it has to be legally disclosed.
Is the property very close to a freeway/highway? There can be road noise and traffic which is a negative. Be aware that if a property is relatively close to a freeway, yet it is not in the views from the property nor can you hear any noise from it, then it very well can be a positive since the property has close access to the freeway.
Is the property on a busy road, a road that gets traffic, or a road that has a high speed limit? These are negatives and can affect the home value. Because picture and imagine, would you want your children to play in your front yard that has a busy road with a high speed limit?
Proximity to a gun range. (Noise, concern for child safety)
Proximity to train tracks. (Noise, concern for safety)
Proximity to bus stops. (Strangers being dropped off and hanging out near their property)
Proximity to city dumps. (Bad smell, negative perception of “living next to the dumps”)
Proximity to billboards. (these can be an eye-sore to see every day)
Bad schools in the area (school quality is something that buyers look at)
Loud, Rude, Messy Neighbors - Maybe the neighbors have junk piled up in their front yard, which can be an eye-sore. Maybe the subject property is in a college area and both the neighbors are college kids that throw parties 5 days a week.
High crime rates

Things that can positively affect the home value of a property:

Great schools nearby
Neighbors with well-taken care of houses
Close to a vibrant downtown - (positive for a social life, restaurants, etc., but not so close that you hear noise or are negatively affected)
Easy access to freeways (but not so close that you hear freeway noise)
If the subject property is in a Homeowner’s Association, then having a nice community center can be a plus (pool/spa/tennis courts/basketball courts/playgrounds/etc)
Low crime rates
Great views from the home (anything pleasing to the eye)
Property located in a cul-de-sac - (safer for children to play because you're farther from a main road)
Nice, well-kept public parks
A Gated Community