There are so many factors that go into buying the perfect home.
For many, this does not just mean you have found your place when the interior design and exterior landscape of the home check all of your boxes. Moreover, it includes a safe surrounding area, superior school districts, local entertainment and even amenities. Finding an awesome home in bad location means the value is significantly lower. The popular real estate phrase, “location, location, location” is really the more important factor when determining the value of a home.
The neighborhood your new home is in is going to have an impact on the value of your home. Comparing prices of recently sold homes in the neighborhood similar to yours are going to give you a good ballpark idea of how much yours is worth. In addition, foreclosures and short sales in the neighborhood will have a negative effect on the prices of surrounding homes. The crime rate plays another important role in the value of a home; low crime rate will increase your home’s value as opposed to a high crime rate. Furthermore, where your house sits in the neighborhood will also have an effect on its value. For example, homes located in a cul-de-sac or are further away from the main road will have a positive effect on your home’s value.
If you are house hunting and do have children, finding a home in a good quality school district should be your most important factor. However, no matter if you have children, finding a home in an above average school district will ensure higher value homes. People are willing to pay more for a home in a great school district due to the fact that they are almost guaranteed to get a return on their investment.
What is within a close proximity to your home can have an effect on your home’s value. Buying a home that is close to major shopping areas with nice dining places and entertainment will have a higher value compared to homes that are more secluded. Another major factor will be how long it takes you to get to work. Many people when buying homes look for a quick and easy travel to work. Buying a home in a convenient location to a few major highways will keep the value of your home up. Like mentioned above, being in a location close to school, work and play will mean time spent traveling for you decreases, creating a higher home value.
Homes in the city tend to have a higher price tag since nearby features and workplaces are within walking distance. The shops, restaurants, and medical centers that are nearby can all have an effect on your home’s value.
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