Why A Home’s Location Matters

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Real Estate

Most potential homebuyers aren’t going to jump on a property that resembles a horror movie set. The property’s appearance affects buyer interest and the selling price. You are more likely to tour and offer on a well-kept property.  But there is more to consider than curb appeal and interior décor, the home’s location should also factor into your purchasing decision, and it’s something homebuyers often overlook.

The location of a home or condo is something buyers don’t always think about. They usually concentrate on how the house fits their needs. What they don’t realize is the acreage is as important as the structure. You can always remodel your house. Adding a mixed-media room for your 3D projector is easier and less expensive than moving the home because you don’t like the location.The home’s location can also affect its market value. For example, the type of neighborhood. So, how do you know if a home is in a good location?

Where you choose to live, in a city or town, plays a role in the property’s value. You should expect to pay more for a home on a small lot in the city, but you often have more options. Since most cities are overdeveloped, you typically have several neighborhoods to choose from. The overdevelopment also means the city cannot continue to expand, increasing the property value over time.  Homes in smaller cities are typically lower in price. The lots are usually larger, but it doesn’t necessarily translate into a higher property value. While some city residents are moving to the suburbs and smaller towns, it doesn’t mean your property automatically increases in value. The area needs to become a popular location with potential buyers.

Everyone looks for something different in a neighborhood, but there are a few constants.  To ensure your property keeps its value, and even increases it, look for a neighborhood that has easy access to highways and public transportation, has a great appearance, qualified emergency services, and is close to amenities like shops, grocery stores, restaurants, gas stations, and healthcare facilities.  A high-rated school system is often another sign of a desirable neighborhood which is good news for your property value.

Factoring location into your hunt for the perfect home also means looking at any plans for future development. It can include, building new hospitals, schools, and expanding the current transportation system can all boost your property value. New businesses planning a move to the area are another way you can see your home investment start paying off.  Best of all, purchasing a home in a location slated for future development often lets you get the property at a great price compared to its future value.

Lots can have different values on the same street. It comes down to location. Lots by busy roads or intersections typically have a lower value than ones further away from the noise. The same applies to properties that are next to commercial businesses.  These properties are often priced to sell, but don’t expect them to increase in value. The same issues will affect your selling price.

You want to love every aspect of your new home, and location plays a role. It affects the property value, and buying a home is an investment. You want to see it increase over time.  Whether you want to enjoy small town life or live in the city, the property’s location might not be everything, but it does matter.