- One of the most crucial factors of a home is its location. While renovations can be made to improve the property, you can’t physically move your dream house. Finding a location with various positive aspects is a must. Proximity to essential amenities such as schools, hospitals, markets, and public transportation can easily increase convenience and quality of life. Additionally, homes located in areas with low crime rates are highly desirable, contributing to a higher perceived value.
- A well-designed home is often considered a significant high factor. Ample living space, functional layouts, and well-defined rooms enhance comfort and make everyday living more enjoyable. Because of this, open floor plans are often more desirable for those looking to buy but not renovate.
- The quality of surrounding homes also impacts the value of a house immensely. If a neighborhood or adjacent properties are not well maintained, a home's value can easily decrease as the overall aesthetic of the area creates a negative image in a buyer's mind. Correct preservation of surrounding areas, aesthetically pleasing architecture, and invested neighbors can elevate the perceived value of a property.
Up and Coming Neighborhood
- The expansion of a neighborhood or an area on the rise can be a positive factor until you consider the amount of road construction and connecting pieces needed in order to make it work. Doing too much to a neighborhood can eventually lead to a decrease in its value as its population or business increases. Keep in mind that as more homes are built in the area, this can lead to a decrease in the value of your home as its independence can become lost.
The largest house on the block
- The surrounding neighborhood often influences real estate appreciation. If the majority of homes in the area are smaller and more affordable, the market may not support a significant appreciation for the largest house. Because of the low appreciation rate, the return on investment is often less than that of a more average home.
- Just as location can add to a home's value, it can just as easily negatively affect it. Homes located near high-traffic areas such as highways or placement too far from necessary amenities can easily drag the value of a house down. Areas with high crime rates and close proximity to undesirable facilities can also lead to a decrease in overall demand.
Lack of curb appeal
- Whether it is the house you are looking to buy or neighboring properties, the less maintained, the less desirable the neighborhood will be. Although this can be changed on an individual level, making sure that others in the area are also on top of their home's appearance is key.