“Location, location, location” is one of the most common phrases buyers hear when searching for their dream home. But why is location important to remember when buying a home, and what location-based factors can impact a home's value? With a constantly changing market, the essential features in homes buyers look for fluctuate, but the one factor that stays constant is place.
A prime location depends on a variety of factors. From acreage to proximity to highways, buyers have to search for their dream home and look out for attractive components that could interest future buyers when the time comes. Both internal and external factors have varying degrees of impact on a home's property value. The size of the land on which a house sits can add massive value as a larger acreage may lead to a higher selling price. Your physical house is a depreciating asset, but land will maintain its value relative to the house.
If you are more interested in a traditional neighborhood setting, also keep an eye on surrounding homes and their conditions. The curb appeal of other homes in the area can quickly increase (or decrease) the value of your home as the interest in the neighborhood as a whole rises with the quality of each house.
Outside factors such as school districts can massively change an individual's buying decision. The National Association of Realtors reports that 46% of buyers aged 30-39 are heavily influenced by the surrounding school district when considering a home. A more desirable school district often means higher demand, more traffic to the area, and frequently a better sale price. Strong school districts may also indicate an engaged community and general support for improving education. Proximity to necessities such as grocery stores and other amenities can increase interest in a home, but a home close to highways, construction zones, or high-traffic areas can easily make a home less desirable.
Another key factor for buyers to look for is the possible future of the neighborhood and surrounding area. If the expansion of a neighborhood is on the rise, this may be a positive… until you consider the number of roads and connecting pieces needed to make it work. Doing too much to a neighborhood can eventually decrease its value as its population or business increases. While searching in a developing neighborhood, remember that the more homes available in your area, the less your home may appraise for in the future. Finding a balance between too many homes and not enough is important.
Every home is different, just as every possible buyer and seller is. The key is finding a home that works for YOU! Start your journey with the Rebecca Francis Team today.