When you go on a hunt to buy a new home, what is the first thing you see? Of course, the first thing to consider would be the price tag. If that isn't according to your budget, your real estate deal end before it started. You'd want to know if the price compliments the home value you're buying.
Speaking is value, do you know what other factor dictates your home value is high or low? Well, it's the location of the home. Apart from the home value, your location also impacts something known as the home resale value. This is when you have one eye on the future at a time when you decide to sell the property.
But saying "locations affect your home value" is like saying "I like sports." Which sports are you talking about? What type of sports? All these questions remain unanswered.
Similarly when you say, "Home location," you'd want to know "What should I look for in the location when I'm buying a home?" And that would be the reason you've clicked here on this topic.
No, this won't be one of those clickbait topics. Here, you'll discover how you can pick the ideal location to invest in the right property for long-term financial returns.
Yes, your home is a place for you to relax, have a cup of coffee, and enjoy. But you'd not stay in your home for days and weeks, right? You'd be looking to go to restaurants for satisfying your cravings, shop to get your desired accessories, or visit entertainment locations like Movies Theaters.
Now, you might go, "Oh yes, we have these facilities 40 miles from our home." Will that add to your home value? Not really.
Ideally, the amenities around your home should be within walking distance. That makes the house more desirable and has a growing property resale potential.
Imagine how easy your day-to-day activities will be. You won't have to wait long to get your groceries, enjoy a healthy lifestyle by going to the park near you, and, in case you need medical assistance, you'll have a hospital very near to you.
With so many attractions around the residence, your home resale potential will go off the roof.
As we've talked about the importance of amenities around your residents at walking distance, you may also want to travel longer distances. In those situations, having public transport near your home will be a big plus.
The home value can considerably rise if the location has nearby transportation hubs like buses, trains, or subways. These public transports can considerably reduce your traveling expenses and give you more convenient options to visit your friends, and family, or make other trips.
Remember, you're not only after upping the current home value. You'll also have an eye on the home's resale potential for the future. When there's a transportation hub nearby, the area is likely to get the attention of people from left, right, and center.
For starters, the area can attract business owners looking to hire employees who can commute easily to work. Public transport can make their ride easier and smoother. Result? Higher home resale potential.
Another reason why public transportation in your area can increase your home value is we're experiencing climate change troubles, as we speak. If your future home customer is a climate activist, they'd prepare to travel via public transport as it reduces carbon emissions.
Have you ever heard the saying, "The more, the merrier"? Well, that statement matches perfectly when you scan the neighborhood of your home. If it has a high home value, there will be more residents living, and fewer empty homes.
Apart from the people, the quality of houses in the neighborhood is also vital for ensuring good home value. If the houses in the neighborhoods are deteriorating and in poor condition, that would instantly present a lower value in the buyer's mind. Result? Decreased home resale potential.
Another thing a home buyer can look at is the crime rate of the neighborhood. It's not only about your home being robbed or not. If the buyers find out that multiple homes in the neighborhood have experienced robberies, the home value, and resale potential will come plunging down.
One way to know about the area is by talking to the neighbors and getting insights from them. That may help you understand the nitty-gritty and the factors that affect the home resale potential in the future.
Where is the house located? Is it on a quiet street with very little happening around? Or is it located in a hustling bustling commercial area? Well, your future home might be in either of these locations, you'll want to know about the home value, right?
When it comes to a home at a silent location without little to no activity, you may see the home value being low. Yes, you can buy the property for a cheaper price, but that won't benefit you in the longer run. Why? Because the home resale potential will be less and you'll have a tough time selling off your property at a good price.
On the flip side, if your home is at a busy location, surrounding like around commercial properties, that'll have a higher home resale potential. Yes, you might face trouble with the noise and constant traffic outside your home, but if you're after maintaining a high value for your property, it'll be worth it.
It's your choice to make. If want short-term gains and minimal profits, look for a silent location. If you are looking for the bigger picture and high value in resale, a property in the commercial area might suit your preferences.
Never underestimate the power of nature. There are people who take natural features very seriously when it comes to choosing their new home.
If there's a scenic view, lush green grass, good air quality, reduced noise pollution, or other natural qualities in a home, it has a high value. This means better chances that you'll get a desirable deal at the time of resale.
In today's fast-paced world, home buyers look for more than just having a roof over their heads. That's why a nature-friendly environment is a value proposition that can encourage home buyers to pay a premium amount and acquire the property.
So, if you have a real estate agent suggesting you invest in an environmentally friendly location, we'd say go for it. The home resale potential is likely to be something you won't regret later on.
We've talked about different location attributes. You can see that "Yes, there's access to amenities and transport, the neighborhood is good enough, there's natural presence, and it's a busy area." That's the thing, these are all the things you can presently see.
You'd think that's a way to assess the current and future home value. But is that really the only way? Here's something for you to think about. What if there's developmental work around the area like reconstruction and renovations?
That can impact the home resale value you had at the time of buying the property. That's where you need to be proactive and research if there are any development plans for the area in the near future.
Now, it's not always bad for the neighborhood to develop after you bought it. Maybe in the development process, you might have additional amenities like schools and hospitals. In such situations, your home resale potential can exceed your expectations as well.
Or, if the development includes deconstructions of existing facilities around your property, your home resale potential can face a major hit. What it can do is make it harder for you to sell the property by maintaining a good profit.
If you've made it this far, you have understood how important location is when investing in real estate. With these factors, you won't only be able to buy your desired home and enjoy a luxurious lifestyle, but you can also ensure your property value appreciates over time.
You can get a significant profit on your real estate deal when selling your home.
For expert guidance in real estate dealings and finding your desired home, HAR is just a click away. We help homeowners reduce their efforts and find a location that meets their preferences. Reach out to us today for buying a home in a neighborhood you've been dreaming about.
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