Guest Writer: Sally Norton
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Nowadays, it is essential to know the actual price of your house, if only to value the property at its best. One of the best ways to appreciate the cost of your home is the location it is built, but why does a good location mean a higher price in the first place? Let's see some of the reasons why the location can affect the value of your house.
First of all, the city. A good location can be determined by the town dynamic or the community in which your home is located. A healthy community with a good economy and a mixture of residential can provide excellent job opportunities and maintain road and city services. Neighborhoods, towns, and cities that are well-maintained and clean can boost the sense of community pride, giving much greater value to the area's houses. As the first rule of economics dictates, Supply and Demand determine value. One of the most significant factors is that the more a place draws the attention of buyers, it is only logical for the prices to increase.
A clean and safe location can affect the value of your house
Another factor that plays a role in choosing the perfect place is the local neighborhood dynamics. A neighborhood with known criminal activity will value less than a good one with no illegal activity. Also, studies find that the houses in the middle of the block must have particular similarities since it draws more attention when you have homes with the same decoration and building styles. When you do, they have higher value and draw much more attention from potential buyers. And, after all, we must remember that when you have a high-value house, it is easier to sell it and move to a new place. Such experts from statetostatemove.com can advise on the best locations to buy your next home.
Last but not least, we should mention that a neighborhood appeal differs for every person and is a fact of personal choice. However, some common factors, such as accessibility, appearance, and amenities, make a neighborhood great. So, let's analyze them.
In terms of accessibility, you must look for a neighborhood near a city's major transit routes where there are many entry points. Commuting to and from work is one of the biggest parts of your daily routine, so a house near public transportation will make it more appealing. Appearance can also have its part in the way one chooses a home. A good neighborhood with parks near the house will make it seem much prettier than other choices, drawing attention and making you remember it.
Now let's explain the facts that make a house more expensive than others. Experts find home buyers with children will highly value their children's education and development. As a result, they are willing to pay more for a house near a school district and even more if the school has a good reputation and is close by. Do not forget that buyers with children consider this as one of the main factors for choosing their new house.
The more accessible the house is, the more its value increases
Furthermore, the more shops nearby, the better. Everyone, after all, needs shopping, from groceries to clothes and all manners of things for the house. Having that in mind, we can clearly understand that houses closer to shops and malls are casually being sold for higher prices than others. Mainly if near the house exists a 24/7 shop, that alone can increase the house's value by up to 5%. Also, one more reason the location can affect the value of your house is if it is near any entertainment places. Places like movie theaters, plazas with different types of activities for any age, parks, gyms or fitness studios, and, more casually, clubs and restaurants. If places like that are easily accessible from the house, it can significantly increase its value. And lastly, we have amenities, like the ones mentioned above, restaurants, supermarkets, and many more daily routine shops we visit every day.
There are knowledgeable experts that can share their expertise on what and how location can affect the value of your house, but one of the basics which always play a major role is the view. The view plays a major role in psychology, and most people prefer a house with an open view over one where you can almost touch your neighbor if you step out onto the balcony. While this might be different from person to person, if the house has a view of mountains or a panoramic view of the ocean, it will give a higher value to your house. Even the sound of waves crashing on the rocks from a distance, without any view, will have this benefit.
Great view is a big factor in a house price
Centrality is one of the first things that determine the price of a house. Where you choose to live, whether it is a city, a town, or a village, will greatly affect its value. The land is a finite commodity, after all, so the most logical thing is that the bigger the city, the higher the price is going to be. That said, if the city is small, it does not have many ways to increase the value of a house since it has fewer shops, schools, etc.
The last factor is what time of the year the house is being appraised. A house near a beach, for example, will usually cost more during vacation time and less during the rest time of the year. If you found the perfect house but the time for the prices to go up arrives, then, in order to save time when moving long distances, it’s best to relocate now, even if it is done on short notice, because real opportunities are rare.
In the end, we can safely say that there are many ways location can affect the value of your house.
I hope this guide covers everything you need to know and that it makes the selection of the perfect home all the easier.
Jason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the books 'Think like a REALTOR®' and 'Beating The Force Of Average', Creator of The AskJasonGelios Real Estate Show and Expert Media Contributor to media outlets across the country.