4 ways location will impact your home's value
If there’s one thing to know about real estate, it’s “where it’s at.”
You can renovate any home. You can repair what’s broken or replace what no longer works. You can make changes to both the interior and exterior. The one thing you simply can’t change is the location: the neighborhood, the community or the home’s proximity to other important parts of your life.
Here are four important factors that may impact a home’s property value, along with tips to help you find the best place to buy a house:
1. Surrounding neighborhoods and community
When you find a home you like, look at the other properties on the street, as their condition can influence the value. Consider the location’s walkability score—can you easily walk from nearby destinations, like transits, a park or a downtown area?
Sidewalks are a plus. The more walkable the area is, the more it can boost a home’s property value. You should also look beyond what’s immediately within street view, as other nearby neighborhoods can affect property values, too.
2. School districts
This is a biggie for many looking for the best place to buy a house. A home in a good school district can be exponentially more valuable than a similar home in a district that doesn’t perform well.
If you don’t have children (and even if you don’t plan to have them), you’ll still want to account for this in your own home search, as it will affect the value and your ability to resell. Chances are, schools will be a priority for potential buyers.
3. Proximity to important locations
Consider where a house is in relation to commercial and business hubs, shops, restaurants and activities many people enjoy. If a home is conveniently located near desirable locations, it will help boost the value.
4. Accessibility to amenities and other places
A home doesn’t need to be extremely close to a big city to be valuable—but how accessible it is to other cities, towns and desirable places is important. If it’s easy to get to the airport, other towns and shopping destinations, those are all pluses for a home’s value.
Tips for scouting the best locations
When you’re looking for the best place to buy a house, start by simply checking it out on a map. This will help you better understand its proximity, accessibility and relation to both desirable and undesirable features. Some specific questions to ask yourself are:
- What's the view from inside and outside the home?
- Is it close to major roads and highways or other noisy things like railroads and fire stations?
- Is it near an airport?
- Is there a lot of traffic?
- Are there sidewalks?
Try to get as familiar with an area as possible to determine if it’s the best place to buy a house. To do so, you can:
- Visit frequently at different times of day and night
- Check out the stops, eat at the restaurants and tour nearby schools
- Join community groups or events for insider perspectives
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