As you look into buying a home, one important feature that can affect the resale value of your home is the location. When you buy a home in a desirable location of town, it will be much easier to sell as more people are willing to purchase it. This will definitely raise your resale value and you benefit from a higher profit margin. However if you buy a home in less searched for locations, the resale value will be lower due to less demand. Let’s examine some of the neighborhood features that can raise the value of your home.
1) School District - The better the school district, the more popular the area. If your kids will be attending the public school system, you’ll want to make this a priority. However, if your kids will be attending private schools, you may not be so concerned about this feature.
2) Local Crime Rate - Who wouldn’t want to live in a city with low crime? While this may be high on your list of desirable neighborhoods, be prepared to sacrifice more in travel time to work and other daily activities. You’ll find rural areas to have a lot less crime than the crowded metropolitan areas.
3) Variety Of Shopping And Amenities - Home buyers are attracted to a community with a good variety of stores, restaurants, and activities. Homes located next to these areas have a higher resale value.
4) Size of Home - Buy a home with square footage that matches other homes in the area. It may be tempting to buy a large home in a neighborhood of smaller homes because the price will be more affordable. However you need to be aware that home will not appreciate as quickly as the surrounding homes because homebuyers attracted to smaller homes can’t afford a larger home. Plus homebuyers seeking a larger home will prefer to live among a more uniform neighborhood of larger homes. Uniquely remodeled homes will also suffer from this same problem as the property sticks out like an eyesore.
5) Is The Neighborhood Becoming More Popular? - Does the neighborhood look up and coming? If you take a tour of the community and see homeowners remodeling their homes, new landscape, and new stylish boutiques opening up, that’s a good sign the community value will increase in the future. If you get in at the right time, you could end up with a higher profit margin when you sell. A visit to the local city planning department will tell you if a community is undergoing a renovation.
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Tags: buying, credit, finance, foreclosures, FSBO, homes, investing, moving, real estate, relocating, selling