Real estate location matters for home value
Your property is an investment, and as with any other investment, you want to make it count. As you prepare to buy a new home, it’s crucial to consider the location. Choosing a home in a prime location is a smart way to increase the property’s value over time.
Think proximity
Whether you have school-aged children or not, homes located in top-rated school districts rank higher in value compared to other neighborhoods with lesser-performing schools. The same applies to homes with nearby community amenities such as parks, walking trails and good public transportation options. In urban areas, properties situated within walking distance to local businesses and restaurants tend to fare better than those further away.
Take a good look at the neighborhood features and amenities near any property you’re considering purchasing. This will give you a good idea about how vibrant and thriving a neighborhood is.
Homeowner-to-renter ratio
Also, consider the ratio of rentals to owned homes. Neighborhoods with more homeowners in residence tend to see better maintenance and upkeep, due to long-term stability seen within those households.
Hospitals can help or harm your home value
There’s still some debate as to how much a hospital can impact home value. On one side of the equation, living near a top-quality medical facility can be an excellent selling point, especially for seniors or young families.
However, living too close to a hospital can actually negatively impact property value. This is due to higher traffic and noise levels from emergency rooms and medical campuses with round-the-clock shifts.
When in doubt, ask a local Realtor
The famous real estate axiom, “Location! Location! Location!” may seem a bit cliché, but location is one of the few things you cannot change about your home. To help ensure future equity growth, choose your home with location in mind.
Rely on the experience of a local Realtor®. Contact me, Stephen Theard, at (408) 472-0817 and let’s talk about your next chapter.
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