Looking to purchase a home and not sure where to start? The first thing you’ll need to do is decide on a location. Afterall, location is one of the biggest variables in determining the value of a home. That’s right. It’s all about LOCATION, LOCATION, LOCATION! Here are some things you’ll have to consider when searching for the perfect location for your next home.
The location of a neighborhood plays a huge role in the value. When looking to buy a home, it’s recommended to drive around the neighborhood to get a feel for it. Ask yourself if the streets are littered with garbage? Are yards landscaped and manicured? How well kept do homes appear?
Another way to get a feel for the neighborhood is to check out the vehicles in the area. While not to sound snobby, take a look at the cars and pay attention to whether they are parked on the driveway or lawn? Are they sitting on blocks or clean and well kept? Are there 4 cars squeezed into a 2-car driveway?
Don’t let one bad apple spoil an area for you, keep your eyes open for noticeable trends.
Consider what kind of amenities are nearby and decide which ones are important to you. Are there parks, school and plazas close by? Can you walk to them? How accessible is transit? The close proximity of amenities may not matter much to you at the moment but it sure can impact your home’s resale value.
Pay attention to the level of traffic on the street you’re considering. Is it a high traffic street or a quiet cul-de-sac? A quiet, family friendly street will demand a higher price than those on busier roads.
Last but not least, it’s important to inform yourself regarding any new developments planned for the area before choosing a location. Are there new homes, schools or parks being built nearby? If so, you might actually see your property value increase.
While there are developments that will add to the value of your home, there are also those that can negatively impact its value. This is why we recommend discussing planned regional developments with an experienced Realtor that knows the area. You can also search the web using key words such as major intersections and community names, visiting municipal development websites, etc.
Location is a key factor in determining value. Don’t rush into buying a property without knowing about the community and surrounding area. Take a little time, do your research and lean on your Realtor for their advice and market knowledge.
OMG check out the #KTQuckTips video on this topic … this goes back to our third week of recording! That seems like a lifetime ago considering we’re more than 160 episodes in.
Planning to buy or sell a home in the next 12 – 24 months? Get in touch with our team today to get things started!