Whether you are buying or selling property, it is essential to understand neighborhood property values and how they can affect the price or resale value of a home. The property value can make a significant difference in your profit when you sell your home, and for most people, buying a house and then selling it to move to a larger or newer property is the goal.
Neighborhoods and Amenities
Homes located in neighborhoods with something to draw people to them will often have a significantly higher value than houses located away from conveniences. Stores and shopping centers can be a draw for some people. For others, being close to commuter routes, a bus line, or a commuter train line might be more important. The amenities in the area are often crucial, so neighborhoods that are growing and developing often have higher property values than those with little to offer.
Buying a home early in the development of the neighborhood often means you can buy at a lower price, and as the value of the area grows, so will the value of the property or the house you purchased. Sometimes seeking out areas that are slated for development is a good option, but you may have to live with some construction and the growing pains of developing the area before you see an increase in your property value.
Location of the Neighborhood
A neighborhood that is located in a desirable area, like on a lake or near the beach, often holds more value. These areas are popular among homebuyers, so sometimes a home in a neighborhood overlooking the ocean will sell for a much higher price than if the same house was in another area. It is not always the house that is worth more, as much as where that house is located.
Quality of the Neighborhood
Sometimes neighborhood values and property values increase in areas that don't seem to have a particular draw to them, but the quality of the neighborhood or its reputation can make a difference. The community may have an HOA that is exceptionally proactive, or it may have a reputation for being very family-friendly, which can be inviting to young families.
Often people will pay more for the homes in areas like this because they are seeking a specific kind of neighborhood to raise their children in or to retire to. The reasons that people seek out a particular neighborhood can vary, but if you are looking for an area with higher neighborhood property values, a little research can reveal some surprising results in areas that you may not have considered before.
This website can serve as your home for information about real estate. Here, you will find articles about the buying process and others on the selling process. We've also included content related to getting a mortgage, finding a real estate agent, and scheduling an inspection. We hope that by addressing all aspects of the real estate world, we will make you better prepared to handle any real estate transactions that might be in your future. After all, real estate can be a really smart investment, but only if you buy the right home and know how much to offer. Start reading, and enjoy what you find.