Buying a Home - Learn About 5 Neighborhood Facts That Increase Your Resale Value
When buying a home, the location can make a big impact on the resale value of your home. If you’re buying into a popular part of town, you’ll have a much easier time selling as more home buyers are willing to purchase it. The resale value will be higher and you’ll be able to put more cash in the bank after the sale. But if you purchase a home in a less popular location, the resale value will be considerably less due to decrease demand. Let’s check out the 5 neighborhood facts that can increase the resale value of your home:
1) Schools - The higher the quality of the school, the more desirable the area is. If you don’t have children, or you plan on sending them to private schools, this feature may not matter. However the next family that buys your home might want children and may be willing for pay more for it. If you plan to use public schools, you definitely want to make this feature a priority.
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) Local Amenities - The quality of shopping, activities, and other local conveniences can also affect the desirability of the neighborhood. Areas with a good variety of local stores and activities tend to raise the resale value of your home.
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 It Up and Coming? - Lastly, check to see if the neighborhood is showing signs of improvement. Drive the area to see if homes are being remodeled, have new landscaping, or if new trendy stores are opening. You can also check with the local city planning department to see if there are plans for future redevelopment in the area. If you time it just right, you could get in on the ground floor of an up and coming neighborhood. This will definitely have a positive impact on the resale value of your home.
Are you searching Orange Homes For Sale? Then check out these local Orange realtors to help you find one.
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