When considering your next home purchase, you'll want to pay close attention to the property's 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) City Crime Rate - Living in a community with low crime is a great feature. You'll find that metropolitan areas have a higher crime rate compared to rural areas. If you decide to live in a rural area because of the low crime rate, be aware that you'll invest more time on the road traveling to work and other activities.
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 The Community A Diamond In The Rough? - Is the neighborhood going downhill or it is starting to show signs of improvement? A good sign is if you see new trendy stores opening up and home buyers investing money to remodel their homes and landscaping. Buying a home during the early redevelopment phases of a community will increase your chances of earning larger profits when you sell. You can also call the local city planning department to see if the community is undergoing a renovation.
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) City Crime Rate - Living in a community with low crime is a great feature. You'll find that metropolitan areas have a higher crime rate compared to rural areas. If you decide to live in a rural area because of the low crime rate, be aware that you'll invest more time on the road traveling to work and other activities.
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 The Community A Diamond In The Rough? - Is the neighborhood going downhill or it is starting to show signs of improvement? A good sign is if you see new trendy stores opening up and home buyers investing money to remodel their homes and landscaping. Buying a home during the early redevelopment phases of a community will increase your chances of earning larger profits when you sell. You can also call the local city planning department to see if the community is undergoing a renovation.
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