Monday, 21 August 2017

Community & Quality: How Where You Live Impacts the Value of Your Home

Written by Posted On Monday, 12 December 2016 18:08

A home is one of the biggest assets the average person will acquire in their lifetime. For this reason, it is important to think about buying a home in an area where the home value itself will increase over time. This way, if the home's value continues to increase, you will not only regain your equity, but you will also be in a position to profit years later as a result of the home's value appreciating, rather than depreciating. Remember, that is good news for your wallet down the road. Fortunately, where you choose to live has a lot to do with how the value of your home is calculated. The following are some area-related reasons that can dramatically affect the value of your home.

A School Zone

Owning a home within a relatively short walking distance from a school is considered by many to be a prime location in which to own a home. According to brightnest.com, if it is a high rated school, the increase in home value can be as much as $200,000. While this is no small amount to sneeze at, it does bring with it other perks: such as increased police monitoring.

A Gated Community

While the homes in less secure areas are typically rated lower in value, this is not generally the case for homes in those more upscale gated communities. Since people who tend to have more money prefer more security, this can cause houses within gated communities to dramatically appreciate in value with time. The thing to look out for is that you get into a gated community that is newer so that you can grab hold of the full value appreciating potential that your home has to offer.

Roads and Infrastructure

When it comes to choosing a location that has good upside potential for your home value, paying close attention to the state of the roads and surrounding infrastructure is a key item in which to pay especially close attention. You would not want to get stuck in a home where the roads need major repairs, the sidewalks are all cracked up and the surrounding homes and commercial buildings are in a general state of disrepair. Sure, your home could experience a big spike in value if the county wanted to come through and spend the money to improve the area significantly, but that would be quite a gamble that may never pay off. It is better to buy in an area where it is evident that the local government is making sure the neighborhoods and commercial establishments continue to harbor a since of community pride and upkeep. However, if you already live in an area that already has a bad road system, petition to your local government and get them to hire a company like Central Body Company, Inc. that specializes in repairing roadways.

In the Path of Progress

If you really want to purchase a home that has a lot of potential to appreciate in the coming years, then get to know what the construction plans are for the area in which you are interested in living happens to be. Owning a home that exists in the way of a major building project can often fetch a hefty price if a real estate developer is desperate to buy you out. No one said you had to buy a home to lose money, when earning money off of your home's value is far more lucrative.

Use Your Financial Sense

While it may be a long time before your home's value skyrockets, it never hurts to buy a home that sets you up to ride a wave of continued, long-term value appreciation. While this will not likely be your bargain-basement, fixer-upper cash deal, spending the right money in the right area can prove to create home generating profits down the road. In this respect, your home will prove to make you money as well as provide you with a good place to live for the time being and likely many years to come.

 

Hopefully, the above advice has been of great help to you. If you are currently looking for a home, then it would benefit you to make sure that the community around you will help with the value.

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