As you look into buying a home, one important feature that can affect the resale value of your home is the 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) 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) Crime Rate – Low crime rates are definitely a plus. Smaller cities tend to have a lower crime rate compared to the larger cities, however the tradeoff is you’ll spend more drive time getting to work and other places.
3) Quality of Shopping and Amenities – You’ll find that communities with a greater variety of shopping and activities attract more homebuyers to that area. This in turn increases the resale value of homes in that community.
4) Square Footage of the Home – While it may be tempting to buy a home with the largest square footage for the money, be aware that a large home situated in a community of smaller homes tends to appreciate slower. Most home buyers attracted to that community will be searching for smaller sized homes to fit their budget. Buyers who want a larger sized home, will prefer to purchase one that matches the surrounding community. Homes with an unusual remodel can also stand out like a sore thumb.
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.
Are you searching Orange Homes For Sale? Then check out these local Orange realtors to help you find one.
