Do you know how important the location is when buying a home? Buying into a good location can significantly boost the resale value of your home. Not only will you profit more from the increased value, but you’ll have an easier time selling it as more home buyers are willing to buy it. But if you decide to purchase a home in a less searched for location, expect your resale value to be a lot less. Let’s go into detail over the 5 neighborhood criteria that can boost the resale value of your property:
1) Local School District – Higher rated public school districts increase the demand for homes in that community. If you plan on sending your kids to the local public schools, you’ll want to put this at the top of your criteria for the ideal neighborhood. If you’ll be using a private school for your children, this feature may not be so important.
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) 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 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.