What Factors Affect Your Neighborhood's Home Values?
When the time comes to buy a home, you may find yourself extremely focused on the home itself. However, the neighborhood that the home is in can be just as important. Neighborhoods can help determine what your home is worth when you buy it and what it can sell for in the future. Here are some factors that can alter the Neighborhood value.
Local School System
Even if you do not plan on having children, it is important to look at what the local school system is like compared to other schools in the area. A neighborhood with a great school system is going to be more desirable for families to move into, which can help increase your home's value. Take a look at a school district's report card online to see how it compares to others before you think of making an offer on a home. You may discover that something as simple as living on the opposite side of a street puts your home in a different district that is much more appealing.
Neighboring Homes
There is a saying that you never want to have the nicest home on the block. That is because neighboring homes can bring down the value of your home as a result when you do own the nicest home. For example, if you were to remodel your kitchen down the road and put in modern appliances and granite countertops, you may never make that money back if the surrounding homes in the area do not have the same types of amenities. That is because the perceived property value in the area is going to be lower, and a buyer is not going to pay more to have the nicest home on the block.
Curb Appeal
The curb appeal of your entire neighborhood can impact your home's value when you look at the area as a whole. Homeowner associations exist because homeowners want to maintain their property values by ensuring that certain things are done in the community. Unified fencing material, tidy yards, landscaping, and a matching color scheme to neighboring homes can all make a neighborhood stand out in a great way when a buyer visits to tour a home. This can help justify a higher property value for your neighbors, which will apply to your home as well when you eventually go to sell it.
Reach out to your real estate agent for more information about why the neighborhood of your home is important.
Real estate purchases are big purchases. You may pay several hundred thousand dollars, or even more, for a property. As such, there's not a lot of room for error. If you buy a house that needs a lot of unexpected work or end up in over your head when it comes to the mortgage, your dream home can quickly turn into a nightmare house. We want to help you avoid scenarios like that, which is why we share so much information about real estate on this blog. Our readers emerge more informed on a wide array of topics, from buying to closing.