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TIP#5 It's a cliche, but ....location, location. location-
The desirability and resale value of your home-to -be depend on location more than any other single factor. Again don't let emotion get in the way of a wise investment. No home is an island and the value of yous is affected by the homes that surround it.
Assuming you've already considered the elements that make up a desirable community - character, quality of schools, access to work places and services, recreational facilities, etc, there are several elements that combine to create a good location.
Your first consideration is the neighborhood. Every neighborhood has it's own unique character; you need to make sure you would be comfortable in the one you are thinking of living in. Take a long walk and observe carefully. Do people take care of their yards and homes? Are the yards fenced? Do children play in the streets? Talk to neighbors and ask questions that give you a better feel for the area. But be careful not to appear judgemental- you may be talking to a futur neighbor.
If the neighborhood is to your satisfaction, look at homes on the market in the area. Extreamly large homes surrounded by smaller ones tend to appreciate less than a large home among other large homes. Conversely the smallest home in the neighborhood tends to be "pulled up" by the other homes on the block. However, it might take longer to sell a smaller home when the time comes because many prople are unwilling to pay extra for the neighborhood.
The outer edge of a neighborhood is usually not good for resale value. There are noticeable dividing lines between unlike neighborhoods. It can be a difference in architectural styles, home size, property use or something else. Look for a home in the middle of a community of similar homes; it will hold it's value better.
An exceptiont to this rule ia a house on the edge of a neighborhood bounded by woods, park land, a golf course or other open space. Natural bounderies appeal to buyers, and these "edge" homes can actually command a better price. Of course, the exception to this rule is when there is an unpleasant use planned for the open space. An open field with a babbling brook is nice; a new freeway, strip mall, or factory isn't.
Other things that can effect property values are traffic, sounds, smells,etc. Be sure to give the neighborhood a long hard look. The home you are interested in may be perfect, but if the neighborhood has problems, your investment won't be worth as much when the time comes to sell.
Bryan VogtStrano & Associates, Realtors® - GMAC Real Estate
(618) 355-5824
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# posted by
Bryan Vogt @ 10:23 AM
