“Location, location, location” is a mantra that everyone has heard at least once in their real estate investment journeys. It’s a crucial feature to consider because although you can renovate your house, where it stands can’t be changed.
Development in the area– or lack thereof– can influence local appreciation rates and your property’s resale value should you decide to sell down the road. Finally, your home’s location significantly impacts your quality of life. The amenities, facilities, schools, and recreational options in that particular area makes a difference in terms of comfort and convenience.
Location-based factors that affect home value
When it comes to evaluating the location of a certain property, these are the top factors that are taken into consideration:
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The neighborhood
The neighborhood plays a huge role in a home’s value. What the neighborhood can offer with regards to appearance, amenities, and convenience has an impact on demand and price. Some of the most sought-after neighborhoods have tree-lined streets, well-maintained landscaping, and their own parks.
Golf course communities, for example, have higher property values because of the top-notch amenities that it offers. Aside from the golf course, these communities also have luxury amenities like clubhouses, fitness facilities, and swimming pools. Many golf course communities are also located in areas with temperate climates.
Established neighborhoods tend to be preferred, but there are merits to buying a home in a new community as well. For one, you may be able to purchase real estate property for a reasonable price. In a few years, your investment may grow, especially if the area is considered to be up-and-coming, with more beneficial developments currently under way.
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The school district
Living near a good school district can have many benefits. Even for those without kids, the quality of the schools around it can up the value and desirability of a home. Families, especially those with school-age children, consider schools as one of the biggest factors when making a decision.
Aside from the quality education, good schools also provide diverse extracurricular activities and a supportive environment.
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Accessibility
Access to public transportation and freeways affect the value of a property as well. In a major city, for example, having easy access to public transit options means being able to save on time and money. For areas that are more car-centric, being able to easily access the freeways and highways is a plus.
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Lot placement
The placement of the lot doesn’t just determine the price and value of the property, but also how comfortable it is to live in it. For example, if the house is located along a busy road or next to a highway, it may be lower in value due to the noise, traffic, and pollution. In contrast, homes in quiet and secluded streets often sell for more because of its peaceful location.
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Access to essential amenities
Having access to essential amenities like hospitals and other healthcare services can also influence how much a home is worth. Living near a hospital or being able to access a medical professional when needed is a great benefit. Local amenities such as grocery stores and restaurants are a necessity as well. By having these amenities within reach, those living in the area can take advantage of the convenience and enjoy a high quality of life.
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The views
Another thing that can’t be changed when it comes to location is the view. Whether it’s walking up to the sound of the waves crashing or having a panoramic view of the fairways from the window, the view that you get definitely adds value to the property.
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Future developments
Aside from the current features and amenities of the property and the neighborhood, future developments can also influence home values. It plays a role in the attractiveness of a neighborhood and presents a possibility of home values appreciating in the future. New schools and hospitals, along with the introduction of new businesses, shopping centers, and entertainment options, can create more appeal for future buyers, renters, and investors.
Talk to an Ibis real estate agent today
When it comes to location, a home at The Club at Ibis is unmatched. This award-winning, luxury country club community is known for its outstanding Nicklaus family-designed golf courses, state-of-the-art clubhouse, and many recreational areas. Residents here enjoy a resort relaxing lifestyle.
Learn why these Palm Beach County homes for sale are among the most sought-after properties in South Florida. Let The Club at Ibis experts, The Telchin Group, help you navigate the real estate market of this sought-after community. Call the team today at 561.301.0249 or send a message here.