How does location influence desirability and value?
Location, location, location. You’ve heard it a thousand times when it comes to real estate, and you likely understand what it means. But which aspects of your location are of most influence when it comes to determining the desirability of your property and ultimately affecting its value? In this blog, we’ll take a closer look at which factors play the largest roles in raising or lowering your home value.
The most pressing questions on the minds of young families surround the future and wellbeing of their children. Quality education checks both of these boxes, drastically influencing their decision making. If your home is close to a school with a positive reputation, this can influence the value of your property upward for those buyers. (Here is a site where you can search for nearby schools.) This is even more the case if your home is within walking distance of the school, as their children won’t have to endure long bus rides. On the flip side, if your home is far from quality education, this can push families away.
If the neighbourhood or community in which you live is currently expanding outward, this can increase the value of your property. People see this as a way to “buy low”, as the value will generally increase as the area develops. As more shops, schools, recreation facilities and other locations open nearby, it becomes a more desirable place to live. Many properties in the downtown core were first purchased for a mere fraction of what they’re worth now, and the same applies to anywhere else.
Nearby businesses, services and other amenities are a factor in determining property value. Not only is it a matter of convenience, but long commutes and burning gas can add up in a hurry. Similarly, lack of access to public transit can be a dealbreaker, especially if you’re dealing with younger buyers who would prefer to save each dollar they can by taking the bus, train, etcetera.
Close proximity to vast outdoor spaces can heavily influence a buyer’s decision. Spaces like these are valuable to those with children, or pets who require frequent exercise. They’re also an ideal spot to meet others in the area with similar interests, growing their social network once they’ve moved in. Parks and walking trails can also function as the perfect recreational space for the buyer if they have an interest in running, hiking, biking or any other outdoor activities.
As they expand, noise and light pollution are unfortunately increasingly common in well-developed areas. In a world as loud, busy and chaotic as the 21st century, a sense of peace and escape from the noise and commotion is incredibly desirable for some buyers. If your home is in a suburban or rural location with little to none of either kind of pollution, this is a key feature worth promoting.
If you have any further questions, or would like your home appraised for its value, don’t hesitate to reach out. We have an experienced, qualified team with a network of industry professionals to help you sell your home, or find the next one.
Lisa Fitzpatrick ABR, SRS
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