Archives for February 1, 2018

Feb
01

Perfect Locations for Your First Home

Location is very important in real estate. Many people actually know this but they don’t understand what it means. The definition of a good location can be different from one person to another. But there are common grounds where people in the industry agree that define what a great location actually is. 

Centrality 

The area within the city where you want to live affects the price for your home. A city with bigger population density means that houses are in-demand and therefore the prices are higher. On the other hand, in towns where there are more rooms to expand, the prices are lower. It is also expected that houses that are near major establishments, government buildings, metro station, and entertainment centers cost more than other properties. 

Neighborhood 

There are three factors that affect the price of the house based on the neighborhood: accessibility, appearance, and amenities. Accessibility is how the residents are coming in and going out of the area- by foot, train, car, or a bus. Commuting is an everyday activity so make sure that the location is accessible to many modes of transportation. On the other hand, appearance is how clean and organized the neighborhood is while amenities are the establishment and other fixtures that were built to give the comfort and entertainment to the residents. A neighborhood becomes more desirable to live in when it is safe, clean, organized, and has great amenities.  

Development 

If there are on-going constructions of many facilities near an area, they can increase the property values of the houses nearby. Future plans to establish schools, hospitals, shopping centers and public transportation can affect the price of the house. If you are looking for a house in which the value can increase someday, consider the commercial development that is happening within its surrounding. 

Lot Location 

Lot location is the exact location of the house in the neighborhood. Is the house near a railroad or a street? Is it near the gate of the village or located somewhat remotely? If it is near a street, it can be priced higher as long as that street doesn’t get too busy. More houses in very busy streets tend to have low prices and easy to sell. On the contrary, houses that are located down the road are harder to sell. 

Lot size 

Suppose you will choose between two houses in the same neighborhood: one house needs major upgrades but in a large lot while another house is in good shape but in a smaller lot. Considering everything else is the same, what would you choose? Boerne realtors advice is to choose the house in the bigger lot because the price of the house can depreciate but the value of the property remains or less likely to appreciate. You can always renovate the house but you can no longer increase the lot size.