Location And Its Impact On Real Estate
Planning on acquiring a new home? The value of the property you are eyeing may rely mostly on a single thing: location. Real estate agents and experts in the field alike agree that it is the location of house or lot that will dictate its price on the market. In fact, even the simplest of houses and even the unkempt properties still stand to get an advantage in the negotiating table once the location gets factored in.
Of course, other features will be considered, but the largest weight of them all will be the location. Conversely, certain changes in the location may affect a once highly valued home. Why is there so much emphasis in location when it comes to real estate? Here are some reasons:
Location creates an atmosphere.
Some say that waking up facing the sunrise is priceless, but location can define its actual value. Many people purchase properties not just so they can have a place to stay, but also to replenish their well-beings and reawaken their character. It also says a lot of what they have accomplished in their life. This is the reason why a corner office is much more valuable or why a view of the city is more coveted than the rest. The location of a property can make such intangible luxuries possible and will command their price.
There is a relationship between location and distance.
There are only a few people who live in a house and stay there for the rest of week or month. Their job or personal needs will always require them to get out of the house. Hence, proximity to shops, offices, recreational facilities, or just a connection to the outside world will also dictate how much a property would cost. Regardless of how elegant a manor is, if it takes too long to get into the city to relax, it will not be as expensive as you would think. Though the proximity of a property makes its value higher, you can always make up for it by the savings you get from shorter trips. This means lesser fuel use and more time actually spent in the office or back at home. This facet even becomes a deal breaker for some prospects.
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Nature can be an advantage or not to a location.
This may be filed under atmosphere, but getting a seaside view or walking into a forest may mean so much more under certain situations. If you encounter a property that is too good to be true, check the history of natural calamities that have hit the area. You may discover that the value of the property have been affected by the frequency of hurricanes, earthquakes, or strong waves. Look at the geological and local weather patterns of an area to ensure that you wont spend most of the money you saved from a deal by constant repair.
You are after the community.
The neighboring properties and the state of the community also affect the final value of a property. Highly appraised houses make the value of a modest home higher than it should be, while at the same time, foreclosed homes pull each others value down. Other incidents, such as crime rate, will also dictate value.
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