By: Millie Gil
Whether you want to purchase a home to live in for several years or to resell quickly, location will certainly play a role in its resale value. Chances are that you may not live in the same home your entire life, so location and resale value may be important considerations when purchasing a home.
The most important step in finding a home with resale value is choosing the right neighborhood. One of the first things you may want to consider when researching a neighborhood is the economic stability of the neighborhood.
A desirable area will:
Possess a good mixture of residential and commercial districts
Have jobs for future residents
Demonstrate consistent economic growth
Be supported by a strong local government
Another important factor to consider as you try to find the best neighborhoods is the quality of the local school system. Even if you don’t have children, you should try to research the closest schools before purchasing a home. This provides a good criterion to factor in of the attitude of the neighborhood and the type of people you’ll be surrounded by. High scores can mean parents are fully invested in their local school system and their children and this translates into how they feel about their homes.
By placing a call to the local school district, you may be able to find out what type of funding area students receive, how well students have performed on standardized tests and whether or not the district will be opening or closing any schools in the foreseeable future. Regardless of where the home is located, the quality of the nearest schools will almost certainly be an important factor for potential buyers when you try to sell the home.
Beyond the schools and local government, there are a number of factors you may want to consider regarding the home’s immediate surroundings. For instance, you may want to look for property in neighborhoods where most of the homes are similar in size and style. Additionally, the ideal location for a home is nearest the center, away from busy streets and bordering only other homes, as opposed to businesses, apartment complexes or schools.
Finally, you may want to think about the traffic patterns that surround the neighborhood and whether the street is used as a shortcut between two busy roads.
Though you may be looking for properties that lie in the middle of desirable neighborhoods, you should also consider how convenient the location is for a potential homeowner. The best homes will be located near all the essential businesses and have “walkability” – such as grocery stores, dry cleaners and banks.
In short, the ideal neighborhood will represent the best of worlds, offering residents both privacy and convenience.
About the Author: Millie Gil is a licensed Real Estate Broker and Vice President of Bold Real Estate Group. For more information please forward email to email@example.com