You’ve probably heard people say, “Location, location, location,” a time or two. But what does this mantra, that is so often repeated, really mean? And how does it apply to you?
Essentially, location, location, location, means that even if homes are the same size, built in the same year, and share many of the same – or even nearly identical features – they may vary greatly in value depending upon where they are located.
What Elements Make for the “Best” Locations?
Your home’s value may be more dependent upon where you live, than any other factor. Things that make for a hotter, more valuable location include:
- Proximity to entertainment, shopping and downtown. The closer your home is located to attractions such as popular shopping centers, gyms, restaurants, dining options, amusement parks, etc, the more coveted the location will be. Being within close proximity to the city’s most desirable entertainment and shopping options is certainly a worthwhile aspect to consider when purchasing a home.
- Proximity to schools. For families, being within a close distance to the best schools in the district, or the city, is another thing that will drive up home value. Many parents who are concerned about their child’s education will be willing to pay more for a home that is near top tier schools.
- Natural beauty, scenery, trails and parks. Many people are willing to pay more in order to have a house that is near hiking/biking trails, offers beautiful, scenic views, is near parks, or boasts natural beauty. This is why homes on hillsides, on waterfront property and in other scenic areas are usually significantly more expensive than are homes in the suburbs.
- Safe neighborhoods. Of course, all homeowners are concerned about the safety of family, property and belongings. Few people want to live in a neighborhood that has a history of crime, gang activity or drug problems. Neighborhoods that have fewer problems are more desirable, and therefore, homes in these areas come at a premium.
Which Locations May Decrease a Property’s Value?
When you’re thinking about building a home or buying a homesite, you may want to think about paying a little more for a better location, as you may be able to make more when you sell your home in the future. Some locations may decrease a property’s value, even if the home is in great condition.
Design Your Dream Home in a Location of Your Choice with Simplicity
Building with Simplicity is a smart choice. We provide dozens of home plans, customizable options, and we build in some of the most appealing areas of Oregon, Washington and Idaho. We take the stress out of homebuilding, and can help you to understand how features, including your home’s location, affect its value! To learn more or to schedule a consultation with us, contact us today online or by phone.