When talking about a home’s location, we talk about everything that is surrounding the home. Are there nearby schools, restaurants, parks, or is it far from grocery stores or situated near a noisy highway? Local amenities can impact a home’s sale in a positive or a negative way.
Today, I talk about the things you can look for that will benefit you when looking to purchase your next home and for resale purposes.
We’ve all heard that term before: Location, location, location. But what does it actually mean for valuing your home? The easiest way to explore this is to look at things that have a positive impact on the value of a home, as well as things that can lower it.
Which location factors raise the value of a listing?
Some of the things that raise the value of a home is proximity to schools, restaurants, public transportation, hospitals, healthcare or community centers. They can do wonders for the value.
Traditionally, another major factor has been commuting. Even though it has become less of an issue during the pandemic, with people being able to work from home or staying local. Combine that with fewer cars on the road, people are willing to live further than they were even just a few years ago, which has also increased the weight of those previous factor we just talked about.
What can lower the value of a listing?
Some of the factors that can negatively impact the value of a listing are high tension wires, busy streets, cemeteries, and hospitals. I know before I said that being close to the hospital was a good thing. But it really depends how close. You don’t want to live right next to the hospital and hear the sirens day in, day out. Noise is also the reason why proximity to airports is another important factor that impacts the value of a home. Being in the flight path will decrease the value of your home.
A real-life example is actually what’s happening right here in Vaudreuil. The REM is coming, as well as new hospital, which are big reasons why home values have increased over the last couple of years.
When you’re looking to purchase a home, pay attention to what’s around in the surrounding neighborhoods. Maybe drive around the night before to get acquainted with the neighborhood before you make your final decision.
This is #AskPete. If you have any real estate questions, feel free to send them and I will get you the answers. Or stay up to date on the latest tips for real estate buyers and sellers by clicking the YouTube button below: