What’s Affecting YOUR Home Value?
Which Characteristics Make (or Break!) Your Home Value?
We all know the old phrase – “Location, Location, Location” – as it relates to the importance of the geographic setting of a piece of real estate. If a beachfront property with ocean views as far as your eye can see comes on the market, be prepared for a hefty price tag. The same is true if you see a piece of land for sale a few hours west of us, in west Texas, with oil flowing underneath!
While location is definitely an important characteristic of home value, there are many other factors to consider.
Quality assigned, or zoned, schools are widely considered a property asset, particularly for parents of school-aged children. In fact, a 2013 survey conducted by realtor.com found that one out of five home buyers would pay six to 10 percent above their budget for the right school, while one out of 10 would pay 20 percent more!
Here in Allen, TX we have an advantage in this area; in 2015, Allen High earned a silver ranking by US News and World Report as a Best High School.
On the other hand, some aspects of a property can hold down, or even decrease, its value. Noise pollution is one of those negative aspects; a study posted on ResearchGate< showed that homes in areas where noise levels are at least 65 decibels high sold for about $2,400 less than equivalent homes in quieter areas. Homes near airports, train tracks and even those with boisterous neighbors can affect home value.
In contrast, there are some “fun” factors that make up your home value!
Homes in neighborhoods with mature trees can increase the value of your home, as well as the suffix of your home address (here’s looking at you, Rivercrest Boulevard)! Try this National Tree Benefit Calculator to calculate the approximate benefits of trees on your property.
Regardless of the proven influences of home value, the most important factor is for you and your family to find a home that fulfills your highest priorities, in your budget. The perfect one is just waiting for you!
Let’s grab coffee and talk about your Real Estate options!