One of the trickiest parts of buying a home is deciding on the location or neighborhood. Should you go for one closest to work, to your parents, or have you heard that your favorite football team is coming to this certain area soon? Lucky are those who have got it all figured out; but for some it could be challenging to make a choice.
So how do you know where to buy if you consider value? Here are 3 foolproof ways to choose your neighborhood and up your value according to Realty Times:
Go where the rich go
According to CNN Money, "The United States is the top destination for those worth more than $30 million buying residential property valued at a million or more, according to a report from Wealth-X and Sotheby's International Reality."
Los Angeles, San Francisco, and New York are among the top 5 in the leading city for wealthy residences worldwide with the latter being on top of the list. When talking about those cities, think money, rich, money, and rich. But how do you get similar value to your property if you can't afford those premium neighborhoods? Well, why don't you live close by?
"There's a neighborhood in Southern California called Coto de Caza that was popularized on Real Housewives of Orange County and is one of the most desirable places to live anywhere in the states," said real estate advisor Sara David. "Several years ago, a developer came in and built a community of substantially smaller but still very attractive production homes just outside the gates and marketed the property as 'Coto de Caza adjacent.' It was a huge draw for buyers, who have seen their home values explode over the years. It's not a unique situation. There is a long history of 'adjacent' neighborhoods gaining in reputation and value simply because of what they are next to."
Go where Starbucks goes
"Confirmation that Starbucks is boosting more than your productivity," said Apartment Therapy. "Higher home prices actually follow Starbucks, rather than the other way around."
TIME Magazine calls it "The Starbucks effect." "Proximity to a local coffee shop has a very real, and positive, effect on home values," with data over 17 years showing that "homes adjacent to the local Starbucks almost doubled in value, up by 96%. Those further out appreciated by 65% over the same period."
Go where the schools are
Families with children have good schools at the top of their requirements list when looking for a new home. In fact, this is such a major factor that these homebuyers are willing to miss out on certain amenities just so they could be within a top school district.
"Homebuyers are willing to pay more and give up certain home features for a home located in their district of choice," said AOL. "They are especially willing to give up accessibility to shopping and nearby parks and trails among other amenities, to reside within school district boundaries of choice."
But, it's not just families with children who are looking at this priority when home buying. Even childless couples also have this on their primary requirements.
"Living near a high-scoring school can increase your home's value by over $200,000, according to the Brookings Institution," said AOL. "That's not chump change. There are plenty of attractive advantages that come with proximity to a school, including increased police protection, personal use of school facilities and living in a 'Drug-Free School Zone.'
"Even those couples who don't have kids yet but are planning to are worried about the quality of schools in the neighborhoods where they are considering buying," said Stacie Staub of Live Urban Real Estate. "High-scoring or popular schools do raise property values and demand for homes, no question."
