Many things can affect the value of a home. One big factor that can affect a property’s price tag is the desirability of the location. Making certain location sacrifices may be necessary when hunting for a cheap property. Below are just a few different elements of a property’s location that can affect the value.
Quality of scenery
A stunning view can add a huge amount to a property’s value – with views of lakes or the sea adding as much as 80% in some cases! Proximity to green spaces and natural wonders can also make a big impact on the price. Properties will less attract scenery such as views of landfill sites are often much cheaper.
Local amenities
Properties are often more valuable if there is a good selection of shops, restaurants and bars in the area. Other local amenities like gyms, swimming pools and entertainment venues can also push up the price of a property.
Proximity to schools
Living close to a school – particularly a prestigious school – often comes with a higher price tag too. This is because parents are eager to get into the catchment area so that their child can attend that school. Homes on school bus routes are also often more expensive.
Transport links
How well connected an area is can also affect the value of property found there. Bus and train links can have a particularly significant impact on property value, as can access to highways. That said, a property situated right next to a highway or railway may be cheaper due to noise levels.
Crime rate
Properties in neighborhoods that have a high crime rate are often lower priced. A high burglary rate can particularly put off buyers and lead to reduced property prices. That said, having good security measures in place may help to make a home in such an area more attractive – this post lists a few signs your home is vulnerable to a home robbery and how to make it more secure.
Noise levels
Noise pollution often has a negative impact on the price of property. Homes found directly near airports are often very cheap because of the noise from airplanes taking off and landing. Noisy neighbors or a loud music venue in the area may also affect property pricing. Of course, soundproofing homes in noisy areas may help increase their value.
Sense of community
A property in a neighborhood with a strong sense of community is more likely to come with a high price tag. By asking locals in the area, you can often get a good idea as to what the sense of community is like. Lots of local social clubs, events and venues are usually a good sign.
Threat of natural disaster
Finally, it’s worth noting the threat of natural disaster. Homes in high risk flood zones for example are often cheaper than your average property positioned near the water. Be wary of moving into such a property unless there are decent floodproofing measures in place to protect the property.
