You are as good as the company you keep! One of the biggest factors which determine whether the value of a house will rise or fall is the surrounding neighborhood. Buying a property which quickly declines in value can often mean that the neighborhood it is placed in was not the best option for such an important investment. But what are the factors that give a neighborhood its value? How can you tell if a neighborhood is on the rise or fall? Luckily you do not have to be a financial wizard!
Proximity to Public TransportationTransportation plays a big role in real estate transactions everywhere. When the buyer chooses a new home,The Value of a Good Neighbourhood Articles he also chooses a new lifestyle. Shorter commutes and green surroundings are slowly rising in the preferences of today’s real estate consumers.
Proximity to Shopping Areas and SchoolsThis is another influencing factor by which most consumers choose a new neighborhood. The kids must receive their education and nobody wants their child to undergo hours of traffic on the bus or train, on their way to school.
Employment OpportunitiesNearby employment opportunities might be the most important element in driving real estate prices. Look for newly developed commercial or business areas and for an influx of new neighbors. They usually mean that the neighborhood is on the rise, in its development period and that home prices will appreciate over time, making your investment wise. You can easily recognize areas with long term high employment opportunities by their low unemployment rate, by the presence of prominent universities, research facilities or by the local presence of creative industries (music, television, design).Desirable AmenitiesIn real estate, the term “amenity” describes any asset within the local community that people find advantageous. A few examples can include beautiful parks, pleasing views, a distinctive architecture or a highly educated population.