Understanding Neighborhood Property Values

Posted on: 11 May 2021

When you are looking for a home, you should understand the basics of property values and what it is that can affect them. Of course, the house itself plays a major role in determining the value. Things such as the type of home, the year it was built, the square footage, the condition of the home, and many other factors come into play when it comes to the home's value. However, the neighborhood also plays a big role in determining the property value of the home. You can learn more on this here: 

The curb appeal of homes

You will be instructed by your Realtor to do all you can to give your home great curb appeal as this can help to raise the property value. However, another thing that you want to pay attention to is if the neighbors around you haven't been keeping the outside of their homes looking presentable, then this can negatively affect your home's value. Some of the things your neighbors can have going on that can lead to bad curb appeal include having junk cars torn apart in their yard and leaving them there, having trash scattered in their yard, allowing it to become overgrown with weeds and overgrown bushes and trees, and very tall grass, having bad paint jobs, or having other things going on that look bad. 

The amenities that are close by

Another way the neighborhood your home is in can impact the home's value has to do with what things are close by. Having a school near the home and being conveniently located near shopping centers, parks, and restaurants can help your property value. Whereas, if you are in a neighborhood that has nothing very close, it can negatively affect the value. 

The crime rate in the area

The crime rate in the neighborhood that your home is located in will help to decide the property value of your home. If your home is located in a neighborhood that has a low crime rate, then this will help to make your home much more desirable to buyers, which means that it will help to increase the property value. It can also help the home to sell faster as well because most people put the safety of the neighborhood that the home they are considering buying very high up on the list of things that they want from a home and the area that it is in.

Reach out to a local real estate agent to learn more about neighborhood property values.