LOVELAND – You’ve heard that real estate is about location, location, location… but what does that really mean? There are several aspects of location that are important to potential home buyers, although the preferences can vary from one buyer to the next. Here’s a look at the most important aspects of location in real estate home pricing.
When you drive through different neighborhoods, you’ll notice patterns that contribute to the neighborhood feel. These can include:
- Types of Properties (Single Family, Multi-family, Condo, Commercial, etc.)
- Style of Homes
- Size of Lots
- Fencing and Greenery
- Presence of or Lack of Sidewalks
- Upkeep of Properties
Most homebuyers will judge a neighborhood by these visual elements. Every buyer has different preferences, so it comes down to how well the neighborhood feel matches with their personal preferences.
Local amenities are important and can contribute to the neighborhood feel as well. Where is the closest park, coffee shop, convenience store, supermarket, mall, etc.? The distance to local resources can be either a plus or minus depending on other neighborhood characteristics. For instance, in the city, having a grocery store nearby is a nice plus. In the suburbs, most prefer that it not be within the immediate neighborhood but within a short drive. For both cities and suburbs, a park within walking distance is appealing.
Access to Transportation
Transportation is always a consideration for home buyers. How close is the neighborhood to highways? Is public transportation available? Naturally, those who drive prefer easy access to highways, although being too close can be a negative due to road noise and congestion. Those who do not drive prefer public transportation to be within walking distance.
Walkability can refer to different things. It can reference walking access to local amenities in cities or the presence of sidewalks and walking trails in suburban and rural areas. For some buyers, the walkability of the neighborhood is extremely important. For others, it may not be at all. This is one of those factors that varies greatly among buyers, so the key is to use your property’s walkability (or lack thereof) to target the right type of buyer.
The quality of a school system is historically tied to home values. Even if you do not have children of your own, you may still be concerned about school rankings for the benefit of your home’s value. When potential buyers evaluate locations, they almost always consider school systems in that analysis.
Evaluating Different Locations in Colorado
One of the nice benefits of working with local real estate agents is their familiarity with different neighborhoods and location-based factors. If you have certain goals and preferences, your local agent can help you narrow down your search to particular neighborhoods.
By Suzanne Plewes. Suzanne is a broker associate at RE/MAX Alliance. Write to 750 W. Eisenhower Blvd., Loveland, CO 80537, call 970.290.0373 or e-mail [email protected]