Deciding where to buy a home can be one of the most difficult decisions to make. If you have a built-in reason to choose one area over another (it’s close to work; it’s where you grew up and you’re emotionally tied to it; there’s a rumor about a professional football team coming soon), it can be easier. But if you don’t have a set place you’re looking, how do you know where to buy if you’ve got value in mind? Here are the top 3 ways to decide.
Follow the Rich
There’s no secret that the rich go where the best property values are. But even if you can’t afford it, the surrounding communities reap the benefits too. There is a long history of ‘adjacent’ neighborhoods gaining in reputation and value simply because of what they are next to. Track where the rich are building and moving into and find somewhere “rich-adjacent”. It’s a big selling value and if you catch it early enough it will really pay off.
Follow Starbucks
Proximity to a local coffee shop has a very real, and positive, effect on home values. 17 years of research by TIME magazine shows that homes adjacent to the local Starbucks almost doubled in value, up by 96%. Those further out appreciated by 65% over the same period. While the study doesn’t explain the reason for this phenomenon, there’s no reason you can’t take full advantage of it.
Follow The Schools
t’s an obvious choice to look for good schools for home buyers that have a family or are planning for one. In fact, in some cases, buyers are willing to forgo other amenities to be in a top school district. But being near acclaimed schools is important even for childless couples. Living near a high-scoring school can increase your home’s value by over $200,000. 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.
It’s important to know who to follow to find the best deals. To get the best advice or help on finding your dream home in the perfect neighborhood, call Helen today at 847.967.0022 or email [email protected].