They say that the key word in Real Estate is location. And so it is true. The same house in two different locations can have vastly different prices even if the houses are only a block away. How can that be you might ask?
The things that can entice a buyer to pay more or less for a property are:
1. School district.
Certain school districts are more desirable than others. Therefore it is really important to know where the school lines are even if you don’t have children in school. It may be that you could buy a home for less money if you are just outside of the school district everyone else is wanting. Just remember that when you go to resell, the house will still be outside of that desired school district.
2. Backing up to a major road or commercial businesses
Not everyone wants to live where traffic is rushing behind their back fence. Homes that back up to commercial property are often seen as less safe and less desirable.
3. Nearby a park
People generally like parks where they can take the kids to play or go for a walk with the dog. Generally a home near a park is worth slightly more to a buyer.
4. Near a school
Neighborhood schools can be desirable because people with certain criminal backgrounds cannot live within a minimum distance to a school. In addition, people may like the idea of their children walking to school. If the school is a neighborhood school, I always suggest driving by at the beginning of the school day and at the end of the school day to see if you are ok with the traffic.
5. In the back of a neighborhood or at the front entrance.
Obviously there is less traffic going past a home in the back of the neighborhood than at the front. Look to see how many entrances are going into a neighborhood. The more ways into a neighborhood could mean not everyone going past a single row of homes in the neighborhood. Cul-de-sacs also have less traffic.
6. An unsafe part of town
Obviously, if the neighborhood has a reputation for violence or theft, the cost of the properties will need to be less in order to entice someone to buy there.
I always tell people, property is priced based on location and condition. While you can improve the condition of a home, you cannot move a house so look around; see who your neighbors are, look at the location of the property.
If you are interested in purchasing property in Oklahoma feel free to call me at 405-213-2992 or visit my website at http://www.sandiwalker.net