Value Versus Price Part 1 - The Neighborhood Beyond the Bling

August 25, 2011

Would-be Home shoppers can often turn the home shopping experience into a simple price comparison. We definitely hear it in our models, "We just saw a newly remodeled home on the market for less than this new home and it has a lot of the same features." Many people do not stop to consider the value of all the elements that make up the price of a home. Value is often more intangible than the hard dollar amount that you see on the bottom line of a sales agreement. This is because value can vary from person to person and circumstance to circumstance. Here are several neighborhood attributes that go beyond the house itself and add value to a home above and beyond the bling - hardwood floors, granite counter tops, and stainless steel appliances found in both new homes and in newly remodeled homes. Close proximity to shopping - Make quick runs to the grocery store when you are in the middle of preparing a meal, when you've forgotten something essential or just to save time during your daily chores and errands. Good school districts - Whether you have kids or not, it may be important either for your future family plans or for the resale value of the home later to live in the most desirable school districts you can reasonably afford. Easy Commutes to key areas of business and industry - There's nothing more valuable and irreplaceable then time. Time spent with family, friends or engaged in leisure activities is time much better spent then enmeshed in traffic. Neighborhood amenities - When you have playgrounds, walking trails, clubhouses, and other accoutrements found in many new home communities you have a greater connection to neighborhood and to family. This creates natural spaces to meet your neighbors and make ties that you may not naturally make in an older neighborhood that lacks central gathering spots. All of these points are sometimes overlooked when calculating the value of the home and how that figures into the price. Stay tuned for more value added features in Value Versus Price Part 2 - Beware of Lemons Disguised as Apples. Image source: ©
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