The first thought that comes to mind when an individual considers buying real estate is location. Have you ever thought to yourself; why is location so important when it comes to real estate evaluation?
I can recall the first time I bought a landed property; Before going through various properties listed on the market, I had already streamlined my search towards the location I had in mind. Every real estate value is influenced by the land value which is in turn greatly influenced by its location.
Location here refers to the precise placement of a house. The location of your home determines its neighborhood and community, and these factors influence the overall value of your home.
Did you know that the value of land is greatly influenced by its location? Have you ever wondered about how the location affects its value? Then you have landed at the right place to get your answers. In today’s article, I’ll describe how the location of your landed properties can influence their value.
Locational factors affecting Land Value
The location of a real estate property has been seen to greatly influence its market price. If you are currently in the market for real estate, or maybe you want to sell your house, then understanding the effects of location on land value is of utmost importance to you, as it is greatly related to the overall value of the real estate property. In today’s post, we’ve outlined the locational factors that influence land value:
1. Resident Community
When purchasing any landed property, buyers are always cautious of the community, because this would soon be their immediate community. Many buyers prefer to buy land with its resident community having a good socio-economic status. Hence, the value of lands in top-rated communities is always high.
2. Neighbourhood Amenities
The value of your land can be greatly influenced by the availability of neighborhood amenities around the land. If your land is located in a region with very low neighborhood amenities your land will be valued low.
3. Structure and Nature of the land
As we all know, the topography and nature of a particular land are closely related to its location. Lands located in swampy areas are usually very soft and require a very strong foundation as compared to other areas. The nature of the land determines the cost of development of the land and in so doing influences its overall value.
One of the important factors to look at when evaluating a land is its accessibility. Will you like to buy land or a house located in the woods with little or no access to basic amenities? Of course, you won’t. Land with a good road network and easy accessibility is valued greatly in the market.