We live in a real estate market that it hot right now. It seems like no matter where you live houses are expensive, they sell fast and it’s tough to buy. In such a hot market it can be easy to let go of our reason and make more impulsive decisions, like overpaying for a house. If you’re in the market for a house (both buying or selling), it’s important to ensure that you mentally price the house correctly. Sure theres the market price or the Zillow/RedFin price but that may be very different from what you should pay for the house. So, when it comes to assessing the value of given real estate, it’s important to think of the factors that determine this value. For instance, where is the property located? What amenities does it have? What might the local crime rate be, and are certain utilities functional? Is there privacy, or is the back garden easily viewable by a range of other surrounding houses? How much work will the property need to return it to a habitable state?

You can see how these considerations will determine the overall cost and how much you may be able to negotiate. But it’s also true that just like the shrewd investor looking for values and virtues outside of what a purchase can bring, real estate investors or budding homeowners need to understand the value of priceless considerations that money can not influence. Mrs. Money and I are going through this right now in looking for a rental property – it’s very important we find a good value and not overpay!

This is where you can really see the value of choosing one property over another, and this isn’t always related to architectural fixtures that can be replaced, or adornments that can be built. In this post, we’ll discuss some examples and set you on the right path:

Location, Location, Location

The old adage about where a house is located still holds true and something that should be taken heavily into consideration. As nice as the house may be, the location and area / neighborhood that it’s in is also important. Being in a respectable, contributive, wholesome community life is the dream for many people, but unfortunately, it does seem as though this is on the decline in certain areas a little, especially thanks to the atomization of our social life dealt through social restrictions via a pandemic and growing online trends. For that reason, when you navigate here to find a place that offers gorgeous, worthwhile, historical community life that allows for communal and respectful care between neighbors and celebrating events each year, this is how you know an area is worth your investment. That kind of value cannot be purchased!

My advice is to try and get to know the neighborhood / area a bit. A great way to do so is to park your car, get out of it and go for a walk. You’ll learn a lot just by spending more than 10 minutes in the neighborhood!

An area that takes care of itself

The infrastructure and municipal maintenance of the local town is a key consideration to think of, because this can improve the value of a property given the condition and aesthetics of an area. This might involve investing in further public transport, maintaining parks, keeping roads in good condition, ensuring that flood defences are put up, and more. It can also be social things like parks, events, festivals, farmer’s markets etc. Reading into the local area via newspapers and gazettes can give you a worthwhile picture of how much this is being done. A city/town that takes care and maintains itself is a city worth investing in!

Pexels – CC0 License

A house that can be a home

Houses that offer individuality and presence can offer fantastic visual appeal. Landscaping the property from the front can add a unique twist to the green space, while developing a competent driveway, be that thoroughly laid brickwork or resin. Individuality can often simply mean a clean lick of paint, or a porch well maintained with beautiful inlaid patterns. Put simply, unique individuality with staying power can skyrocket the value of a house, because first impressions that last are often favored by real estate agents, and are easier to sell.

To me this means look for houses that are less cookie cutter and that have personality of their own to it! Find a house or property that is exciting to you and that you could see yourself (or your tenants if you’re looking for an investment property) enjoying living in!

Summary

With this advice, you’ll see how some virtues of a prospective property, including its community surroundings, its city maintenance, and its individuality can have a major effect.

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