The Impact of Location on Property Value
When choosing a location to buy a property in, there is a multitude of factors that need to be considered. You may be surprised to find that two completely identical properties, located only metres apart, may differ in several thousand pounds worth of value.
Location plays a huge part in property value and needs to be one of the first factors taken in mind when looking to carry out property dealings, but – maybe even more importantly – you need to also be aware of the geographical factors which may hold sway over property value.
When it comes to finding an area, one of the things to consider is the neighbourhood. Is it a pleasant area with convenient access to the amenities you require? Is it a suitable area for a growing family and are the properties big enough for your needs? While all areas will have some level of crime and antisocial behaviour, it's important to think about the type of neighbourhood that the area is in.
Choosing the right area for you can mean opting for a slightly smaller property in a more upmarket area or vice versa. Personal circumstances will likely play a big part in choosing where to purchase a property as families with younger children may wish to raise them in a better area.
Access to Public Transport
Access to public transport plays a big part in easing the commute for people working in urban hubs. Properties that are located close to train stations or other public transport links usually see a healthy little boost to their overall value.
If you’re looking to purchase a property, you may wish to check the local area for transport links whether you plan to use them or not.
Areas that are home to one or more good schools (as rated by OFSTED) tend to see higher average values than those that don’t. Schools are a key factor for younger families looking to raise children in the area and often see higher levels of interest.
Depending on your own personal circumstances, the proximity of a local school may be very important to you, if it’s not needed, however, you may find that by going several roads further away the overall value of properties drops considerably.
The property market is the very definition of a long-term investment. If you think about how long you plan on keeping the property and how much the local area might change in that time, you should be able to judge whether it’ll be profitable in the long run.
Construction and redevelopments are becoming frequent occurrences in many areas that see a high level of activity, these changes will add to the value of your property and may make it far more appealing going into the future.
Contact Hadleigh Estate Agents for Properties to Buy & Sell
If you’re looking for a property to buy or sell in Birmingham, then please get in touch with our property experts at Hadleigh Estate Agents. We are a market leader in the Harborne and Edgbaston areas.
Our friendly, experienced, and qualified team of estate and letting agents like to take the time to understand your needs to find out exactly what you’re looking for in a purchase or sale.
Get in touch with us on 0121 427 1213 or you can send us an email here.