When you are searching for a home, one of the biggest indicators of a home’s value is neighborhood. A bad neighbor could potentially reduce a home's value up to 10% according to the appraisal institute. The effect is referred to as external obsolescence, where external factors affect a home's value.
When it comes to choosing a house location, you should consider important factors that are necessary for every household. One of the most important aspects is the neighborhood. Your house value is depending on your neighborhood. The more the ideal neighborhood location you got, the more is your house value.One of the factors is Location. Everyone is looking for a safe and secure location. Some looking for a quiet and silent atmosphere and some nearby the road or market. So location factor played a very significant role in your property value.If your house is nearby the school, it is of great advantage. If your home is near some schools, colleges, universities then you should consider your property price better.Nothing is more important and significant than having a house near a commercial area. Your property value automatically boosts up. Homeowners can expect high ROI (return on investment) because of the demand for houses near the commercial area.Public service is also useful for houses. A variety of public services in your neighborhood can increase your property value. So, have knowledge about all these neighborhood and property value relations.
Hidden mortgage costs in Real estate
Purchasing a house is the best investment you will ever make. You are excited that you found your perfect home. However, it’s just the start and it is important to be realistic about the additional expenditures. So, we have listed a few hidden costs that we think every homebuyer should be aware of.
5 Ways To Save For A Down Payment On House
Deacon Hayes, owner of financial education company Well Kept Wallet says “Renting might seem fine at first but once you have enough money to put down on a house, then it makes more sense to buy.” In order to make a down payment, people save for years but living on rent makes it impossible to invest.
What Does The Term “Escrow” Mean In Real Estate?
There is a list of confusing terms you will hear in the process of buying a house. At the top of that is the word “Escrow”. It plays a major role in real estate transactions. People have difficulty in completely understanding the concept, some home buyers pay for the escrow without even knowing why. By understanding the concept of “Escrow”, it will minimize the risk and help you move forward more confidently. Read on and find out all you need to know about Escrow.
