When purchasing a home, people tend to focus on what it costs and the crime statistics of the area. While both of these are important factors in buying and selling homes, they aren’t all that matter. The true worth of a home is a personal reason and can be different for everyone.
Common Determinants of Home Values
Yes, price and crime stats do matter, and they should definitely be taken into consideration when shopping for homes. But there are other common factors people consider as well, which everyone will weigh differently based on their personal preferences.
Age and Condition
The age and condition of a house affect the monetary value of a home. The newer the house, the higher its value. If the house is older but in better condition than others around the same age, it will likely have a higher value as well.
The monetary value of a home is also largely based on the square footage of the house, especially the number of square feet that is considered usable and livable space. It’s common to consider the size of your home when you determine its value.
Looking Beyond a Home’s Resale Value and Crime Statistics
While factors like size and age are important in determining the value, it’s always important to consider your own values when looking for a house and not just common factors that affect the monetary value.
There is more to every home besides its resale value and the crime stats of the neighborhood. These are definitely important factors to keep in mind, especially if you want to make a good investment or raise children in a safe area of town. But when buying homes, it ultimately comes down to personal lifestyle choices.
Consider the Type of Area You’re Interested In
Some people prefer the city, while others prefer the country or beach. You may not have given much thought to the type of area you want to live in other than how close it is to town, if it is safe, or if there are good schools. Even if the homes you are looking at meet all your criteria for those factors, ask yourself if it is the type of area you can see yourself living in.
If you love the beach, then does it make sense to be looking for homes near the city? No. Look for homes near the beach! It will not only help you build a home in an area you love but add to the true value of your home.
Look for a Home that Will Bring Memories and Joy
While looking for homes, people often overlook one of the most important values a house has to offer: joy and memories.
When you’re worried about the dollar amount of homes you’re looking at, it’s sometimes easy to forget that homeownership can bring so much joy and memories to cherish. Sometimes you’ll want to focus on other factors besides the price tag while house shopping to ensure you’ll be able to experience such joy in your home. It’s not always about the size of your home, but the memories you make in it with your family.
Look for What Is Important to You
Never forget to look for what you consider important in a home. This can be different for everyone, but it will help increase how you value your home.
Maybe you want a home with a large backyard or a neighborhood with lots of children for your kids to play with. Or it could be that you want a personal connection to your home, such as living close to where you grew up as a child, or maybe you want to be closer to your family. It could also be specific features you are looking for in your house, such as a laundry chute, two ovens, or a multiple-car garage. No matter what’s important in a home to you, be sure your home has it. After all, you want to be happy where you live.
Find the True Value
If you’re looking for a new home, take some time to reflect on what you want most in your home. What would make you value your home even more? The experts at Davis Coleman can help you find a house that will create beautiful memories in the area you love most. Reach out to our team to discover your perfect home today.