Among the many factors affecting household and apartment prices, location is chief. Understandably, better locations procure higher value.
If you’re searching for a new rental or a prospective seller looking for an edge, check out the following locational factors affecting value.
City Proximity
Sure, cities bring noise, crowds, and busy days. They do, however, carry incredible value in terms of locational benefits.
Consider this: As a home or apartment’s proximity to a city center increases, transportation and connectivity costs decrease.
Rentals near bustling locations harbor incredible amenities. Short-distance travel, retail epicenters, school proximity, and ease of accommodation all factor into city life. So, if you’re balancing features with cost, your best bet is to plant roots just beyond the city’s downtown area—or beyond its limits overall.
You’ll likely save money in the long run if transportation costs aren’t ludicrously high. Rent, in general, will hit your wallet more than a train or bus ride.
Climate
While less impactful, seasonal climates do affect overall expenses.
Utility bills are contingent upon electricity needs, and different areas require different heating and cooling needs. While utilities don’t affect rental prices, they impact monthly living costs.
Your home or apartment rental is more valuable if it consumes high utilities.
Additionally, rental complexes charging base rent with utilities included will maintain higher costs. The Bureau of Labor Statistics has revealed approximately .1 percent of consumer index prices fell in August following similar rises in July.
Seasons affect market price values as consumers have less disposable income. A stable climate may benefit you if you’re targeting an area’s rental opportunities.
Proximity to Schools
Elementary, middle, and high schools increase a rental property’s value.
College universities, too, heighten rental costs, depending upon the location’s proximity. In general, prices rise as proximity to a school increases. This occurs due to the inherent need to engage in education.
While work buildings are widespread, most locations only contain several schools.
To save money on your rental, balance distance with transportation costs. College campuses are widely accessible, as most students don’t have vehicles.
Settling down another mile away may be well worth the walk if you can walk.
Other Rent Reducers
Several factors further decrease rent costs. That said, some elements may not be worth lesser expenses.
Several rent reducers include:
- Proximity to a substation
- Proximity to industrial estates
- Proximity to a railway
- Bad neighborhoods
Socioeconomic potential greatly influences a rental’s value.
A household or apartment near commercial properties or noisy pubs may have less rental value. However, renters should always examine an area’s past growth and future opportunity.
Sometimes, an area’s upscale increases its comprehensive cost of living impact. Such knowledge is beneficial if renting or reselling a home or apartment in a growing place.
Buying cheap and selling high is a no-brainer, but the coin’s other side can severely hinder renters from adhering to set living standards.
Above all, research your area’s benefits. While living standards should be prioritized, they can be balanced against price to find great, affordable living spaces.