Monday, January 4, 2016 / by Kimo Quance
“Location, Location, Location.”
Home buyers will be familiar with this mantra, as it's 'chanted' by realtors across the globe. It's the number one rule in real estate that describes the most important thing that a property should have.
Have you ever viewed a home that almost seems totally perfect, except for its location? You soon find that even identical homes can increase or decrease in value, based solely on their location. While remodeling can help fix up the interior of a home, evaluating a property should also include an inspection of the neighborhood. Some of the most common things to look out for include:
- The surrounding streets may look serene now, but is it like this all day? A walk through the neighborhood at different times of the day and week is one way to determine what a neighborhood is really like.
- Are there any undeveloped lots really close by? When they're being developed, will the noise of construction be bearable? Speaking of noise, are there any airports close by?
- What's the quality of the local public schools? Even if you don't have kids, school quality can have an impact on house values and taxes. The better the school district, the higher the values of the surrounding homes.
- What's your projected commute? Homes close to major business hubs will often command a higher value than homes farther away.
- Keep an eye out for criss-crossing power lines, gas lines, and any other right-of-way areas.
It may seem odd including power lines on the list of things to look for, but many believe that proximity to high-voltage power lines lowers property values. In a report by the Journal of Real Estate Literature, this drop in value can be up to 20%.
Some homeowners look past the presence of power lines; waving it off as “just two strands in the sky.” But a large number of potential buyers have reservations about overhead utility lines; they worry about everything from safety concerns to whether it will interfere with their TV signal. Whether these concerns are real or imagined, many buyers opt out of the purchase based solely on opinion.
When the Prospect Avenue Corridor Enhancement Project was kicked off in 2014, residents of Santee heaved a collective sigh of relief. The development plan involved running overhead utility wires underground and removing utility poles. Other improvements included the addition of sidewalks, curbs and gutters.
With the installation of new street lighting, upgrading of storm drains and addition of on-street parking, the property values are expected to rise. By mid October 2015, SDG&E, AT&T and Cox Cable had removed the overhead power lines near Magnolia Avenue. The city's residents have experienced months of road closures on Woodglen Vista Drive, Princess Joann Road, Alphonse Street; but the project is slowly nearing completion.
The year-long Prospect Avenue Corridor Enhancement Project means a lot for home owners in Santee. Apart from the improved aesthetics, moving overhead lines underground can add thousands in resale value to your property.
We've enjoyed keeping you up-to-date on how things are going in our corner of sunny San Diego. As the year ends, we hope to see you around in 2016.
Santee Homes For Sale
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