Effect of Housing Location on Property Price

Property price is an important criterion for both buyers and sellers. One of the important factors in determining the price is the location of the residence. Sellers want to maximize the property price, and buyers want to minimize it. However, a house in a good location will price itself and make it easier for the buyer and seller to meet at a common point. The seller should be able to analyze and present the advantages of the location of his house, and the buyer should be able to evaluate these factors according to the life he wants to live.

Therefore, although there are many factors affecting real estate prices, the most prominent and bringing many features is the location factor. Housing location can also be evaluated under different headings in itself.

District

First of all, the area and neighborhood where the residence is located gives an idea about the house. Because the price of a house is similar to the prices of other houses in the neighborhood. Therefore, a pricing independent of the environment cannot be considered.

Each person will see different neighborhoods close to him according to the conditions he wants to live in. We have tried to list the affinities sought that affect these conditions below.

Schools and Educational Institutions

When it comes to places where being close to the house is an advantage, schools come to mind first. For families with children, the proximity of the school is a great advantage. Especially working parents prefer to enroll their young children in courses or kindergartens. For this reason, real estate prices around schools and similar educational institutions are also high. If the success of the mentioned educational institutions is high, this rate will increase even more.

Health Organizations

Access to health services has become very easy nowadays. Still, people find it safe to live close to health facilities. For buyers over a certain age, this may be the first priority. Demand increases based on location are reflected in real estate prices as well. The increase in health investments will also increase this situation.

Business centers

Especially in places like Istanbul, where transportation is seen as a problem by people, proximity to business centers is attractive for buyers. “Close to work and school.” It is possible to hear the phrase from most people. Since shopping malls are generally located near business centers, both the organized activities and the opportunity to get work done are an advantage. The price of a property close to business centers will also be higher.

Social Facilities

After obligatory needs, all people want to have green space around their homes. For example, a family with children may prefer to live in the complex. Or they prefer to live in a house close to a park where their children can play safely. In addition, especially if the whole city is reinforced concrete, being close to nature in the area where they live will give the homeowners peace of mind.

In addition, cafes, entertainment centers or cinemas located near the house increase the rate of preference of the house and have a positive effect on its price. A house located in places that provide the opportunity to live within the scope of compulsory and social needs will value itself.

Disaster Risks

The risks posed by natural disasters are especially important for countries located on the earthquake belt such as Turkey. For this reason, buyers pay great attention to this situation when choosing a location.

It is also important to be prepared for natural disasters such as floods and erosion, which are more effective in some parts of our country. The fact that the house is not located in a location such as a creek bed or sloping lands will have a positive effect on the price.

The expected big Istanbul earthquake and the related news made natural disaster risks more considerable for buyers. Therefore, the prices of real estates that are resistant to natural disasters and away from risks are also higher.

You can find all kinds of content about buying and renting a house, from the effect of the location of the house on the real estate price to the house taxes, on the EMR Real Estate Blog.

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