People love convenience in every aspect of their busy lives. Living close to where you work helps to save a lot of time over the course of your life. If you spend 45 minutes every day driving to and from work, that adds up to a lot of hours over the course of a few years. That is time that you could have used more productively working on a project, or just spending time with your family and friends.
This concept of convenience also applies to being close to amenities such as grocery stores, shopping malls, restaurants, medical facilities and bus stations. There is nothing better than being able to walk to your favorite neighborhood pub for drinks with a friend and not having to worry about driving home. That sort of thing is valuable to most people.
But how valuable is it when we look at the price of real estate? Well that can be different for everyone, but in general it can add thousands of dollars in value to a property that is in the right location. In some cases a person might be willing to pay more than anyone else for a home that is right next to a bus stop that they can take to work every morning. Others may find it nice be be near a medical facility if they have a recurring condition that requires attention on a regular basis.
Overall, most people want to be near all the things they use regularly but not too close. You don’t want to be right beside the grocery store or mall since you will have to put up with extra traffic and noise in the area. So, for the most part properties that are deemed to be near everything, yet still on a quiet street are usually worth the most since people will pay more for that.
Generally, when you hear of some type of new development in your neighborhood, it is a positive thing for your property values since it will add more of what people want near you. The exception to this would be a large freeway or interchange going in next to your community.
In this video Tamara Williams talks about the positive effects of a new YMCA opening in Bozeman. She mentions specific communities such as West Lake Park and Baxter Meadows.
Tamara is with RE/MAX Realty Group and can be reached at 406-223-6823