We have all heard the term, “Location, Location, Location.” Having a certain location with a home can greatly affect your home’s value. It is one of the five factors that goes into estimating a home value. Location, however, can be worth more depending on what certain buyers are looking for.
Have you heard the term walkability? This term only adds to the value of a home’s location. A walkability score of a home is dependent upon how close a home is to certain amenities, work opportunities and transportation.
According to a recent study, one walkabilty point can equal up to $700-3,000 dollars increase in a home’s value.
California’s Most Top 3 Most Walkable Cities:
- San Francisco
- West Hollywood
Since I am and work in Southern California, I can completely agree with this. The Hollywood area in general offers a lot and is great if you work in the area. Public transportation offers a lot of options in this city compared to many cities East of Los Angeles. However, the cost of living in West Hollywood is much higher. With any real estate decision, there will be give an take, but with this location you have a lot to gain!
Three Advantages To Having Walkability:
- Lose weight!
- Since you are close to different places of business, you will find your self walking more. This means you will become more active!
- Save Money
- Transportation is the #2 most expensive living expense. On top of not needing your car, you may not need that gym membership either!
- Being out in public will also get you with people. This gives you a great opportunity to network and connect with people in your community.
Having a house located in a populated city may not be for everyone. It does, however, have some pretty interesting benefits! Do the benefits of having a home with high walkability out weigh not having the walkability?