REAL ESTATE ADVICE

How Proximity Affects Home Value in Nigeria

Will you be willing to buy a house close to a waste dump? I don’t know about you but I won’t and a lot of people won’t be willing to purchase a property close to a refuse dump. When it comes to real estate, it is all about the location and yes the location. The above question shows how important the area is and that is why it is no that what affects home value more than anything else is your proximity to certain places (or people). Some might even say that Iwhere you live and what’s next door, is what truly affects your home value.  

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Why does location matter so much? For starters, you can’t move a home so when you buy a home in a good location, it’s usually a solid long-term investment. Some realtors even advise their clients to buy the worst house — a property that could use some renovations — in the best neighbourhoods. Why? Because fixing up a home in a great neighbourhood will give you the best return on your investment. Quite simply, it will be easier to sell later on.

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Proximity to certain places can have a positive or negative effect on the value of your home. For example, if your property is in close proximity to a major road like an expressway, this can have a positive effect on your home and make it a highly desired property. If your property is within an easy walking distance of your local railway station, it could be worth more than similar homes that are further away. If your home is within a quarter of a mile of a major hangout spot, recreational centre, a mall or even the airport, will make it more valuable.

There are also certain things that can decrease the value of your property in Nigeria, for example, if you live near any repossessed houses, noisy neighbours or recycling centres, near power plants.

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Whether you’re planning to buy or sell a home in Nigeria,  it is important to consider these factors so that you know how it may affect your property’s value.Location, location, location really does matter, a lot. But as always, the most important thing is to buy the right home for you, at the right time and in the right place.

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Jemimah Abimbola

A creative bibliophile, a lover of words, a tennis guru and a foodie.

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