Quantifying the value of location?

Asked by CubbieFan, Stevensville, MD Tue Apr 28, 2009

Hi, we are trying to decide between a villa in a nice golf community in delmar, de and a single home in harbor pointe, salisbury. Both are in good location, and the price difference about $ 20,000;
More info: Villa; about 2,200 sq ft, 3 bed, 3 full bath, large kitchen, fully upgraded model home with loft and sun room.
Single home: About 2,000 sq feet, 4 bed, 2.5 bath, unfinished basement, large kitchen, some upgrades. Quick deliver.

Given these info, which house would provide more value? We love the golf community and the coziness of the community, but we are balking at the fact that a 3 bed room villa is only $20,000 less than a single house with 4 bedroom! I'm sure the golf course is priced in, but is location really that different?

Our heart is telling us to choose the villa, because that's where we want to live. But, our brain is telling us that we should choose 4 bedroom single house.... Ohh.... I can't decide!!! Someone please help!!!!

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4
Everard Kort…, Agent, Lancaster, PA
Tue Mar 2, 2010
The big difference is the value of the land. The value of land around the golf course might increase more over time due to the limited supply .
Your decision is easy . Compare it with buying a car .Do you want a car to go from A to B or a car that you love to drive. The detached house is a house to live in. The villa is part of a life style in a country club community .
If you can not afford or don't like that life style, forget it and buy a house.
0 votes
Jennifer You…, Agent, Chantilly, VA
Tue Apr 28, 2009
I would suggest you have your buyers agent run some comps for you so you can see what the sale price differences are on both locations. On another note - I see you're from Ashburn, VA...have you listed your home in Ashburn or are you planning to? I can run those comps for you if you aren't already working with a listing agent...visit my website at http://www.jenniferyounghomes.com or email me at jenyoung@kw.com. Good luck on your moving plans Youngster!
0 votes
Bob Sendel, Agent, East Islip, NY
Tue Apr 28, 2009
Since I'm not from your area, my opinion won't be influenced by what I know or don't know about the areas in question. If this is going to be your primary residence, what is your heart telling you? Where do you feel at home at? Those answers should guide you and not necessarily, the dollars & cents of it all.

Good luck!
0 votes
CubbieFan, Both Buyer And Seller, Stevensville, MD
Tue Apr 28, 2009
To clarify our position, we love the villa, but we feel that it is over priced when compared to single home. They are both new construction. The price difference is $ 20,000 when we feel villa should be a lot more cheaper since it is not detached home, and it has one less room. But at the same time, should making sense financially be the only factors to be looked at when choosing a home?
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