Does Location Matter When Buying a House?
“Location, Location, Location”
That phrase has been in use at least since 1926, according to The New York Times, and is just as relevant now as it was then.
Why does location matter when buying a home?
home, adding, updating, and renovating down to the last square foot. What you can’t change is where it’s located. “A home is an investment – and the best investments have the most room for improvement,” said Realtor.com. When you buy a home in a good location, it’s usually a solid long-term investment.
Advice Real estate agents often give their clients is to purchase the worst house in the best neighborhood. Why would I do that? Well, because fixing up a home in a great neighborhood will give you the best return on your investment. Meaning, it will be easier to sell later on if you choose to sell. On the other hand, you can buy a beautiful home that doesn’t need any work, but if the block is on the sketchy side you could have a hard time selling the property at a decent price.
So if “location, location, location” is so important, what makes a location good? Here are five characteristics to look for when buying a home. If you can get all five, chances are the home’s a great investment.
-
A safe neighborhood
It may be a good idea to do a little research in the potential neighborhoods where you’re looking to buy. Ways you can investigate a community include talking to area neighbors and businesses owners and check crime records. Most people want to live where there’s little to no crime and will pay extra to feel safe in their homes.
-
Excellent Schools
Being in a great school district is important, even if you don’t have school-age kids. Young families always will do their home search based on location in general and good school districts in particular. The better the school district, the higher the values of the surrounding homes can be.
-
Water access and views
No matter which town or city, someone will always pay for a great view or to be on or near the water. Put a home right on a waterway or on a hill with panoramic views and you’ve got a great location. You can’t put a price on beautiful scenery.
-
Convenient access to popular places, shops and restaurants
Who doesn’t want to be near the best commercial districts. The closer to the excitement of a particular town or the best parts of a city, the better the location — and the more someone is willing to pay for a home.
-
Access to public transit and/or freeways
In major cities, the farther you live from the bus or other types of mass transit, the less valuable the home. A good location means being very close, and having easy access, to public transportation. In some towns, where a commute by car is inevitable, easy access to the freeway makes for a good location.
Depending on the community, the “good” and “bad” qualities will vary. When looking into buying a home, do a little research so that you know which parts of town are less or more desirable.
All these things matter when you’re considering the location of a home for sale. But never lose sight of what matters most to you about the location.