Let’s just cut to the chase here. The three most important factors to look out for when buying a home are……ready…. wait for it…. 1) LOCATION! 2)LOCATION!! 3)LOCATION!!!!
This cannot be overemphasized enough. Many times, I hear people making decisions on the home itself and totally paying very little or no attention at all to the LOCATION of the house, and that is a huuuuuuuge blunder.
One may ask. What is it about location that makes it such a big deal? This is why. The condition and price of any home can be changed. As a matter of fact, you can even change the size of a house, but the truth is, the one thing you cannot change in a home is its location. Indeed, a great location can change an entire neighborhood seemingly overnight.
What does location provide? Location creates desirability, and it is this desirability that creates or even spikes demand, and consequently, demand raises the prices of real estate.
When looking to buy a house or merely looking for a place to live, do not just consider whether the property is in a good or bad neighborhood. Rather, consider a location with a good future. Why? This is because neighborhoods change, so do your research while bearing in mind that the best neighborhoods will be a more expensive investment.
There are a number of things to take into consideration when deciding on the location of your next property. You are probably looking to buy or rent a property to raise a family; hence, easy access to schools when considering a location is key. Find out if there’s a school in the neighborhood, and if not, whether there are any plans to develop brand new schools in the neighborhood. Again, easy commutes to work are the icing on the cake for many homebuyers. Whether it’s driving a car, biking, using public transportation, or even walkability, the commute time is a factor when choosing a location. Time is the most valuable asset in the world, and therefore people will always pay to save time. Therefore, areas close to highways, trains, or other means of easy transportation always seem to appreciate faster than areas farther away. Don’t you just love the idea of being able to walk to work or to the grocery store, restaurants, and other local amenities?
Local amenities have a direct impact on real estate prices. Grocery stores, restaurants, and entertainment, to mention but a few, are some of the top amenities people are looking for when buying a home. Buyers usually prefer these amenities within a 10- to 15-minute drive.
To conclude, land is one thing they aren’t making more of, and this is the main reason why the location has such a large effect on home values.