When it comes to buying real estate, it is often said the three most important factors are location, location, location. Regardless, many times people will make their buying decisions based on the house, rather than the area. But, do you know why location should be the most important consideration? It is because the condition of a house can change, but the location never will. Does that make sense to you?
The location of your home determines many things which will affect and influence a home’s value. These items include the overall quality of life, school choices, commute times, and social opportunities. Even if you find your dream home, you should never sacrifice location. It is often better to adjust your price range in order to find a home in a better neighbourhood, then to compromise.
Choosing Your Location
One of the most important decisions we will ever make in our lives is where to live. It is the location that will most impact your everyday life and your home’s future value. A great neighbourhood will help sell your home because of increased demand, selling faster and for more money than similar houses in less attractive areas. With all the stress and pressure to find a place, how do you know if a location is truly great? Here are some things to consider that will help you determine if you found a great location.
- Geographical Location – When first looking at a location, consider those things that are most important to you, such as the climate, job opportunities, proximity to family, airport distance and average home values. You are going to live in this area for a long time. So, make your decision wisely.
- Urban vs. Suburb vs. Rural – How urban, suburban, or rural the location is will impact a community’s walk ability, education options, closeness to shopping, entertainment and healthcare and anything else you may need
- Safety Concerns – For many people, safety is their top priority. You will find that houses in high crime areas are much less expensive. That said, is any savings worth potentially becoming a victim of a crime? Moreover, when it is time to sell, you will have a much harder time finding a buyer. However Northern Costa Blanca crime rate is practically non existent.
- The Neighbourhood – Even in a small town, different neighbourhoods can have drastically different characteristics. You want to select an area where you feel comfortable around your neighbours. You will also likely want to live near the places you visit often, like your job or the grocery store.
- School Districts – Even if you don’t have children, the school district is a very important consideration. The quality of a school district can impact future home value. Parents will often pay a premium to live in an area with really good schools. Think long and hard before buying in an area with sub-par public education.
- Employment – A long commute can have a negative impact on your quality of life. Additionally, you have to consider the possibility of a change in employment status. Does the area you are looking at have job opportunities in your area of expertise? Long drive times are not for most people.
- Leisure Activities – What kinds of things do you and other family members like to do? If you like going out to eat, the movies, or even miniature golf, buying a home with few nearby leisure activities may not make a whole lot of sense.
This is just some main reasons why location is important when buying a house. Ultimately, if you buy a beautiful home in a questionable area, you could have a hard time selling the property when the time comes. Often, it is better to fix up a home in a great location. This can give you the best opportunity to receive the greatest return on your investment and make it easier to sell later on.
Whether you’re buying your home with an agent through a traditional listing or purchasing from an agent/auctioneer at a real estate auction; location is always the number one factor in the value of the real estate.
