Home Buying Tips: Importance of Location When Buying A House
Why is Location Important When Buying a House
The condition and price of any house can be changed. You can also change the size of the house. One thing you cannot change is the location of the house. A great location can change an entire neighborhood overnight. The location creates desirability, desirability creates demand, and demand raises real estate prices. When you buy your property in a good location, you may pay a little more, but buying in a good location means you have many more profitable options down the road.
Whether you are buying or building a home, location is a crucial thing to consider. Think about what is the most important factor for you when you want to buy a home. Of course, the price is good, but the location is always better. If the property is located in a good area, your property will be more in demand and may seek a higher selling price. The same property located in the undeveloped area will not have nearly the same appeal and will not generate nearly as much demand.
The location of your home determines many things: quality of life, school choices, commute time, and social interaction. Even if you find your dream home, never sacrifice on the spot. If you cannot find the right home in the right location, then you may need to adjust your price range or wish list as a compromise to stay in your neighborhood.
If you are thinking of buying a home, consider these few location factors:
The proximity of Important Services
If you have children, this likely tops your consideration list. Make sure that you thoroughly search for schools that serve the neighborhood you expect to get the exact quality of education you want for your children. The proximity of hospitals, shopping centers, schools, colleges, and of course recreation centers from home sites is an important factor.
Neighborhood
A lot of real estate agents/brokers will tell you to buy in a safe neighborhood and, understandably, it is missing the core principles of real estate investing. Just because the neighborhood is safe now, does not mean it will be safe in 5-years.
Alternatively, just because the neighborhood is not safe right now, does not mean it will not be safe in 5-years. A safe neighborhood is good, and even more important, although it is important to ask the question ‘where will this neighborhood be in 5-years?’
Commute Times
Choose your neighborhood wisely so that you do not spend more time in traffic than actually enjoying your new home. When you begin your home search, pay attention to how far your intended neighborhoods are from public transit (buses, commuter rail, subway, etc.), as well as major highways. Decide how much traffic you are willing to deal with every day going to and from work and whether the business of living in the neighborhood of your dreams is worth the extra traffic time.
Lifestyle
Do you want to live in a historic urban neighborhood or are looking for a quiet, family-friendly suburb? The quality of life you desire is dependent on your lifestyle needs, and you want to live in a place that will keep you and your family happy. Drive through the places you are interested in, walk around, and visit small businesses to get a better understanding of the people living in those places.
Availability of civic amenities
Do you want to live near amenities such as restaurants, shopping, and family attractions? Or are you trying to escape the hustle? Keep these things in mind as you are engaged in your home search.
Resale Value in Future
When you are thinking about buying a house, it seems strange to think of selling off the street, but property value is an important factor for buyers who probably want to move again in 5 or 10 years.
Quality of Infrastructure
In many parts of India, the poor status of roadways gives dreams. The pits become deadly for travelers. Waterlogging is a constant problem in many areas during the monsoon season. The property you are going to buy has a good road and has highway connectivity.
Nearby Means of Transportation
Please enquire if metro train services, private car and bus services, auto-rickshaw service, etc. are available in a locality.
Future Development
It is not only the present facilities that matter, but also the future. Plans for schools, hospitals, public transport, and other public infrastructure can dramatically improve property values in the area. Professional development can also improve property values.
Safety
Every person needs a roof over their head to protect them from all possible dangers. Thus, homes that do not meet security requirements in any form are of little value to humans. Unfortunately, sometimes, we are forced to ignore security issues, to be able to afford the property in the first place. However, it should be noted that a property that is lying down to criminal activities in an area can rarely achieve the same value as a property located in a safe neighborhood. The safety of the location defines the market value of any property.
The Bottom Line
Location is not entirely subjective – in fact, it is based on a fairly stable set of criteria. When you leave to shop for a new home, make sure the neighborhood is not desirable to you, but it has objective properties such as attractive amenities, safe roads, and good schools, which will help ensure appreciation of your investment over time.
