Why Location Matters
Ask just about any real estate agent to list their most important things in a property, and you’ll likely hear “location, location, location.” But why does location matter so much? In terms of investment properties, the location has the largest effect on home values due to convenience of proximity to things like downtown, nearest airport, shopping and so much more.
For many, finding the right home that checks all your boxes is easier said than done. More often than not, couples make the mistake of choosing their home based on the home itself, instead of the location. Most buyers tend to forget that the ugly duckling of the street can easily be changed through renovations and upgrades over time, but location is permanent. Depending on price range, personal needs and preferences, you may not be able to buy a home based on these factors. And that’s okay! However, next time you find yourself home shopping, keep these locational factors in mind and how they may affect the resale value and overall property value.
1. Crime Rates
Crime and safety should always be a top priority when evaluating a home’s location. Thanks to the internet, it’s fairly easy to find local crime reports and crime rates.
2. School Systems
Have kids or thinking about kids? Choosing a home’s location should also consider the proximity to the overall rating of the school district and whether or not private or public is important to your family.
3. Development
Present amenities matter, but future ones should be on your radar as well. Plans for new schools, hospitals, public transportation can dramatically improve property value.
At the end of the day, a “great” location can signify different things to different people. If you find yourself more inclined to look at a specific city rather than a neighborhood, research is tried and true. Your best bet is to join an online discussion forum for that specific city to learn more about certain neighborhoods (For example – Word of Mouth “insert city” via Facebook) or reach out to your real estate agent for suggestions.
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