The Truth About Real Estate Phrase Location Location Location
You’ve probably heard real estate agents throw around the common phrase, “location, location, location.” From television shows to real-life agents, realtors stress the importance of location so much that buyers have fed into the importance of location.
While some people think it’s just realtor talk and nonsense, the truth is that the location of your home, business or property is extremely important, for a variety of reasons. A property’s location is often the determining factor in property value and school districts and can place you closer or further from the things you like to do in your life.
Despite its huge role in many of these aspects, and how much realtors stress its importance, location is often overlooked when prospective buyers search for their home. If you’re still not convinced of the location’s importance, read on to find out the true importance of buying the right property in the right location
The Perks of the Right House in the Right Location
It’s not a myth—you can absolutely fall into the trap of buying the right home in the wrong location. And, it’s also true that the right location comes a bit of a higher cost. It’s unfortunate, but it’s a hard fact. Prized locations typically carry a higher price tag, but bring perks like higher property values, better school districts, and scenic view, just to name a few.
Just because a neighborhood or city is cheaper doesn’t mean that it won’t have great homes, but it does mean that you might miss out on the perks you’d otherwise enjoy in a better location. These perks can include, but aren’t limited to, the following:
• Access to top school districts: Living in an area that filters into top-rated public school districts is a huge selling point for finding a home in a top location. In the vast majority of instances, paying more for a home that filters into one of these desirable districts is more practical than paying for top private school education. For parents, school district benefits hold a high value when it comes to home location.
• Jaw-dropping views: Think about the homes of celebrities and millionaires. What’s one thing they all have in common? They all have amazing views. From oceanic views to panoramic views of a stunning cityscape, a home in the right location can provide you with views that you can’t put a price tag on. Homes with views like this often sell fast and for top-dollar, so it’s important to decide if this is something you want so you’re your realtor can help find homes in the right location for you.
• Close proximity to nature: Homes that are near oceans, parks, forests or trails are often higher priced because of the value that’s associated with being near these features. If you’re someone who loves to enjoy the great outdoors, you’re probably going to be more likely to spend more money on a home that’s close to these things. Additionally, being close to these features typically also provides scenic views, which is also a plus.
• Close proximity to city luxuries: While some prefer to live in the quiet suburbs, others prefer a home in a location that’s close to city luxuries like shopping centers, restaurants, and entertainment. Being able to walk to these fun activities or take a short taxi ride to enjoy these activities is often preferred over driving. As such, homes that are close to these amenities tend to carry a higher price tag because of the perks of the location. In the case of large cities, this is especially true.
• Close proximity to work: Let’s face it—commuting isn’t always fun, even for people who don’t mind driving. For that reason, the right location of a home may mean that’s it’s close to work. For areas with major conveniences and businesses, the price tag of homes may escalate because many people are looking to purchase a home that’s close to their work.
• Subdivision comfort: Living in a neighborhood that’s family-friendly and amicable is a big component of a good location for a home. Subdivisions typically reflect these values and subsequently, this type of location is generally pricier for its comforting and familiar features.
• Position on the block: While every buyer is different, homes in the center of a street or on a cul de sac typically are highly valued locations. For families, this is especially true as homes in the middle of a street or in a court are typically safer for children. When it comes to security, location can mean everything.
• Safety: As briefly mentioned above, location may dictate how safe your home is. In areas that are prime locations, crime is typically low and neighbors look out for one another. In less desirable locations, crime may be high, so even if your house has security features, it may be stressful or dangerous to live in a specific area.
The perks outlined above are just a few perks that come with finding the right house in the right location for you or your family.
The Downsides to Buying the Right House in the Wrong Location
Sometimes, the right house for you pops up on the market. However, as we mentioned before, it’s possible to buy the right house in the wrong location. Despite a home’s potential and character, or how much you love it, buying a home in the wrong location can create headaches and disaster for you down the road. Here are some things to keep in mind when evaluating whether a location might not be the best:
• Presence of commercial or industrial buildings: In the vast majority of areas, living near a commercial or industrial building can harm the overall value of your property. Additionally, you may have to deal with loud noises or idling engines late at night or early in the morning. While it may not seem like a big deal when you visit an open house, you need to think about how this may affect you later on.
• High-traffic areas: Homes that are near traffic areas like railroad tracks, freeways or airports are subject to excessive noise, sometimes 24-hours a day. Additionally, if you live in one of these homes, you may be impacted more severely by accidents or incidents. In many cases, those who purchase homes in these areas end up selling their home quickly.
• High-crime areas: You should feel safe in your own home. If you live in a high-crime area, it may be tough to feel safe when you hear about neighbors’ homes or cars regularly getting broken into. And, when you decide that enough is enough and go to sell your home, you may experience difficulty selling your home as other buyers may be wary of the crime.
• Presence of hazards: Homes that are near potential hazards like electricity plants or swamplands are in potentially dangerous locations. If a transformer goes down, a plant has an accident or swamplands flood, your home may be in danger. As such, homes in locations near potential hazards may not be the best choice.
• Rundown areas of town: While you might be able to get a good deal in a neighborhood that’s seen better days, these types of locations aren’t necessarily where you want to live. Neighborhoods that are rundown always have the chance of becoming rehabilitated, but nothing is every guaranteed, so it might be best to keep on looking, no matter how good the deal may be.
Finding the perfect home isn’t always easy. However, when your realtor starts talking about the importance of location, you need to listen closely. Hopefully, this article has convinced you that location is everything and that location can make or break your experience in your home. Through careful research and some patience, you’ll find the perfect home in the right location. Best of luck!