Three Most Important Factors in Buying a Home

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Three Most Important Factors in Buying a Home

If you are in the market for buying or selling a property, chances are you have heard someone say ”location, location, location” at least once. It is also known that the three most important factors in buying a home is location, location, location. This is an age old mantra used by real estate agents around the world to stress the importance of how important a location is while buying or selling a property. It is considered to be the number one rule in real estate but still not one that many people value. The phrase repeats the word location three times in order to remind anyone who is prone to overlook the importance of it.

You can buy the best, most spacious home, at a great price but if the location of it is not desirable, you are most probably worse off compared to a smaller house in a better location. You can invest and remodel your home all you want, but you cannot relocate it.

WHAT TO LOOK FOR IN LOCATION OF HOME

The best locations for buying property and why location matters in real estate can be described below.

CLOSE TO TOP RATED SCHOOL

If you have children, their good education is probably the main concern for you and buying a house in a location that is close to good schools will be your preference even if the price is higher.

Close to Nature – With the fast pace of life and the ever increasing noise of the current age, it is great to have your home in a place that is close to nature which provides a calming effect once you are back home after a hard day’s work. Due to this, homes near parks, rivers and oceans are priced higher and are usually the prime locations in any city. More often than not a buyer will gladly pay a higher price for such a property.

HOMES WITH A GREAT VIEW

A property that provides a panoramic view of the city skyline or one that provides an ocean view will sell for top dollar. Homes with mountain views and greenbelts are also desirable and thus priced higher.

Close to Public Transportation and Downtown – The daily commute to and from work can be daunting and many people prefer to be located in areas with good transportation facilities so that they can reduce their daily travel time and cost. Homes near airports are always preferred by frequent flyers.

Close to Downtown – If you are an avid shopper or a foodie, you would most likely prefer to live close to the city’s shopping and food areas. Homes near walking distance of downtown and city centers are your best bet in such a situation.

LOCATIONS TO AVOID WHEN BUYING PROPERTY

Just like properties in a desirable area will be valued for more, so will properties in a less-desirable area be valued for less. The following areas can devalue a property:

Close to Commercial or Industrial Areas – The noise factor and the potential of increased loiterig bring the value down of properties in such locations.

Close to Freeways, Flight Paths and Railway Tracks – The significantly greater number of decibels in these areas is not worth the investment.

Areas with Bad Economy – Locations with bad economy will probably have a high crime rate and, therefore, a greater chance of decreased value for money over time.

For more information on how to get the most for your dollar in regards to purchasing a home, contact an experienced real estate agent that can show you the different neighborhoods and a location that best suits your needs.

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