Why “Location, Location, Location” Actually Matters
This week, we are reviving one of our most popular columns.
Though the saying’s origin is unknown, everyone is familiar with the phrase that three most important factors when searching for a new home are “location location location.” However, location goes beyond a great school system and grocery store convenience. A great location is also determined by commuting capabilities, a city’s economy and future resale value.
It doesn’t take a real estate expert to know that a safe neighborhood and a good school system are on the top of most every house hunter’s list. In major cities, public transportation is also vitally important to many residents. Being near a train or bus station will lure commuting workers.
In areas where many residents rely heavily on driving to work, such as Atlanta, being close to a freeway or highway exit adds value, but not so close where you hear the constant flow of traffic. Whether it is a home near a park, a house beside a subway station, or a great school system nearby, prioritize what is imperative in your home’s location. By determining which factors are the most important to you, you will greatly improve your quality of life in your new home.
Cities’ Economies Matter
If economics is fueling your home search (compared to a specific location-based search such as a job relocation or school system) then you’ll want to take into account a location’s housing market and economy as some cities are making quicker progress toward recovery than others.
In this case, it boils down to what you are looking for in a city’s real estate market. Would you rather live in a struggling area with high foreclosure rates meaning less expensive homes? Or would you prefer an area that is further on its way to recovery with more expensive homes on the market?
Fox Business warns, “When you buy a home, you should always think like a future seller.” Even if a good school system, close proximity to public transportation or a financially stable area is unimportant to you, be conscious of the future resale value. Don’t give up the idea of your dream home, but be wary that you may have to add some value to the home later if it doesn’t appeal to many people.
“When it comes to buying any home, the location is key; where you choose to purchase affects everything from the properties you have to choose from to your potential to obtain a good return on your investment,” according to Business Insider.
While looking for a property, keep in mind that future resale value, transportation proximity and a city’s economics goes a long way in picking the best location (location, location).