You may have heard it before if you’re in the market to purchase a new home, ‘location, location, location’. In real estate, location is perhaps the number-one factor you should consider when investing in a new home or property. But, why does it matter? Well, for one thing it’s extremely difficult to physically move an entire structure to a new neighborhood. However, when you consider the ‘worst home in the best neighborhood’, we’d say it will usually turn into a great long-term investment.
So, here are some things to consider when it comes to what makes a good neighborhood:
Is the neighborhood safe? Check out the crime rates – there are statistics readily available on this. If people know they can trust their neighbors and crime is not running rampant, they are likely to pay for more this peace of mind. Believe it or not, there are places that still exist where people aren’t forced to lock their doors as soon as they enter the house.
Is the school district rated well? Even if you don’t have school-age children yet, or you’re passed that stage in your life, investing in a home in a good school district is, if nothing else, a smart business decision. Home resale values in districts where the school are well rated are considerably higher than in lower performing districts.
Distance and convenience to restaurants and shopping: If the home you’re looking to purchase is within a short walk to drive to these amenities, you’ll be happy to know this will also drive the value up if you’re ever in the position to sell again. People are willing to pay more for convenience. A 5 minute walk to the supermarket will trump a 20 minute drive, any day!
Access to lakes, rivers, bays, lagoons or oceans: People will pay top-dollar for water front or water access. Views, views, views and recreation opportunities abound.
Easy access to highways or public transportation: Commuting times are increasing by the year, so if someone has a quicker jaunt to the 101 or the bus route to get to their jobs, they will be happier and willing to pay more for a home.
While location is considered paramount in real estate, it should never trump the home that is right for you, right now. Just food for thought.