Finding the right location applies to many situations, and that includes real estate. And yes, location absolutely matters when purchasing real estate.
How does location come into play in relation to other must-haves? When it comes to real estate, location can mean many things to many different people.
Here are a few:
HOME LOCATION IN RELATIONSHIP TO YOUR JOB
The location of your home in relation to your job is one of the most important factors to consider when buying a home.
This decision on where to live usually a big one. How far do you want to commute to work each day? Do you need easy highway-access, or are municipal roads sufficient enough?
Property-location is one of those factors that can either make or break whether a property is a serious contender for a good sale.
I know for my husband and I, location is definitely an important consideration when choosing a home. My husband’s job is a constant. His practice will likely never move. He needs to be able to get to work in a reasonable amount of time.
For me, highway access is important as I travel quite often. So for my family, location in relationship to our job is very important.
If you’re serious about buying a property, and the location might be an issue – and if time is on your side – consider doing a few dry-runs to the location during different times of the day to see if traffic is going to hinder your commute.
Note: depending on the state of the real estate market, a couple days of dry test-runs may interfere with your chances of being the first to place an offer, especially if the house shows well. It’s OK to do dry-runs to the neighbourhood, but don’t miss out on the deal.
Think long and hard – that property might be so beautiful, and so perfect, but if it’s far away from work – it makes for a very long work day.
HOME LOCATION IN RELATIONSHIP TO YOUR CHILD’S SCHOOL
Perhaps you’re moving in the middle of a school year. How important it is for your children to continue going to the same school? For some parents, persistence attendance to the same school is highly important.
Speaking from personal experience, my family moved often, and so did my friends. It was hard during those school-age years moving around and having to start over.
Parents should seriously consider the location of the home if moving within the same city.
On the other hand, you could always go to your children’s new school and bribe the kids with candy – they might become the most popular kid in town if this tactic is used properly (just kidding).
HOME LOCATION IN RELATIONSHIP TO A PARTICULAR NEIGHBOURHOOD
Is there a certain neighbourhood or part of a city that particularly interests you?
Perhaps you want to be close to the water, shopping centres or other amenities. Perhaps you prefer “one side of the tracks” over the other side. The location of a neighbourhood can also affect the price of the house. Perhaps the neighbourhood you want comes with a premium.
On the flip-side that neighbourhood will continue to hold its value if you were ever to sell again.
Insider’s tip: always remember that it’s better to live in a smaller home in a sea of big homes, rather than a big home in an area of smaller homes – this factor will ultimately effect the value of the home.
LOCATION – A QUICK RANT OF WORDS TO CONSIDER
Here’s a list of key factors to consider when finding the right location for buying a home:
DON’T GET STUCK REGRETTING WHERE YOU LIVE
Considering all of the above, I must stress the importance of choosing the right location to buy a home because there’s nothing more depressing that living in a neighbourhood you absolutely abhor.
Get out there, do your research, and talk to a real estate agent that’s very familiar with the town or area you are considering. It can really make the difference between living miserably or living happily ever after.