When it comes to buying a home, it is often said the three most important factors are location, location, location. Regardless, many times people will make their buying decisions based on the house, rather than the area. But, do you know why location should be the most important consideration? It is because the condition of a house can change, but the location never will.
So Why Is Location Important When Buying A Home
The location of your home determines many things which will affect and influence your home’s value. These include the overall quality of life, nearby schools, public transport, and social amenities. Even if you find your dream home, you should never sacrifice location. It is often better to adjust your price range in order to find a home in a better neighborhood, than to compromise.
You can change your home by adding, updating, and renovating. But you can’t change where it’s located. In addition, the best advice is, buying a home, not only in the best location you can afford, but, if given a choice, buying the worst house in the best neighborhood.
How To Investigate The Neighborhood
- Look at sales data – Beyond the safety issues, you want to know what you’re in for in terms of your investment. Just because a home in a questionable area is priced low doesn’t mean it’s a good value.
- Check crime records – You’ll obviously want to pay attention to murder and violent crime rates before you buy. Also, check the property crimes including break-ins, home robberies, and car thefts.
- Talk to neighbors and area business owners – Sometimes, the people that live and work there can provide the most telling information.
- Consider the type of businesses in the neighborhood. Find out whether popular outlets exist before you buy. Those aren’t around? What’s in their place?
Advice From Real Estate Agents Before You Buy
Advice Real estate agents often give their clients is to purchase the worst house in the best neighborhood. This is because fixing up a home in a great neighborhood will give you the best return on your investment. Meaning, it will be easier to sell later on if you choose to sell. On the other hand, you can buy a beautiful home that doesn’t need any work, but if the block is on the sketchy side you could have a hard time selling the property at a decent price.