Read to find out why they say ‘location, location, location’ when asked about the top thing to look for in a real estate property! And learn why location matters so much when buying a home.
“You can upgrade your house, but you can’t upgrade your location.” It’s true, right?
As you’re on the hunt for your dream house, almost every real estate agent will tell you that location is THE most important consideration.
They will go to the point of saying that even a beat-up house in need of repairs will work but not a poor location.
Because you can throw in some bucks to improve your house, but the location stays the same.
Or you can also move your home elsewhere (a mobile home, for example), but the location for a land property is static!
So, do you wonder what essentially makes location such a crucial thing in real estate (apart from the fact that it’s not portable or upgradable)?
Read below to find out, and see how to make use of your AQRE mortgage to get the best property possible…
5 Factors that Give Location Its Importance
Ready to take a look at five factors that make the location a feature in real estate with the highest value?
Alright, let’s dive in!
1) Schools Around a Property
Schools play a VERY important role in appreciating the value of homes that lie in their vicinity.
If a house is situated close to a school, it will automatically be valued higher than other similar houses away from the school.
Because there will be more demand for it among homebuyers with school-going children.
And, consequently, the better the school’s ranking, the more valuable the properties will be.
You may ask, should one still consider nearby schools if one has got no children?
Yes, even then, a buyer should consider the school district for the property they’re interested in because it will help you resell the property at a much better price.
So, the presence of schools complements the value of the location they are in!
2) Proximity to Transportation
Transportation is a necessity for most people, whatever social stratum they come from – working-class, middle-class, upper-class, or elites.
They need it for their regular commute.
Since not everyone owns a car or knows how to drive, public transportation has a very high demand.
Sometimes, even people who own their own vehicle prefer to take local buses or metros in order to save money or avoid traffic jams.
And, if not adults, underage teens without a license commute by public transit (unless they’re super-elites with a personal driver, anyway).
All in all, easy availability of transportation is a genuine necessity for most people.
And, therefore, houses that sit close to commute stations and bus stops have a premium value given the desirability of their location.
That’s why transport is a huge part of why location matters so much when buying a home.
3) Crime Rate and Security
Nobody wants to live in a neighborhood where there is rampant crime…
You would definitely want to steer clear of any location that is known for gang wars, robberies, mugging incidents, or worse, sexual violence.
Particularly, if you’ve got a family. Isn’t it?
So, since homebuyers avoid locations with criminal activities like the plague their home values stick to the lowest numbers as a consequence.
On the other hand, properties that rest in peaceful and secure areas will automatically sell for top dollar.
Simply because there’s a strong demand for them and everyone wants to move there…
4) Local Area and Amenities
Most people want to have their home in a location where they can easily access basic amenities like food, groceries, and even entertainment.
Places far away from the central town, somewhere on the outskirts of the city usually have low house prices.
That’s because they offer nothing to the potential homeowner except for the house itself.
You’ll have to travel long miles to get food, clothing, medical assistance, etc. And so, the rates will be low.
On the contrary, a real estate location with everything within a 10-15 minute drive or walking distance will go for a fairly good price.
Again because the location has high buyer desirability – and everyone wants to live there (apart from the countryfolk!)
5) Future Appreciation Potential
Finally, the performance of the housing sector largely depends on government policies and future development programs by private firms.
And, the success of those projects will mean the success of the area’s real estate!
So, if there are lots of projects in the pipeline for an area (like new parks, community centers, or transport lines) chances are the home prices in that market will flourish.
Because people will want a piece in the value of that location after it elevates in the future.
So, seeing the future potential the present buyer will be willing to pay more and the prices will rise.
And, there goes the fifth factor why location matters a great deal in real estate!
The Final Word
So, what do you take away from our article?
Hopefully, it’s that location is the ONE factor you should be watching for when searching for a house…
Whether it’s for an investment or a personal residence.
All the other factors come into consideration later… like the bedrooms, bathrooms, the kitchen, and everything else.
Once you are able to secure a house in a perfect location (considering the above points) you can always give it the look you want it to have!
So start your home search the right way: by choosing the right location!
And to help you, AQRE Home has sprawling filters and a detailed ranking of schools, transport lines, and other location-based info for all our properties!
Get started on narrowing down your options, view our locations and properties at https://www.aqrehome.com/property/.
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– the importance of location when buying a home
– how important is location when buying a home