“Location, Location, Location” – A well-known mantra in real estate. During a boom in the real estate market, homebuyers will grapple over pretty much any home that is for sale. Although this can be good while it lasts, it will eventually come to a halt, and homes with the most property value will be a homebuyer’s top choice. As a result, the prime difference will be a home’s location.
The Importance of Location
It is common for homebuyers to purchase a home based on the aesthetic appeal and how much they like it, but it is essential to consider that you are also purchasing a plot of land when you buy your home. Homes can be remodeled or renovated, but their location cannot be changed. Location is one of the fundamental driving forces behind a home’s property value. Simply put, it’s a case of supply and demand: The supply of homes in good locations is limited by the number of homes in that location.
What Makes a Location “Good”?
Several factors contribute to making a home’s location “good.” Suburban communities, towns, and cities are constantly changing, and neighborhoods can transition from more to less desirable and vice versa. Good locations can mean different things to different people. Homebuyers will generally consider homes near well-ranked schools, amenities, and communities with high involvement, “good neighborhoods.” However, next time you are going through the process of purchasing a home, consider these key takeaways:
- Neighborhood: Neighborhoods that appeal to homebuyers are typically based on personal choice. However, homes in truly great neighborhoods will contain a few critical factors in common, including:
- Amenities: Grocery stores, restaurants, and shops are all popular amenities that can aid in making a home’s location more valuable to a potential buyer.
- Accessibility: Homes with easy access to public transportation and roads with multiple entry points rather than homes tucked away may be more desirable when a homebuyer is considering purchasing a home.
- Appearance: The physical appearance of the home’s interior and exterior will often be an important factor, including the landscaping. Shady trees, nearby parks, and community areas tend to get more traction.
- Centrality: Where you decide to live will affect how much you pay for your property. Cities with little to no room for development will often have higher-priced homes than cities with growing space. Sprawling cities can cause outlying areas to suffer the consequences of severe property value decline. It is vital to research the area you are considering purchasing a home in to see if there will be any planned developments or construction in the foreseeable future. Doing research can help you plan according to your home-buying process.
- Lot location: Consider where your home is located. If you are interested in purchasing a house on a busy street or by a highway, you may be able to get it for a lower price but consider that it may be challenging to sell in the future. The same concept also holds true for homes that are on streets that experience a high volume of traffic, such as those near community centers and churches. On the contrary, homes with water views or near the ocean will likely retain their value both when you purchase and sell.
At CGI Realty, we are passionate about real estate and are prepared to help individuals conquer their dreams of being homeowners or assisting in getting a property sold. All the key takeaways mentioned in this blog may seem overwhelming, but we can guarantee that we cover all bases when we partner with you. If you are thinking about buying a home, want to see what’s on the market, or are considering putting your home up for sale, contact us today. You can reach us at 561-507-0107 OR visit our website now.