Why Is Location Important When Buying a House?
What are the three main things to consider when buying a house? The answer: Location, location, location! People still tend to choose their house based mainly on what it looks like, rather than the area. So, what is the main reason behind the importance of location? This is mainly because while you can change what your house looks like on the outside and the inside, you can’t really make much of a change to the location your home is in.
Where your home is located will determine several things that will influence your home’s value. These include your overall standard of life, choices of school, time you take to commute, and opportunities for socializing. Location is so important that even if you happen to find your dream home, you should still never compromise on location. It is a lot smarter to adjust your price range in order to find the right home in the right neighborhood than to compromise.
Picking the right Location
Finding the right location to live will be one of the most important decisions of your lives. The location of your home will impact your everyday life and your home’s future value. If your home is in a good neighborhood your home will sell for a much higher value than a comparable house in a less attractive neighborhood. With all the decisions that go into finding your forever home, how do you decide if the neighborhood id also great? We’ve prepared a list to help you with just that:
- Geography – As the first step, make a list of the things that are the most important to you, for example the climate, where you’ll work, how close your family is and home prices. This list is essential because you might live in the area for a long time. So, make your decision wisely.
- Urban vs. Suburb vs. Rural – How urban, suburban, or rural the location is will impact a community’s walk-ability, education options, shopping arenas, entertainment and medical facilities and anything else you may need. It can also impact your lot size and a neighborhood’s level of peace and quiet.
- Safety Concerns – For many people, safety is their prime concern. Houses in high crime neighborhoods will be much less expensive. But is the benefit of a little saving worth you potentially becoming a victim of a crime? Moreover, when it is time to sell, you will have a much harder time finding a buyer.
- Who are your neighbors? – Even in small areas, different neighborhoods will feel different. Pick an area where you might like your neighbors. You will also likely want to live near the places you visit often, like your job or the grocery store.
- School Districts – Schools in your neighborhood matter even if you don’t have children, because it will impact future home values. Parents will pay top dollar to live in an area with good schools. Think twice before buying a house in an area with sub-par educational institutions.
- Employment – Think about the frustration you feel every time you were stuck in traffic on the way to and from work. A long commute can have a negative impact on your quality of life and increase your stress levels. Besides, what if you want to find a new job. Check if the area you want to live in has job opportunities in your area of expertise.
- Fun Activities – Think about what you like to do for leisure. Do you like fancy dinners? Going to the theater? Shopping? Check if your neighborhood provides you with these opportunities to blow off steam.
At the end of the day, if you buy a great looking home in a dubious area, you might have a difficult time selling your house when you decide to do it. A better investment for your money would be to buy a fixer-upper in a great neighborhood and get a much better return on your investment when you decide to sell later.
Irrespective of how you decide to buy your home, whether through a traditional listing or purchasing from an agent/auctioneer at a real estate auction; location is always most important factor in the value of the real estate.
For help finding an investment property, acreage or home for your family in Dubai please contact us. Ask us about traditional listings and real estate auctions.