What Makes a Great Location Great?
Ask just about any real estate agent to list the three most important things a property should have, and you’ll likely hear: “location, location, location.” When you buy a home in a good location, it’s usually a solid long-term investment.
The concept of a good location differs among homebuyers.
Here are some location factors that contribute to the value of homes in a particular area:
1. A good “walk score” – This means a location that is within walking distance of shops, recreational venues, cafe and restaurants. People are choosy about what they want to walk to, however. Many buyers identify a nearby Starbucks (by name) as one reason to purchase a home in a particular neighborhood and are willing to pay more for them. The other top pick: parks.
2. Close to transit and highways – Many homebuyers don’t want to spend hours commuting to work and back. Gen X and Gen Y buyers, in particular, will often forgo a 3500-square-foot home in the suburbs for an 1800-square-foot property located downtown. These groups place their priorities in the ability to live closer to work, and social and cultural attractions.
3. Schools – Homebuyers with school age children will always prefer a location close to schools, preferably in a reputable school district. On the other hand, some home’s values may decline if they are located too close to a school.
4. Public image – Properties located in popular, prestigious, or historic locales are often valued highly because of their perceived status or reputation.
5. Safe neighborhood – People want to live where there’s little or no crime. Naturally, they want to feel safe in their homes and will pay extra for it. A safe neighborhood means people will feel free to walk around, be outdoors and interact with their neighbors. Communities still exist today where people don’t lock their doors, and they know their neighbors are there for them in a heartbeat.
All these things matter when you’re considering the location of a home for sale. But never lose sight of what matters most to you about the location.
Also, when you buy a home, you should always think like a future seller.
We have successfully sold over a billion dollars worth of real estate. It is our strongest desire to make your real estate experience with us positive and ultimately, successful. Contact us if you have any questions.