Location Location - 6 Reasons
Your Property's Neighborhood Matters
A Real Estate Agent Tip
So, you have finally picked out the house you want to buy.
That's great. But, unfortunately, when it comes to buying a property, the house is only the half of it, really.
Location is an incredibly important part of purchasing a property for you or for investment.
Whether it's ensuring that there is adequate public transport in the area, or even making sure that the neighbors aren't renowned for being too noisy, checking out the location of a property is key really, and here are six reasons why:
Safety first
Safety is the one thing that universally concerns most homeowners and occupiers (unless you happen to like getting your things stolen in which case, feel free to skip this paragraph). While buying in an area with a high crime rate might be cheaper, you will find yourself paying higher insurance premiums and footing the bill for reparations. The website for the police department governing the area you want to buy in will have statistics on crime in different neighborhoods. Look them up.
Who's living next door?
Neighbors can be lovely people, but they can also be people that you spend your days trying desperately to avoid (which can be hard, because they are, well, next door.) If the people next door own three dogs, and you can't stand the sound of barking, chances are that three years living there won't make you warm to it. Similarly, if the neighborhood is excessively friendly, with big, loud street parties every weekend and kids calling in and out of each house every afternoon, and you're more of a private person, maybe it's time to reconsider.
Does the bus stop
Good public transport links can save time and money for home-dwellers. Pay attention not just to proximity to bus stops and train stations, but also to the frequency and routes of services; it's no use living down the road from a bus stop or train station that only has services once an hour to a place that no one wants to go. Convenient real estate near frequent public transport links is key.
Schools these days
If you're purchasing the property for your own family, you've probably looked into this already, and know the sorts of schools that you want to be in good proximity to. If this is an investment property, take a look at the catchments for local state schools and see which schools the tenants would be zoned for (remember, it's not always the closest school, particularly if the property falls on the border of a catchment area.) Take into account public opinions on the local schools, as well as academic results. Even if you only need to change your property preference to one a few streets down, it can be worth it if you can then advertise the house as being in a certain school's catchment.
Return on Investment (ROI)
Whether you're buying to live or to rent, an increase in the property's value throughout your time of ownership is important. Try to purchase in areas that have rising prices. While these places might not have the amenities to warrant high prices right now, they are areas that are undergoing periods of massive development, and house prices should soon follow. Obtain the assistance of a Real Estate Agent or real estate Buyer’s Agent to assist you with the research or even assist you in choosing the correct real estate property to purchase. Their assistance can be invaluable as they have all the data basis and local knowledge to be of great assistance to you.
It's... the Vibe
Think about your (or your potential ideal tenant's) lifestyle. Does a three-child family want to live in the inner city with no garden? Probably not. As a general rule, different locations attract different types of people, and this is who the majority of accommodation available in the area is suited to. So if you're buying a studio apartment in a semi-rural area full of Mansions, maybe you should reconsider.