Even if you have never purchased a home before, you have probably heard the old saying, “location, location, location,” when reading about you should look for when purchasing a home.
Without question, the location of your potential home is probably the most important factor when looking for a home; plus, it’s one of the largest factors that affect the price tag.
So why is this saying so important, you might ask? To put it in simple terms: very. I know that’s not enough in terms of persuading you, but hopefully, these eight reasons will:
- Being Close to Jobs
There’s a reason a home in larger cities, such as New York and San Francisco, can be pricey. Since there are so many corporations and businesses nearby, many potential homeowners are willing to pay a pretty penny to live within walking distance so they don’t have to sit in traffic. For instance, in Seattle, if you near the Microsoft headquarters, you could pay double; if not more than triple the cost, compared to if you were to live 45 minutes away. This can be said for a lot of cities.
- Low Crime Rates
Of course, people want to live where there’s next to no crime, and while crime exists everywhere, homes in desirable locations attract middle to high-class families, leading to little crime. Since we naturally want to feel safe, it feels good to know you don’t have to lock your doors 24/7 or look behind your back when taking a walk. A good location will always have some of the lowest crime rates in the state and will be well below the national average.
- Good Schools
Even if you don’t have children, being in a good school district is crucial for your resale value. When families purchase a home, one of the first things they look at is the school district’s rating, and if these schools don’t have good enough scores or reviews, you can count on them looking elsewhere.
This kind of correlates with the first tip I mentioned above. If you want to be near the best commercial districts and within a short distance of most grocery stores and retailers in the area, then you should plan on paying a pretty penny to do so, especially if your location is in a larger city. Again, some people just want to drive for five minutes to get to the grocery store rather than drive 20 minutes through the country to pick up a loaf of bread.
- The Views
Without question, a great location will often have lovely views. Whether it’s the ocean, a lake or woods that sprawl forever, a lot of people are more than happy to spend the extra money on a view that looks like it should be on a postcard. On the other hand, the same can be said about the land, especially if larger lots are scarce in the area. Don’t be afraid to invest in a fixer upper, but if you do so, just make sure you know of the many home costs.
- Public Transit
If you’re the type that doesn’t drive around much and would rather take public transportation, then you should be prepared to pay a bit more. Whether it’s the light rail, subway or a bus route, a home in a good location with easy access to public transportation can sometimes yield a higher price.
- Public Services
Going along with safety, having a police department, fire department and a hospital can be an ideal location for some. In middle and upper-class cities, these departments and services will often be fully funded and running at 100%; it also means those who live in the area can rely on officers and firefighters arriving on the scene within minutes.
- Positive Trends
Our last brings us to the home’s resale value, and since there’s a good chance you will sell in the future, it would be awfully nice to sell for a profit, right? Homes in areas where the trends are going upward tend to fair much better than an area that recently lost a major corporation and multiple retailers. When the trends are positive, this can lead to more commercial, housing and a higher demand for your home.
As you can see, picking out the right location can have a lot of rewards. If you’re in the hunt for a home, be sure to see if the location you’re looking at has some of the perks mentioned above. If so, it can be safe to say you’re making the right choice.