Have you had family, friends or real estate professionals tell you that the most important criteria when searching for a home is location, location, location? You may have asked yourself why it is necessary to repeat the word three times; does it refer to three different types of locations -- excellent, mediocre or a lousy? The long standing phrase actually means that identical homes may increase or decrease in value due to location. To most Realtors it is the number one rule in real estate, and is repeated three times for emphasis, and to ensure buyers will remember the phrase; however, it's often the most overlooked rule.
It is not uncommon for buyers to purchase the “right” home in the wrong location. Think about it - while a structure can be changed through remodeling, cosmetic enhancements, and in some instances, the house can be moved to another location; however the actually land (location) upon which the house sits cannot be moved.
Following are some of the offerings that buyers look for when searching for a prime location:
Top-Rated School Districts
Buyers with school age children will usually pay more for a home that is located in a desirable school district.
Recreation, Nature, Views
Homes near or with views of water (ocean, creeks, rivers, lakes) marsh, parks, or open greenways are more likely to sell quicker and hold their value longer because of the location.
Historic, Shopping & Entertainment
Homes located in historic districts and those located within walking distance of theaters, restaurants and shops may be more expensive than those located further out and people who prefer walking to driving for their leisure activities find this appealing and worth the expense.
While some buyers don’t mind a location that is in heavily populated areas, with a higher degree of traffic, many buyers prefer homes situated on a lot with less noise and traffic.
When you decide to buy - search for the right home, at the right time, for the right price and perhaps most importantly, make sure it’s the right location for you!