6 Desirable and 5 Undesirable features of Location, Location, Location
The golden rule when talking about investing in real estate is Location, Location, Location, but what exactly does it mean? Well, to put it simply, you can have two identical homes in different areas which have completely different prices! Let’s have a look at some of the factors involved when choosing the area you want to live in.
1) School Districts
Sought after properties are often those found in good school districts. Families with children will pay more for a property these areas in order to give their child the best schooling opportunities. So even if you do not have children, understand that properties may have a higher value and you may have to splash the extra cash.
2) Street Positioning
Is it more desirable to live on the end of the street, on a corner lot? Possibly, but just know that the majority of people feel safer in the middle of the street. Perhaps there are only houses on one side of the street giving you more privacy, and fewer headlights shining in your windows.
3) Shopping and Entertainment
How close are you to shopping centres, restaurants, and movie theatres? Many people would rather walk than drive to a restaurant if they know they are going to be drinking, and can you pop down to the local store for a carton of milk, or do you have to drive for 15 minutes through traffic.
4) Natural Environment
Rivers and lakes, ocean views and panoramic views all seem to hold their value better, and can sell faster than something with a street view. Golf courses and parks are also sought after.
5) Public Transportation
The majority of people do not want to travel long distances to commute to work, visit their doctor, or go on vacation, so being close to public transport and emergency services can really add value to your home. Plus the added convenience of shorter travel times can help you maximize your time to get the most out of your day.
6) Stable Neighbourhoods
Areas that have withstood economic downfalls and where your neighbours are financially stable and take pride in their homes, attract buyers and boost value of homes.
Now let’s have a look at some negative features.
1) High Crime Rates
The last thing you want when you come home from a hard day of work, is to feel unsafe, so make sure you do your homework before purchasing land. There are websites you can visit or head down to your local police station and obtain a police report about the neighbourhood you are looking into.
2) Industrial/Commercial Areas
Who wants to be woken up at 5am because a delivery truck is backing into a parking space. Do you want to live by a gas station where cars are coming and going at all times and people are possibly hanging around all day. This will not add value to your home, and it may very well annoy the heck out of you.
3) Noise Pollution
Living by a train track or on a flight path will definitely hinder your chances of selling your property, and it most certainly will not add value. Although being close to transport can be a good thing, be aware of your surroundings.
4) Hazardous Areas
Just like a family want their children to grow up in a safe neighbourhood, you also want that neighbourhood to be free from hazardous materials. Nuclear power plants, landfills, sewage depots can all bring down the value of your home, so be sure to do your due diligence before writing an offer.
5) Economically Depressed Areas
Junk left visibly on the driveway, banged up cars rusting on the front lawn, poor landscaping and properties that have not been taken care of can all affect the value of your home indirectly. So have a wander round the neighbourhood and maybe even get to know some of the people you will be living near.
I hope that this has given you some insight into why location is so important in finding the right property for you. Some aspects will be more important to certain people than others but be sure to do your due diligence before purchasing your property so you can get the most out of your investment. And don’t forget…..Location, Location, Location!!!