Best Location To Buy A Home

If you are looking to purchase a house to live in or as an investment then there is a saying “location, location, location”. This is true for multiple reasons as a home in the right location can add value to your property. Location is what drives the value of a home especially when that location is desired by many people. If you are a small working family then some priorities will be childcare, education, shopping and community. Or, perhaps you are a professional couple that works in a city business district and enjoys the cafe lifestyle. There are varying types of communities that appeal to all sorts of people and their way of life.

So, what are the main factors that home buyers look for when making a purchase? Pay attention to neighbouring amenities when looking for a home. Shopping outlets, schooling, recreation and entertainment are frequently requested by buyers. Trains, highways and public transit, such as bus stops, train stations and public bike-share places, are all options for transportation. The value of a home will usually increase if it is close to amenities.

Let’s break it down into 4 main criteria that influence home buyers.

suburb local

1. Neighbourhood
It will largely be a matter of personal preference as to which communities appeal to you. A truly wonderful community, on the other hand, will have a few key characteristics: accessibility, look, and amenities. The size of the property on which your house is built may also be determined by your neighbourhood.

In terms of accessibility, seek for a neighbourhood that is close to a city’s major transit routes and has multiple entry points. Many people’s days are spent commuting to and from work, so a home with easy access to roads and public transportation will be more desirable than one that is tucked away and only has one route. Shaded trees, well-kept landscaping, and proximity to parks or communal spaces are all attractive features.
You may also gauge a neighbourhood’s popularity by looking at how long properties in that region stay on the market; if turnover is high, you’re not alone in thinking this is a desirable location. 3

Essential amenities such as grocery stores, shops, and restaurants should be included in a wonderful community. The majority of individuals choose to visit sites that are convenient. Even if you don’t have children or plan to have them, look into the local public schools. A good public school district can increase the value of a house and contribute to the profit you can make when you sell. You’ll also want to appeal to as many potential consumers as possible. Many purchasers seek out areas with good public schools.

2. Development
It is not just the present amenities that matter, but future ones as well. Plans for new schools, hospitals, public transportation, and other civic infrastructure can dramatically improve property values in the area.

Commercial development can also improve property values. When you’re shopping for a home, try to find out whether any new public, commercial, or residential developments are planned and consider how these additions might affect the desirability of the surrounding areas.

The type of neighbourhood where most people desire to reside is one with a low crime rate and is an inviting and safe location to be outside and mingle with neighbours.

3. Property Location
You must also take into account the location of the house. You can definitely receive a lower price if the house you want to buy is situated on a busy road or extremely close to a highway, but it will be more difficult to sell later.

Properties close to or backing onto commercial property, such as a grocery store or petrol station, or houses on streets with unusually high parking traffic and parked cars, such as those near markets, major churches or community centres, may be similarly affected. A house with a beautiful view or near a body of water, on the other hand, is likely to be more valued now and in the future.

4. The house you buy
There is one aspect of house hunting that many people are surprised by. Let’s imagine you’ve narrowed your options down to two properties that are next to each other in a desirable neighbourhood. One requires repairs and updates, but it has a large amount of space. The other is in excellent condition, but it is situated on a block that is half the size of the fixer-upper. The costs of the two houses are comparable. Which one do you prefer? In the vast majority of circumstances, the house in need of repair is a superior investment.

The reason for this is that your home is a depreciating asset. The lot, on the other hand, will likely hold its value or perhaps increase in value in comparison to the house. The larger block would sell for more if both houses were destroyed. Choose a larger, better-shaped, or better-located property over a fancier house if you have the option. A less appealing home can always be modified, expanded, or replaced entirely, but the block cannot.

House hunting checklist
Create yourself a small checklist when you are on the hunt for a home.

  • Are all the gardens maintained in the street
  • How close are shops, schools, medical centres, entertainment
  • Are there recreation reserves and bike paths
  • Is public transport available
  • Is future development planned
  • Talk to the residents

 

22nd April 2022

Author

Peter Farrell

Share