“Location, Location, Location”
Home buying is a big deal, but it doesn’t have to be difficult. People buy homes for many different reasons. Most buy for the sole purpose of living the American Dream, others use the home buying market as an investment tool. There are various factors one needs to consider when buying a house, whether to live in or as an investment opportunity.
One of the most important factors to research when buying a home is location. Even the neighborhood be considered carefully. So why is location so important? Well, unless you plan to live in the house forever like previous generations. Eventually, you will want or need to sell the home so you want it to appreciate in value. You also want to be able to sell quickly. What you don’t want is a house for sale sign sitting in your front yard for years.
It doesn’t matter how wonderful your property is, you'll have a very difficult time trying to sell your home for top dollar in a bad neighborhood within a reasonable amount of time. This doesn't necessarily mean that it's a bad home. It simply means that there will be less demand. That’s not what you want when you decide or have to sell your house.
When selecting a neighborhood, schools should be considered even if you don’t have school age kids. Local governmental agencies often list a school district’s rankings. This information can be found on the Internet. Your real estate agent also has access to this information and can be very helpful. The value of your home will appreciate much more if it is located in a neighborhood with good schools.
New construction nearby also plays a great role in improving the value of a house and should definitely be considered when buying a house. A neighborhood with comparable homes within a few miles of a new development will benefit from the higher prices of the newly constructed homes. If, however, the neighborhood you are looking at exhibits signs of decline, one should think twice before buying that house even if it is close to a newly built community.
One other item to consider when looking for a house is the proximity to places of convenience like shopping centers, transportation hubs, and parks. Remember, someone else will be house buying from you in the future and they will be looking at these same factors.
Focusing on the location along with the other factors mentioned will increase your chances of buying a home that will appreciate in value over time and help re-sale your home when you are ready.