We have all heard the famous real estate phrase, “Location, location, location.” Why is this word so important that it requires repeating three times or more? Because a home is usually the most significant investment and location can cause that investment to either increase or decrease in value.
When deciding to purchase a home sometimes the obvious such as the location, is overlooked. The following is a prime example: A buyer works in the city but chooses to look at a property located one hour away from his or her office. The home is gorgeous with its dream gourmet kitchen. Because of the property’s rural location, they end up buying for a very fair price. After living in the home a short time, they realize how inconvenient the location of the property is for their family. The daily commutes into the city, lack of shopping and poor school choices suddenly make their dream home seem like a nightmare. They wished they had chosen a different home closer to the amenities that meet the needs of their family’s lifestyle. But they were fixated on the property and not the location. If they had been working with an experienced real estate company such as Port Realty, in Southport, NC this may have turned out differently.
Homes with the highest values are likely found in the most desirable locations. Those desirable locations are most of the time defined by the following.
- Neighborhoods that have strong home values: Neighborhoods that stood the test of time and weathered economic downfalls are more likely to attract buyers who want to maintain value in their homes.
- Restaurants, entertainment, shopping: In many cities, you will find homes that are located within walking distance of movie theaters, restaurants and boutiques are more expensive than those located further outside of town.
- Top-rated school districts: Homebuyers with children are concerned about their children’s education and often will pay more for a home that is located in a highly desirable school district.
- Water and parks: Homes with ocean views, rivers, lakes or parks hold their value because of the location. People want to be near water or visually appealing settings.
- Views: Some homes can sell quickly and for top dollar because they provide sweeping panoramic views of the city, but even a glimpse of the ocean from one window is enough to substantiate a good location. Other sought-after views include mountains or golf courses.
- Similar Properties : People tend to gravitate toward others who share same values and their homes reflect it. Homebuyers mostly prefer to be surrounded by similar types of properties in age and construction.
- Public transportation: Most people do not want to endure long commutes to work, the airport or appointments. They prefer to be located close to public transit and conveniences.
Port Realty located in Southport, NC offers experience in the area and can assist you in finding the perfect home in the idea location.
Although some buyers prefer to live in rural areas where neighbors and businesses are sparse that doesn’t necessarily define a bad location. But the following are tell tell signs of a bad location.
- Commercial or industrial areas: Unless you live downtown, commercial buildings on your block diminish residential real estate values. Also homes next to gas stations or shopping centers are undesirable because of the noise factor.
- Railroad tracks, highways or near airports: Excessive noise often makes selling a home a long process, even when such homes are located in otherwise desirable areas.
- High crime: People want to feel safe. When cars come and go throughout the night, and the police often visit a neighborhood, the assumption is that the area may have a crime problem. This makes buyers wary of buying homes in that location.
- Close to hazardous waste: The bottom line: People don’t want to live next door to nuclear power plants. Nor do few homebuyers want a transformer in their yard. If the neighborhood was built on a landfill or was recently swampland, pass and move on to the next. Always order a natural hazard report when buying a home.
The bottom line, not only are you shopping for a home, but you are also shopping for a lifestyle. So make sure you have the proper advice of experts such as Port Realty, located in Southport, NC to assist you in making a choice you won’t regret.