When you are finally ready to buy your first home, the property location is very important. You’d naturally want to look for different houses before settling on one. People spend a lot of time online looking at different houses and within their price range. They will talk to their real estate agents and attend open houses in search of the perfect fit.
Buying a house is a big deal. It’s not something you wake up and do without putting a lot of factors into consideration. You have to think about the tax implications, home insurance, how long it will take you to repay your loan and many more. Sadly, most people don’t think long-term when buying houses. It doesn’t occur to them that they might want to sell the house at one point in their lives.
You might have heard about the 3 most important L’s in real estate; Location. Location. Location. It is such a crucial aspect because it determines the perception that you and others will have with regards to your house. Considerations such as location vs space are some of the things you should think about when it is time to buy a house. If you have all the right features in a house but it’s located in the wrong place, it might be hard to get demand when it is time to sell.
Below are factors you should consider when looking to buy a house for the first time.
For people who want to start families or already have children, a top priority for them is finding the right schools. Some will even look for the schools in an area before they start their house search. Getting the right schools will reduce the amount of commute for you and your kids. If you don’t have children at the moment, think long term. You don’t want to buy a home, get children, they have to move because you need more space. Do prior research to find out how the students in that school perform. Remember that if a neighbourhood has good schools, the price of the houses might go up.
Certain locations are prone to high crime rates as compared to others. This is a known fact. Also, petty crimes can happen in any part of the city. When you are looking for a house to buy, you should look at the crime stats of the neighbourhood. The internet has a lot of information that can help you learn more about an area. You will get a feel for how things are in that area over a certain period. If you are not sure about a place, it is advisable to talk to your agent about your concerns because they are well versed with different locations.
People want easy access to whatever they need. If they need to go to the mall, work, school or restaurant, these places should be within a walking distance. With an increase in traffic in most parts of the city, having the ability to walk to these places makes a property location gain more value. If you are one of those people who enjoy taking walks or jogging, you should find out if there is a good road system.
Have you seen a house with an amazing view but it’s blocked by the neighbouring flat? Or one where there is no space between the house you want and the next one? Having privacy and proper lighting entering the house is something you need to keep in mind. You don’t want your master bedroom facing your neighbours living area or your neighbour’s peeping at you when doing your laundry.
Sometimes buying the best house you find isn’t good. This is because even though the house might be pricey, you might want to make changes to the house. This will cost you more money. Getting not so perfect house will allow you to do home renovations
However, before you decide to go this route, do some research first. To make any changes to the property, make sure you do it within the local rules and regulations. Get someone to inspect the entire house so you become aware of what to expect when it’s time to renovate. Home renovations take a lot of time and cost money. It won’t make sense to undertake such a huge project if you don’t have the resources to do so.
If there is one thing you cannot control is your neighbours. The people who live in a neighbourhood can make or break a place. No one wants to live in a place where they can’t have their own privacy. Constantly having to deal with people who throw parties that go on late into the night and disturbing the peace is not an interesting thing. That is why, when you find a place you fancy, you should find some time to walk around during the day, late at night and in the middle of the day. Try and get a feel for how people live in the area you are thinking of relocating to. It will help you decide whether you can live in that area or if it’s not a right fit for you.
Does location matter in real estate? Absolutely. There are people who will put more emphasis on the price and not too much on the location. Getting a good price is good, but when you find a property located in a good neighbourhood, it will increase in value. When you want to sell it, you can be assured to get a higher price than how much you bought it. If the same property is in a not so good location, it won’t attract as much demand.