Researching The Neighborhood:
6 Reasons Location Matters
In Real Estate
Mortgage lending articles and tips
Most people know the adage that real estate is all about location. This is still true today. Location is just as important in real estate as the size and condition of the property. There are six reasons why location matters in real estate today.
One of the main reasons location matters is convenience. Few homeowners want to buy a house that is located far away from everything. Homes that are an hour or more from retail stores will be inconvenient. This will make it much harder for a family to go shopping or take part in entertainment during the week.
No family wants to live in an unsafe area. One of the main things families look at when researching a neighborhood are crime statistics. High-crime areas can force a family to live defensively and spend money on advanced security systems. High crime in a neighborhood can also make insurance more expensive.
Options for Children and Families
Location is especially important for people who have children or who are planning to have children. Homes that are not part of a good school district could force parents to shuttle children long distances to an acceptable school. An area without a nearby hospital could make the family feel unsafe. Homes near parks, schools and hospitals are a better choice for families. Most home owners from Utah communities say that they are grateful for the time and research they gave to their future neighborhoods.
Cost of Commuting
A house that is located in an out-of-the-way location will increase the cost of commuting to work or school. Homeowners could spend a significant amount on gas and maintenance if it takes hours to get to the nearest employer. This becomes more of a problem if a home is located in an area where it is necessary to pay tolls to use primary roads or bridges. High commuting costs can make a house very unattractive.
Future Property Values
Many people today are researching the property value trends before choosing a home to purchase. Buying a home in an area with steadily declining property values could hurt finances in the future. Families prefer homes in areas where the value of the property is likely to increase or remain stable.
Neighbors and the community are major reasons location is important. Families should choose neighborhoods that feel friendly and welcoming. Chaotic or densely packed neighborhoods might not be inviting. Compatible neighbors and a good community will make living in the home much more enjoyable.
A home in a good location can help to mitigate other issues. Many prospective buyers are often willing to overlook problems with the property if the area is a good fit. Location always needs to be taken into consideration when looking at real estate.
Brionna Kennedy is native to the Pacific Northwest, growing up in Washington, then moving down to Oregon for college. She enjoys writing on fashion and business, but any subject will do, she loves to learn about new topics. When she isn't writing, she lives for the outdoors. Oregon has been the perfect setting to indulge her love of kayaking, rock climbing, and hiking.