More than just real estate

Dissecting “location, location, location” (part I)

“Location, location, location” – if you only know one thing about the real estate business, this common mantra is probably it. A home’s location is not only important to its current occupants, but especially those who are looking to buy it in the future. Why is “location” repeated three times? Well, the neighborhood your house is in isn’t the only factor of a good location when it comes to prospective buyers.

Over the next few posts, we will discuss what all “location, location, location” comprises, and what you need to know when looking to buy a home that will eventually have the greatest resale value possible.

Neighborhood

We’ll start off our series with the most obvious – the neighborhood. We all know which parts of the city are the most sought-after. Those are typically the areas where homes prices are a bit higher, for good reason. A truly great neighborhood will house a few key factors: accessibility, appearance and amenities.

The neighborhood should be easily accessible with more than one point of entry. Also, it should be located near your city’s major routes to ease with residents’ commuting. However, if a home is located very close or even right underneath a major route, that will obviously pose some problems with the resale.

You’ll also want to choose a neighborhood that is aesthetically pleasing. This is where thinking green comes into play. Take notice of how much “green” the neighborhood has: as in trees, landscaping, open grassy areas and parks.

The amenities of a neighborhood also determine how “good” it is. Think nice, convenient grocery stores, shopping, restaurants, etc. Especially important is the neighborhood’s school system. Even if you’re not going to have children there, a great school system can definitely help your home’s resale value – people choose certain neighborhoods specifically with the schools in mind, and they’ll be willing to pay more for a home when its school system is revered.

Stay tuned for our next post and learn about the other factors that make “location, location, location,” so important.

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