Any experienced realtor will tell you that location is the most important thing about a real estate property. You may find a beautiful house that has ample amenities, but if it is in a dangerous neighborhood, you may have trouble reselling it in the future.
In this article, we explain the essential elements of a good location.
1. Centrality
The location of your home determines its price. For example, highly developed urban areas do not have a lot of room for additional growth. Unsurprisingly, property prices are higher when compared to the cities that have more room to expand.
One such example is the North Carolina real estate market that is thriving amid the Coronavirus pandemic. It has seen an overall 6% rise from 2019 to 2020. The average price of real estate properties is above $214,000. The prices on the Raleigh housing market have grown 2% since the beginning of COVID-19.
2. The Neighborhood
Whether peaceful or hectic, choosing the right neighborhood for you is a matter of personal choice. However, there are a few essential features every neighborhood should have in common, including:
Accessibility – Look for a neighborhood in the vicinity of the city’s major transit routes and that more than one point of entry. It should also be near roads and public transportation, so you can commute to work easier.
Appearance – You can judge the safety and popularity of the neighborhood by its visual appeal. Quality landscaping, lots of trees, renovated community spaces, and nearby parks are desirable.
Amenities, such as grocery stores, restaurants, shops, and schools are essential. Consider the quality of schools and their distance from the house, as well.
House safety is essential, no matter if you live alone or have a large family. Choose a community that has a low crime rate and that seems inviting. Make sure the neighborhood is populated, which indicates the popularity of the community.
3. Development
Do your research and learn whether any commercial or residential developments are planned in the future. Make sure there are plans for new schools, hospitals, museums, public transportation, and so forth. Amenities increase the value of the real estate property over time.
4. Lot Location
Once you choose your desired neighborhood, it is time to inspect the lot location. It may directly impact the price of your real estate property. For example, if the house is situated on a busy road, you will probably purchase it for a lower price. However, remember that it may be more challenging to sell it in the future, irrespective of its design and curb appeal.
The choice of the lot also depends on your family’s needs and preferences. For instance, homes near grocery stores, gas stations, community centers, or churches usually have a large amount of parking traffic.
On the other hand, a house in a peaceful area with an astonishing view may be more expensive. However, its value will also be higher in the future when it comes time to sell it.
5. The Quality of the House
Now that you have taken the steps mentioned above, it is time to narrow down your list and focus on the homes that meet your requirements. For example, say you have cherry-picked two houses that align with your standards. One is older and needs upgrades and repairs but has a lot of amenities and a growing community. The other is new and in impressive shape but its lot is significantly smaller. If the prices of the houses are similar, you may struggle to choose the right one.
To make the right choice, observe houses as an investment in the long run. In that case, the first, less attractive house may be the right solution for you. For starters, its lot is bigger, better situated and, therefore, worthier. Also, any upgrades you make over time will increase the value of the house when reselling it.
The Location of the Property is Essential
The facts mentioned above teach you that the location of the real estate property is not subjective. There are several criteria to keep in mind when making investments, including the lot size, centrality of the home, amenities, plans for expansion, etc.
Consider hiring an experienced real estate professional to help you make the right decision and purchase a home that may translate into a profitable investment in the future.
What factors did you consider when you were purchasing a home? Please, share your thoughts and experiences with us!
Author Bio:
Eve Anderson is a marketing specialist turned blogger. Interested in sports and exciting travel destinations. Love to share content that can inform people.
