You hear it all the time – location, location, location. Why is location mentioned so often when a buyer is ready to purchase? Wouldn’t a well maintained, even new home be valued the same as any other comparable home?
Location is a unique trait for each and every home. After all, every home is built in a different location, even when comparing homes in your own neighborhood or one street apart! They all sit on their own unique parcel. If you zoom out, now each home is in its own unique subdivision, their own quadrant of the city and their own side of town. So, what makes location so important?
As a buyer, you have to make sure that you are comfortable with that specific parcel – the location of the home you are looking to purchase. Are all the amenities you are looking for within the distance you are comfortable with? Are you satisfied with the subdivision? The location of the home within the subdivision?
Beyond that, every subdivision and location has their own price point, appreciation rate, HOA fees (if applicable), rental rates and more. Are you going to be comfortable with that aspect? With the rate of return on a rental property? The fees associated with owning that specific home? Some homeowners purchase a home and realize later that rents are not as high as they anticipated. Or that appreciation isn’t as high as they were expecting. This is where location is an important part of a home search!
Doing your research with a qualified Realtor who can research market trends, rental rates and resale values is important. Combining this with your personal preferences for a home and location amenities along with other criteria that are important to you will help you make the best decision possible – to find the right location for your future home or investment!
Contributed by Nicklin Property Management.
Adrian Frankfurter is a marketing director and licensed property manager for over 10 years with Nicklin Property Management.