the stampede has finally slowed down in
Maybe its the government shut
down, may be its the interest rate instability
but for some of us it’s a nice breather to get back to normal. Sellers can now pretty
much relax its their turn now and buyers need to be patient, but ready to buy when
that that right home comes up for sale. For buyers you need to do your homework and
work a good lender to get your ducks in a row.
Location Location Location
Ask just about any real estate agent to list the three most important things a property should have, and you’ll likely hear: “location, location, location.” That phrase has been in use at least since 1926, according to The New York Times, and is just as relevant now as it was then.
But why does location matter so much? For starters, you can’t move a home — at least not easily or inexpensively. When you buy a home in a good location, it’s usually a solid long-term investment.
Real estate agents often advise their clients to buy the worst house — a property that could use some TLC — on the best block. Why? Because fixing up a home in a great neighborhood will give you the best return on your investment. Quite simply, it will be easier to sell later on. Conversely, you can buy a beautiful home that doesn’t need any work. But if the block is sketchy or just plain bad, you could have a hard time selling the property at a decent price.
So if “location, location, location” is so important, what makes a location good? Here are five characteristics to look for when buying a home. If you can get all five, chances are the home’s a great investment.
1. A safe neighborhood
People want to live where there’s little or no crime. Naturally, they want to feel safe in their homes and will pay extra for it. A safe neighborhood means people will feel free to walk around, be outdoors and interact with their neighbors. Communities still exist today where people don’t lock their doors, and they know their neighbors are there for them in a pinch.
2. Good schools
Being in a good school district is important, even if you don’t have school-age kids and never plan to have any. Fact is, young families always will be buying their first or second homes. They will do their home search based on location in general and good school districts in particular. The better the school district, the higher the values of the surrounding homes can be.
Found a home you love but the school district is sub par? Be aware of that issue for resale down the road. Bottom line: When you buy a home, you should always think like a future seller.
3. Convenient access to popular places, shops and restaurants
Everyone wants to be near the best commercial districts. The closer to the hubbub of a particular town or the best parts of a city, the better the location — and the more someone is willing to pay for a home. In beach communities, the closer to the beach, the more valuable the property.
4. Water access and views
No matter which town or city, someone will always pay for a great view or to be on or near the water. Put a home right on a waterway or on a hill with panoramic views and you’ve got a great location.
5. Access to public transit and/or freeways
In major cities, the farther you live from the bus, subway or other types of mass transit, the less valuable the home. A good location means being very close, and having easy access, to public transportation. Being near a train or bus can get you anywhere in a short amount of time. In some towns, where a commute by car is inevitable, easy access to the freeway makes for a good location. Adding 20 minutes to a commute just to get to the freeway never helps a location.
What makes a bad location?
There are some common characteristics that make a location “bad,” no matter where you are.
Ever see a home with a backyard that faces the freeway? Whether the home is in Coral Springs Florida , Parkland Florida or Coconut Creek, such a location is likely always going to be considered undesirable. Is the home on a busy intersection or a four-lane road? Again, it’s probably considered a bad location, no matter which town it’s in or what the nearby neighborhood is like.
Other factors that can make for a “bad” location: very close proximity to a fire station (good if your house is on fire, not so good if you’re trying to sleep); a hospital (frequent ambulance sirens); an airport (sounds of jet engines 18 hours per day) or a school (traffic from buses or parents dropping off children or kids yelling and playing).
Some “good” and “bad” qualities simply vary by community. If you know your local community, you know which parts of town are less or more desirable, this is where a good local Realtor can be of service.
All these things matter when you’re considering the location of a home for sale. But never lose sight of what matters most to you about the location. If you’re crazy about baseball, for instance, you might love owning a condo near your city’s professional baseball team ballpark. Someone who doesn’t like baseball, on the other hand, would probably not want to live near all the commotion.
Location, location, location really does matter — a lot.
But as always, the most important thing is to buy the right home for you, at the right time. Call lea Plotkin and Rubin Wites for all your real estate needs.
If you are thinking of selling you need to weigh many factors, such as the market where you are planning to move to, how you are going to finance and if you are buying new construction or re-sale.
New construction allows you to lock in the price today so when it closes in 10 to 12 months or more depending on the builder and where the home is, you have a built in profit-but at what interest rate? A lot to think about and it is much easier when you have a professional to bounce things off.
If you are planning on buying a home in South Florida or Selling one, the Team of Lea Plotkin and Rubin Wites, Realtors with Berkshire Hathaway HomeServices are the Realtors you should speak to: 954-802-8451 or firstname.lastname@example.org