5 REASONS TO CONSIDER LOCATION BEFORE INVESTING INTO REAL ESTATE
The age old punch line “Location, Location, Location” still rules and remains the most important factor for profitability in real estate investment. Proximity to amenities, peaceful conforming areas, neighborhood status, scenic views, etc. are major factors for residential property valuations.
While proximity to markets, warehouses, transport hubs, freeways, tax-exempt areas, etc. play an important role for commercial property valuations.
Reasons why you should put location into consideration are;
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. 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.
3. 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.
4. 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.
Bottom line: When you buy a home, you should always think like a future seller.
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.