Why Location Matters When Buying Your Next Home

We’ve all heard it said, “Location, Location, Location.” But really, how important is location when buying a home? It’s the most important factor you should consider before making what could possibly be the largest investment of your life.

Have you ever looked through a real estate magazine to see homes that look too good to be true based on price, square footage and acreage? Many times these homes are on the outskirts of town and could significantly impact your ability to sell the home in the future for a few different reasons. These homes can be very tempting to a buyer but what many people don’t think about is the additional land nearby. This excess land means developers can purchase it cheaply and the builder can build it for less. It won’t be too long before the same developer buys more of this inexpensive land and builds a very similar home using the same floor plans. When you are ready to sell, you’ll be competing with the same style of home, except your competition is newer and may have a competitive advantage. Unfortunately in these same areas, schools can also rank lower, there may be poor highway accessibility causing longer commutes and general day-to-day errands can take more time.

Another example of a bad location would be buying in an area that is known to have a high crime rate. Again, many people see a nice home and don’t bother to think about its surrounding areas. Consider things such as the nearest grocery store or gas station. Are they well maintained? Are the buildings vacant or are there “rough” looking people hanging around? Does the area make you feel safe? Your potential buyers are going to factor in these issues when considering buying your home in the future, you should too.

By choosing the right location, it can yield better appreciation rates, fewer days on market when selling, as well as top schools. By taking all of these factors into your decision, you gain the knowledge of knowing if your life circumstances change or if you decided to sell, you will not be stuck with a home in an area that isn’t desirable. Your home will be more sought after due to its prime location, superior schools, low crime rate and short work commute. Even if you work from home and have no children, those factors play into what makes a home great for resale and will garner the highest appreciation possible.

Buyers have to think about selling the home they are considering purchasing because chances are; this isn’t the last home they will ever purchase. It’s the same principal as using neutral paint colors in a home, you want to appeal to the largest amount of people you can with the least amount of rejection possible.

If you would like to sit down and discuss the areas of Raleigh where home values are appreciating, please contact me anytime for a buyer consultation. I have served as a Raleigh Buyer’s Agent for many clients and hope to help you find the home that meets your needs, desires and has great potential for appreciating in value.

August 11th, 2011 by Amy Tortorella

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