Real estate is all about location, location, location; we have all heard that so many times.So who determines what the perfect location is?In this article we will explore the importance of location as a factor when it comes to choosing a property; whether for investment purposes or for personal occupancy.In order to determine how suitable or perfect a location is, there has to be many other considerations.
The appropriateness of a given location for different buyers is subject to several factors like family size, occupation or nature of work, hobbies, etc.Thus, a location preferable to an old couple in late sixties could prove disastrous for newly-weds or working couples looking to start a new family.
What determines a perfect location?
The accurate question will be – What determines the ideal location for you?Location should not be considered as a one-size-fit-all when it comes to finding a home or an investment property.It would be inevitable to buy a house in proximity of a commercial center in a quiet neighborhood if you are working from home.If you have school-age children your ideal home will probably have to be within the proximity of a particular school district.The determining aspect is to identify and remember a unique set of requirements.
Before you set out to look for your ideal property, it is crucial that you identify your needs first.Make a list of all the amenities that are important to you and your family, keeping in mind that this list will change or evolve eventually.Also bear in mind that as you start the search for your new home, you might ‘fall in love’ with certain properties which are not in your ideal location, for this reason try as much as possible to narrow down your search to communities with amenities closely matching your needs.
In light of all the factors above, I will offer the following points for your consideration in your quest to find that suitable property in a perfect location.I will go far so as to assume that you have your checklist of requirements ready and in hand.
It is important to “be there” when you select a particular location that you feel matches your requirements. Visit the place yourself, or accompanied with your family and have a basic feeling of the place. Be sure to note the peculiarities of the location such as traffic patterns, noise levels and other factors worth observing.Drive or walk around to see thing close up.If you like what you see in the first attempt, repeat it at a different time on a different day under different situations. For example, if you first attempted to visit in the mornings, make it evening on the other day, and if it was a weekday initially, make the second attempt during the weekend.
Go for an average looking house in the neighborhood and talk to the people living there.I have experienced that in Lexington Kentucky, my place of residence, people will happily tell you all you need to know about the locality if asked the right questions in a pleasant fashion. This would probably hold true for most markets.It is important to recognize signs such as happiness, dissatisfaction, indifference, pleasure, etc.Home Owners Associations (HOAs) should also be an important factor in your search, find and understand the rules and regulations of the HOA to determine if they are favorable to you or not.
Do your homework carefully and do not settle till you have found the property that seems ideal for you.Your home will certainly be one of the most important and biggest investments you ever make, so it is imperative that you do your due diligence and not leave the process to chance.
Ed Sarfo is an experienced real estate consultant in Lexington, Kentucky and works with RCP Real Estate Consulting and Planning. You can visit his blog at www.OfrasHomes.com for more articles and features on real estate. Ed can also be followed on twitter.com/sarfo12
categories:
|
|