Purchasing a home in a good location makes the property a solid, long-term investment. All other aspects of a home can be changed, including the size of the house. Homes can be revamped and reworked to any stretch of the imagination, but the one thing you can’t change is the home’s location.
When you decide to sell your home, having a preferred location among buyers will contribute to creating a greater demand for the property. Because of the good location, your home should sell faster and for a higher price than those in other areas of the city.
What to look for when choosing a location:
- Increasing home values in a neighborhood
- Centrality: access to schools, transportation, shopping, and parks
- Look for a neighborhood that is situated near your city’s major routes with multiple access points.
- High percentage of home ownership
- Low crime rate
- Lot location – away from busy roads, stacked neighbors, and homes backed up to a commercial property
- High resale values
- Good future outlook for the neighborhood
- Neighborhoods change! For a better investment, look for the neighborhood on the brink of being the ‘next best place to live’ in your city.
- Look at plans for schools, hospitals, public transportation, or other public infrastructure to see if they will be added those near you
- Well maintained properties in the neighborhood
- A well-regarded school district
These characteristics are what people look for to improve their overall wellbeing as well as the wellbeing of their family members. If the location you select has most (or all!) of these characteristics, your investment is more likely to be safe and profitable.
Bonus: Buy near water. People of all demographics love water. Water brings calmness. Potential homebuyers will pay a higher price for access to water or even a slight view of water.