The Significance of Location x3
You know the phrase, go ahead and say it with us…
“Location, location, LOCATION!” You’ve likely heard this mantra from your Realtor repetitively, and from your family and friends as well. But, why? We’ll tell ya…
The fact of the matter is this: Positively or negatively, a home’s value is directly impacted by its location.
Realistically speaking, the condition of the house can always be changed. With the right amount of funds, homeowners have the ability to make improvements and even add to the square footage of the home. With that, the value would fluctuate too. In the grand scheme of things, the only aspect you cannot change about a home is the location.
So, what helps or hinders the whole “location” factor?
Quite often, people with children that are buying homes have a general concern for the quality of nearby schools. These people tend to pay more for a home that is located in a highly desirable school district.
Very rarely do people desire to spend more time than necessary traveling. “Yes, give me more traffic,” said no one ever. Whether it’s time on the road to work, school, the store, wherever… homes in locations with a shorter travel time are often more desirable to homebuyers. If attractions are within walking distance, consider that the cherry on top.
Views of the ocean, or in our region more like a lake or river, tend to help homes hold their value. The same goes for panoramic views of the city, mountains or golf courses. As long as it’s not in the path of a possible natural hazard, these location-gold-mine homes tend to sell quickly and for top dollar. With that, unless you’ve made the choice to live downtown for that cityscape view, commercial buildings nearby diminish real estate values. Partly because homeowners cannot control noise, traffic or activities.
Home is where you feel most comfortable. No one wants to feel unsafe in their own home. Things like suspicious activity and frequent police patrols lead people to assume the neighborhood to have a crime problem. Similarly, if the owners do not maintain their homes and property throughout a neighborhood, real estate values in those areas will be reduced. Lastly, people want stability. Neighborhoods that stand the test of time are more likely to attract buyers. No one wants to play a guessing game on whether or not this large purchase will hold its value over time.
Hopefully after reading this short article, the next time someone recites, “location, location, location…” you’ll be nodding along in agreement.
To get started in the home buying process, call Cambria Mortgage at 952-942-0110 or visit CambriaMortgage.com. Our team of mortgage professionals will provide personal, hometown service with sound advice and impeccable attention to detail at every step of the process.