Location. Location. Location.
It is the real estate agents' mantra: Location, location, location. You've certainly heard the phrase enough and may wonder what inspires agents to say the word three times. In a nutshell, location, location, location means identical homes can increase or decrease in value due to location. The saying is repeated three times for emphasis, and it is the number one rule in real estate, though it is often the most overlooked.
The Epitome of Location, Location, Location
You can buy the right home in the wrong location. You can change the structure, remodel it or alter the home's layout but, ordinarily, you cannot move it. It's attached to the land. The best locations are those in prime spots.
- Top-rated school districts affect location
Homebuyers with children are concerned about their children's education and often will pay more for a home that is located in a highly desirable school district.
- Recreation and nature affect location
Homes abutting the ocean, rivers, lakes or parks hold their value because of the location, providing they are not in the path of a possible natural hazard. People want to be near water or visually appealing settings.
- Scenic views affect location
Some homes sell quickly and for top dollar because they provide sweeping panoramic views of the cityscapes, but even a glimpse of the ocean from one window is enough to substantiate a good location. Other sought-after views include mountains, greenbelts or golf courses.
- Entertainment and shopping affect location
In many cities, you will find homes that are located within walking distance of movie theaters, restaurants and boutiques are more expensive than those located further outside of town. Many people would rather not drive if they can walk to nightlife.
- Conforming areas affect location
People tend to gravitate toward others who share similar values and their homes reflect it. Homebuyers mostly prefer to be surrounded by similar types of properties in age and construction, where people just like them reside.
- Economically stable neighborhoods affect location
Neighborhoods that stood the test of time and weathered economic downfalls are more likely to attract buyers who want to maintain value in their homes. These are people who expect pride of ownership to be evident.
- Public transportation, health care and jobs affect location
Most people do not want to endure long commutes to work, the doctor's office nor the airport. They prefer to be located close to emergency services and conveniences, so naturally homes in locations that shorten travel time are more desirable.
- In the center of the street affect location
Some buyers refer corner locations, but most homebuyers want to be in the middle of the street, which makes them feel less vulnerable.