Buying A Home Is All About Location—Here's What That Exactly Means
Ask homebuyers what the ideal location is for purchasing a property and they will likely focus in on the view—ocean, river, mountain, park, garden, cityscape. However, the ideal location must account for much more, as it can have many implications for quality of life and a home’s future value.
Consideration should be given to the proximity to work and other activities with attention not just on distance but also drive time, ease of travel and access to shopping, restaurants and entertainment. Pursuing homes closer to developed areas and amenities will typically result in smaller lot sizes. Depending on the buyer, this may be seen as a positive or negative variable.
Comparing property taxes of various areas is also important as the differences can be great enough to impact monthly budget and overall purchasing power. Similarly, insurance rates can vary by location. On the Treasure Coast, elevation and proximity to the water may have significant impacts on premiums and ultimately a the affordability of the home.
Buyers may also consider investment value when choosing their preferred location. Selecting a home in an “up-and-coming” area can allow a buyer to get in at a good price with the potential for high returns later. However, the buyer may have to deal with some blighted homes until the area fully converts.
A big consideration for buyers with families is the quality of schools in an area. In truth, even buyers without children should give this some consideration because it can influence resale value and the ease of selling the home later.
So how does a buyer navigate all the nuances of choosing the right location? Selecting a skilled real estate professional is a great first step. The right person can help buyers work through each variable and identify which ones matter most to their purchase.
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