Location, Location, Location

If you could buy, or build a new home in the “location” of your choice, what would be the greatest benefit to you?

We all know the mantra “The Value of Real Estate is based on Location, Location, Location” but what does that mean to you and your search for a new house?

The answer may depend on which element of “location” you consider as the most important.

The importance of “location” in a new home purchase cannot be stressed enough. Once you’ve made a purchase you can change the house but you can’t change the location.

Location - Personal Convenience

Is being close to people and places the important element of location to you?

Would you prefer to be close to work? For some that could also mean close to highways, bus, mass transit, train station, or airport.

Would you prefer to be close to your or your children’s school?

Is it important to be close to shopping, entertainment, restaurants and bars, movie and live theatres, or sports venues?

Is it important to be close to outdoor activities such as playgrounds, swimming pools, golf and tennis?

Do you want to be close to friends and family or doctors and hospitals?

Location - Land Values

Is the most important element of location the value of the land?

Is the positive effect based on a highly-rated school district, or community amenities or being in a walkable neighborhood most important?

Are you concerned with distancing yourself from such negative effects as nearby industrial development? Or noise pollution from trains, planes and automobiles?

Do you wish to avoid areas with a high crime rate or a poorly-rated school district or nearby hazardous conditions?

Location – Physical Attributes

Are you willing to pay the added costs of living on a beachfront or waterfront, adjacent to golf course, a park or open space?

Are you willing to pay extra because of lot size and buildability based on building footprint and layout, easements and setbacks, zoning, or HOA indentures?

Will your choice be based on physical features such as geology, soil, water, trees. views and vistas?

Although property values may be based on “Location, Location, Location,” the same location may have a different value for different buyers.

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