Location, Location, Location
We all have heard that there is no thing as important as location where real estate is concerned.Who can determine all factors that decide upon an ideal location?In this article we will explore the importance of location as a factor when it comes to choosing a property; whether for investment purposes or for personal occupancy.There are several features that help determine if a particular location is ideal or not.
The appropriateness of a given location for different buyers is subject to several factors like family size, occupation or nature of work, hobbies, etc.Thus, a location preferable to an old couple in late sixties could prove disastrous for newly-weds or working couples looking to start a new family.
So what is a perfect location?
The accurate question will be What determines the ideal location for you?Location should not be considered as a one-size-fit-all when it comes to finding a home or an investment property.It would be inevitable to buy a house in proximity of a commercial center in a quiet neighborhood if you are working from home.If you have school-age children your ideal home will probably have to be within the proximity of a particular school district.The key is to know and understand your unique set of needs.
It is very vital that you recognize your primary requirements before you start looking for an ideal property.List out all the facilities that you and your family rate with high importance, and understand that this list is eventually subject to change.You need to remember that you may develop a liking for properties that are not your ideal location while searching for a new house. This is the reason you need to filter your search to locations with facilities equivalent to your needs.
Considering all the above mentioned factors, I would summarize the following points for you to keep in mind in your pursuit to find the ideal property.I will go far so as to assume that you have your checklist of requirements ready and in hand.
It is important to “be there” when you select a particular location that you feel matches your requirements. Visit the place yourself, or accompanied with your family and have a basic feeling of the place. Be sure to note the peculiarities of the location such as traffic patterns, noise levels and other factors worth observing.Take a walk around or a drive through to see the thing in close proximity.If you like what you see in the first attempt, repeat it at a different time on a different day under different situations. For example, if you first attempted to visit in the mornings, make it evening on the other day, and if it was a weekday initially, make the second attempt during the weekend.
Go for an average looking house in the neighborhood and talk to the people living there.I have experienced that in Lexington Kentucky, my place of residence, people will happily tell you all you need to know about the locality if asked the right questions in a pleasant fashion. This would probably hold true for most markets.Look for signs of enthusiasm, satisfaction, disappointment, or indifference.Home Owners Associations (HOAs) should also be an important factor in your search, find and understand the rules and regulations of the HOA to determine if they are favorable to you or not.
Do your homework, and most importantly don’t settle.It is very important that you do not take any half measures as your house will be a very critical and the largest investment you will ever make.
About the author: Ed Sarfo is a veteran real estate consultant and Principal Broker with RCP Real Estate Consulting and Planning in Lexington, Kentucky. For more articles and features on Real Estate, visit his blog at http://www.OfrasHomes.com/ . You can also follow Ed on twitter.com/sarfo12
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