The location for a new home is essential both to the monetary value the house will hold over the years and to the contentment that will exist within its walls. So, in the search to locate a home that best fits their needs, there are certain things that buyers should consider.
A Location Where Property Values and Affordability Increase Faster than the National Average
If their property increases in value faster than the average, not only will home buyers benefit from this profitable condition, but this purchase of property that grows in value will bring stability to the neighborhood. This is because homeowners are likely to continue to reside where their investments increase substantially. As the strength of local job markets often determines good neighborhoods, a Redfin study revealed that homes in suburban areas with urban convenience are becoming more and more valuable.
A Neighborhood that Fits a Family’s Lifestyle
If a backyard with room for a recreational area is not of interest to homebuyers, then an urban setting for their homes may be appropriate as it affords them the conveniences of nearby shopping and dining. However, if a family has young children or pets, they may enjoy an ample yard in a quiet neighborhood where residents can take leisurely walks and ride bicycles. A suburban area or small town may be more appropriate for their lifestyle than a city would be.
Schools and Conveniences
For families with school-age children, the location and quality of educational centers are important. Having local schools that meet the children’s educational and social needs is essential to a family’s contentment in their home, neighborhood and community. Also, nearby grocery stores, shopping areas, recreational centers, restaurants and movie theaters enhance the appeal of a neighborhood. Ease of travel and distance to and from work are also important to consider in selecting a neighborhood in which to reside. For some people, this means easy access to major highways. For others, it means public transportation will be a benefit.
Neighborhoods with Few Rentals
Neighborhoods with mostly owner-occupied homes lend stability to a neighborhood in comparison to areas with a high percentage of renters. When people consider moving into a neighborhood, they want to know who will be their neighbors and not wonder who might move in at some other time. Also, when people who own houses live in them, they invest in their homes and attend to repairs that are needed more quickly than if they have renters who are not inclined to maintain the property value of the home.
When younger families move into a neighborhood, children often seek others with whom to play. Similarly, older couples often hope there are residents in their age group. Having neighbors with whom a family can relate is beneficial to them and the community as a whole since relationships based on commonalities provide stability and security. Feelings of isolation and discontent can occur when homeowners have little in common with neighbors, and people are likely to move if their lifestyle differs markedly from that of their neighbors.
As they say, location is key in real estate. Buyers can’t just focus on finding the right house. That house also has to be in the right area to suit their needs.