Why is Location Important When Buying a House?
Friday Oct 25th, 2019
When it comes to purchasing a home, buyers often make their decisions based on internal factors of the home itself, like how it shows and the features it includes. While these are important factors to consider, external factors such as the location of the property and what the neighbourhood offers is also important and may be neglected by the buyer.
“Location, location, location” is a common mantra used in real estate. You might think, why does location matter so much? Firstly, if you are buying a property for yourself, a good location can improve lifestyle conditions in multiple ways. If you are buying for investment purposes, a good location creates desirability, which in turn creates demand, therefore raises real estate prices.
Here are a few main reasons why location is important:
- The house can always be modified, unlike the location.
Prioritizing the location is important because you can always alter the property later on, but you cannot modify the location you are living in. You are in control of making additions and renovations, such as basement finishes or tearing down a wall to make your property your dream home, but you cannot move your home to a different location. That’s one of the reasons why location is one of the most vital factors to consider.
- Lifestyle preferences
When purchasing a home, you are not only buying the property, you are also buying into a lifestyle. For example, if you do not want to endure long commutes to work, the doctor's office, grocery stores, etc., then homes in locations with high walk scores are for you. If you are active and love the outdoors, then a home near the lakefront or trails may be your ideal location. In the end, the “perfect location” is very personal and may differ from one individual to another based on their interests and daily routine.
- Return on investment
In the long run, an investment in real estate is generally considered the most valuable type of investment. When it comes to resale value, location is one of the most vital factors in determining a home’s long-term appreciation potential. Housing prices fluctuate widely over time and factors like location can cause housing prices to increase and drive up real estate values. Other than the increase in house value, the location will also help in selling your property faster.
Factors to consider
That said, here are some factors to consider that are valuable when trying to determine your ideal location:
- Access to public transit, major roads and highways
- Good schools, colleges and universities
- Community activities
- Convenient access to parks, shops, restaurants and recreational centres
- A safe neighbourhood
- Employment opportunities
Are you looking to move in the next three to six months? Trying to decide which location is best for you? Feel free to call the Traboulsi Team and we’ll be happy to help you with your Real Estate needs, whatever they may be.
Your Home Sold for 100% of Market Value GUARANTEED or We Pay the Difference
Re/Max Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Mississauga, Ontario, L5M7A1
o (905) 828-3434