Buying in a “Good” Location

Todd Riccio February 11, 2020

Buying in a “Good” LocationWe’ve all heard the saying, “Location, location, location!” But what does that actually mean? Buying a home in a good location will help ensure that you’re happy in your new home. It also means that you’ll have an easier time selling down the road. But a good location can mean different things to different people. Let’s take a closer look at what characteristics you’d find in a home that’s in a good location.

The lot

When you’re buying a home, you’re not just buying the structure itself. You’re also buying the land that it sits on. It’s important to consider the quality of the lot that you’re buying when you’re determining if the home is a good investment. If you’re trying to choose between two homes of the same price, then the one with the better lot will be a better investment in the long run. This is true even if the house itself is not as nice. While homes tend to depreciate in value, the lot will most likely keep or increase its value.

Where the lot is located

Finding a home with a great lot is the first order of business. Next, you need to consider where that lot is situated. If it is on a quiet street with a nearby park, then that’s great news. This type of property will likely be easy to sell in the future. However, if the lot is on a road with lots of traffic, sits near a commercial property or parking lot, or has a terrible view, you may have more trouble selling when the time comes. While you may get a price break on this type of house, it may not be worth it in the long run.

Accessibility

Another aspect you’ll want to consider is the neighborhood where the home is located. Consider how far away the house is from larger roads and highways that connect you to other cities. Will it be easy to commute to work? Also – are there multiple ways to access the home from different directions, or is there only one point of entry? Good accessibility is key to a good location.

Nearby amenities

How close is the home to amenities such as shopping and dining? Having amenities nearby such as grocery stores, gas stations, and pharmacies are important to many people. How about schools? Are the schools in the area good, and are they easy to get to? These are things that future buyers will consider when you want to sell.

Appearance

Furthermore, take into account the appearance of the neighborhood. Does it have tree-lined streets with well-kept parks and public spaces in the vicinity? These are great qualities for any neighborhood. However, if there are abandoned homes, neglected yards, or other eyesores, that could impact your ability to sell later on.

Crime

Finally, any discussion about a good location needs to take crime rates into consideration. Look for a neighborhood that has a low crime rate. Safety and security are important to everyone, and the safer the neighborhood, the better the location.

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