Buyers spend a lot of time looking at properties online, touring homes on the Sunday open house circuit and talking to their real estate agent. They’re laser-focused on finding the best home that meets their needs. The problem is, buyers sometimes don’t take the long view of a property. They’re only looking at a home as a potential buyer — and not as someone who, years down the road, may also have to sell the property. Given that homes are such a big investment, there should be a little inside your head, picking away at your options and decisions.
As the home buying market starts to heat up again, here are things you should consider when choosing your next home.
1. Location, location, location
Perhaps nothing is more important than the three L’s, and there’s a reason why it’s said three times.
Location is extremely important when it comes time to sell. You can have the worst house in the world with the ugliest kitchen and bath. But put it on a great block or in a good school district, and your home will be coveted.
Location location location matters on so many different levels. At the highest level is the town where the house is located, then the school district, then the neighborhood and the block — right down to the location of the lot on the block. Keep all of this in mind when shopping. Also remember that while real estate markets rise and fall, no one can take a great location away from you.
2. The school district
The school district is right up there on the list of what’s most important to many buyers. It’s not uncommon for buyers to start their search based solely on the school district they want to be in. Parents want their kids to go to the best school, which can drive up prices of homes in those districts. Even though you might not have children, buying a home in a good school district is always smart. If the schools are desirable, homes tend to hold their value.
3. The home’s position on the lot
Where the home sits on the lot in relation to the street or the overgrown oak are key elements in picking out a home.
4. Crime
It’s a good idea to check the latest crime figures for a neighborhood. It can give you a good snapshot about the number and severity of crimes over a time period. So much information is online nowadays that when you find your perfect home, a quick Internet search on the area should provide you with the much-needed information.
5. Walkability
More than ever, ‘walkability’ is becoming a key factor in the search process. There are entire websites, apps and algorithms that help people figure out how walkable their future home is. As people get out of their cars and slip into their Keds, they want a home in a walkable neighborhood. People put high value on the ability to walk to a store, school, work or public transportation.
6. The neighborhood’s character
You may have found the absolute most perfect home, on the best block, in the best school district and on a great lot. But there could be circumstances outside your control that may give you pause — specifically, the character of the surrounding neighborhood.
Source: Forbes | June 21, 2012
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