Location, Location, Location: Part 1

When looking for a home, there are a few key things to get right. A good mortgage broker will help you get as affordable a mortgage as possible. Beyond that, everyone knows that location is an important factor. What’s less commonly known are the specific factors pertaining to location that are considered most important by agents, buyers and sellers. Ultimately, choosing the best house to buy is a personal choice. Factors that are vital to you will not always be shared by the rest of the population. On the other hand, when it is time for you to sell, there will be a set of location traits that will be demanded. The more of these traits your house has, the greater the demand for it and the higher the selling price will be. As a result, it is best to try to purchase a house that has as many of these desired traits as possible regardless of how important they might be to you in order to ensure high demand when it comes time to sell. Today I will cover three of these factors, with three others coming tomorrow.
Centrality
All over North America, urban sprawl has led to the creation of suburban communities surrounding a city core. In good economic times, these areas thrive and are highly demanded. On the other hand, during recessions these areas are hit hard as an increasing number of individuals find themselves out of work and unable to keep up with mortgage payments. As a result, it is generally expected that house prices will hold much better in the city core vs. the suburbs.
Accessibility
Given the amount of time per day individuals spend driving to and from work any way in which commute times can be decreased will be greatly desired. Thus, home buyers will pay more in order to live in a house that is close to major roads and freeways. Additionally, buyers demand a greater number of routes out of one’s area towards the rest of the city.
Appearance
People also tend to place an emphasis on the appearance of a property’s surroundings when looking for a home. A good rule of thumb is the greener, the better. The presence of a lot of trees, parks and community spaces will be rewarded with a higher closing price than an identical property in an area with a relatively barren appearance.