We’ve all heard the phrase “location, location, location” when evaluating real estate, but what does it mean to have a good location? For new homebuyers shopping for the perfect home can be exciting and overwhelming at the same time. Since shopping the real estate market will often require compromises, understanding how to evaluate a good location is key to determining what homes will and won’t work for you.
Commute Options
An ideal location will have multiple commute options. Think about your ideal forms of commuting and where you will want to travel–whether work, your favorite recreational sites, and stores. A home with perfect commute options will mean multiple public transportation sites are nearby, the location is walkable, and it is easy to commute by car. Consider how long of a commute would be comfortable for you for commonly traveled locations.
Desirable Neighborhood
Your neighborhood will greatly impact your resale value as time goes on. Be sure to evaluate the surrounding property values and do extra research to find out if there are any planned or ongoing developments in the area. New infrastructure can increase your property value but also affect the feel and scenery. You don’t want to buy a home specifically for the beautiful view only to have that view impeded by new development within the first year of living in your new home.
Great Statistics
Research the neighborhood’s crime rate and school district quality. Check with local law enforcement to hear their input on a particular neighborhood–they may even have a website with a map showing any markers for nearby recent criminal activity. If you have children, investigate the quality of the local school district’s performance. Researching the school’s extracurricular programs and community events may also be helpful when you are assessing.
Noise and Traffic
Pay attention to the noise and traffic levels in the area. Be sure to visit the prospective home at different times of the day to get a sense of traffic noise, nearby businesses, or any other potential noise sources that could affect your comfort. Knowing if your street is a common through-street is helpful if you have children and want to avoid high-traffic zones.
Natural Disasters
If the home is in a flood zone or an area prone to a specific natural disaster, you’ll want to weigh the pros and cons. Remember that you may need additional insurance or precautions to protect your home and belongings.
