When it comes to finding the right location

Considering the location of your first home is important for a number of reasons. Before we discuss more personal reasons to consider location before buying a house remember location plays a big part in determining a home prices and potential resale values in the future. It is important to decide on the kind of area you’d like your family to live in and go searching for a home in the areas that meet your criteria.

Your criteria may include:

  • Proximity to the local market – a supermarket, fruit and vegetable store, butcher, dairy, restaurants and cafes, boutiques, doctors and medical centers, library, churches, playschool, playgrounds, parks, gyms and swimming pool to name but a few.
  • What are the schools like in the area? You may not have children and aren’t planning any, but being ‘in the zone’ for a popular school can add a significant amount of value to your home over time.
  • Which part of the property does the sun rise on, which part has sunlight during the day, and at what times of the day? It is recommended that you visit a house that you like a different times of the day to understand how the sun affects each room.
  • Is the neighbourhood pleasant to live in? Are the homes, gardens and local facilities well cared for? Is it a safe area? Is it quiet or busy? What are the neighbors like? Is it a well established neighborhood or a newer, developing area?
  • What is the zoning in the area and what does it allow? If it is commercial, there may be business or even industrial developments close to your home in the future. This could affect property values in the future.
  • How far is the house from your family and friends, or your workplace? How close are the public transport and road access points?
Things to be aware of:
  • Buying near the flight path (becomes too noisy).
  • Buying near a busy road or motorway (frequent traffic).
  • Buying too close to an industrial area as this can lower the resale value of the home.

Some of these areas are quite often less expensive and can appear good value, but they are usually harder to sell and will not appreciate in value so readily.

Homes in a ‘good’ location are popular because:
  • They do not lose their value – even in market downturns.
  • Their value goes up more and faster than homes in other areas and they’re easier to sell.
  • You are more likely to get your money back or profit from any renovations.

You have probably heard the expression to buy ‘the worst house in the best street’ for these reasons.

Everyone wants to buy in good locations. This means the competition can be tough and prices can be out of your budget. Be prepared to consider looking elsewhere.

Have another question or ready to begin your journey with Mortgage Mantra?

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