Why Location, Location, Location Is Still The Most Important Consideration When Buying A Home
What’s more important - the house you want to buy or where it is located?
How to choose the best location for your home
- Is it an area attractive to millennials? - This age group (those born between 1981 and 1996) make up more than half of buyers and this figure will no doubt grow, so it may be wise for older buyers and property investors to consider the aspects that attract millennial buyers to an area. Don’t forget that the average person moves every seven years, so you should always be looking ahead to consider who might likely want to purchase your home if you one day want to sell up. What do millennials look for in a location? Affordable prices, easy commutes to work, cultural and artistic happenings, good local amenities and quality schools are some of the sweet spots for millennials.
- What schools are nearby? - One of the safest ways to invest in real estate is to invest in the school district. Some property investors even believe that having good schools nearby will increase a property’s worth more than anything else. If there are well-performing schools in the area, there will always be buyer demand! Of course, if you have children or are thinking about it, this is also a major concern for you, right now. How can you find out how schools in an area rate? You can use Gov.uk’s school ‘find & compare’ service here or do your own independent research using the likes of The Good Schools Guide here.
- Transportation options - Bus stops, metro stops or train stations within walking distance to your new home, as well as safe streets to cycle on or walkability to local amenities, is sure to add value to any property. Furthermore, in major cities, if you buy a house in a location where the city is going to build a new train stop, for example, you will see instant appreciation once that train becomes available. Proximity to motorways (but not close enough to hear it!) is also a positive feature for any home to have.
- Closeness to amenities - Buyers generally want these amenities within a 5-10 minute drive. If the location of the home you're buying is within a few miles of most of these amenities it will help raise your property value.
- The likely future of the neighbourhood - It’s crucial to ask yourself where the area will likely be in the next five years or so. In some cases, it can even be more worthwhile to buy in a ‘bad’ area as opposed to a ‘good’ one, as you are more likely to benefit from value appreciation as the area improves and house prices increase. It’s more valuable to focus on the area’s future potential than its current status.
More tips for first-time buyers or those wishing to invest in new property:
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Content correct at time of publication.