Everyone has heard the phrase”Location, location, location”and knows that it is an important
factor when looking for a new home, but many people do not really know what the phrase
actually means. Here are a few things to consider about your next property’s location:
1. Is the area fully or almost fully developed, or does it display a high level of urban sprawl?
More fully developed cities will mean a higher price tag, however this also translates into a
more valuable property when it comes time to sell. Communities where there is too much
room to expand have suffered from massive population growth, followed by a population
exodus. While the property will be less expensive hear to purchase, it also does not have as
2. In tandem with number 1, check out development plans for the area. If new schools,
hospital, etc. are in the works, that less expensive urban sprawl area may see a rise in
3. Are there desirable amenities in your chosen community? By that, meaning are there
stores, schools and easy access to your work nearby? Be sure you figure out how far you
are willing to travel for these things. This is a balancing act as you do not want your
property too near the local grocery store either. A close look at how well the neighborhood
is kept up will benefit you as well.
4. A common sense tidbit that you probably know but probably forgot – your house will
depreciate in value, but the land it sits on will keep its value or appreciate. So if you have
narrowed your search down to a beautiful house on a small lot or a fixer upper on a large
lot, in most cases choosing the latter will earn you more bang for your buck in the long run.
Unless you cringe at the thought of doing any home improvement or repairs, which may
have you hating your decision to growth that big ol’ lot.
Location does matter, so give the non-emotional factors as much weight as the ones that make
you heart go pitter-pat.