If I could make Location be Priority Number 1 in addition to Price, then I would do it.
Location is the one thing you cannot change about your home. It is critical, therefore, that you be where you want to be. Further, you need to understand how your location impacts the overall value of your home now and in the future. If you are concerned about the value of a certain home with regard to its location, let your Realtor know so that you can discuss the situation before you make an offer.
Here are a few questions to ask yourself with regard to Location:
- How close do you want to be to work?
- How close do you want to be to family & friends?
- How close do you want to be to conveniences, entertainment and venues?
Do you have any other special location needs? Examples might include:
- In a subdivision or not
- Corner or Cul-de-sac lot
- Wooded or Open
- Near water, etc.
If you are completely new to the area and don’t have a particular preference, one of the best things you can do is explore. Go for a drive. Ask friends and acquaintances that live locally about the pros & cons of different areas. And read. It will help you to narrow down where you want to be.
You may also need to prioritize your location with regard to the type of home that you want. If you want to be downtown and be able to walk to conveniences, your price will be much higher. If you want a larger lot, you may need to go with an older home if you want to be closer to the center of a town. Plan to be farther away from conveniences, if you want both a newer home and more land.
Next time: Home & Lot Size.