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The three most important factors in determining the desirability of a property are “location, location, location”.
Location is the most important economic characteristic of land. This characteristic does not directly refer to a geographic location but rather to people’s preferences for given areas. There are different types of buyers and everyone may have different reason for purchasing a home. Since purchasing a home is the largest investment in people’s life you should always think when buying a home about the time you will be selling it. Statistics show that in United States people move on an average of every 6-7 years to a new place.
The real estate market goes in cycles. Houses with good locations always will find buyers regardless of how bad market conditions are and don’t tend to lose as much value as houses with poor location. There are different deciding factors for every buyer where to purchase a home. The list may include: school district, proximity to public transportation, being close to parks, sport centers, shopping etc. Whatever the deciding factor is for you, try to find a home with a better location in the neighborhood you want to settle in. Generally homes that are located on side streets in the middle of a block attract more buyers. Corner homes, homes located on the main streets, or by high power lines, or in the areas with excessive noise (airport) attract a lot less buyers. As a result it is harder to sell them in the future for a good price and when the market is in a bad cycle their values depreciate a lot faster than homes with better locations.
Deciding on a good location refers not only to single family homes but also to condominiums as well. If you plan to buy a condo pay close attention to the location of the building itself and location of the unit in that building. Some condos nowadays have high association fees. Check what is included in the association fee, if they have any special assessment, and what cash reserves they have.
Although we like to believe that purchasing a home can be straightforward, it is often a complex ordeal in which we are forced to compromise. Before you start the search you should think about what you’re really looking for in a home. Ask yourself a few questions like:
1. What will you and your family need in the next 5-10 years?
2. What are your priorities?
3. What tradeoffs are you willing to make?
4. What are you willing to sacrifice when it is crunch time?
5. What is more important to you a safe neighborhood and good schools or a big backyard?
6. Has your income increased consistently in the last few years?
Purchasing a home will be the biggest investment of your life. It is good to spend time to gain some knowledge on this subject. This would be a time well spent that will pay off in the future.
Deciding Where To Buy A Home