It’s not hard to buy good Windsor real estate in a less than desirable location. What’s hard is trying to sell it again. Location is the number one rule in real estate and often the most overlooked. It bears repeating, but you can change many things about a home. You can remodel it and alter the layout, but you cannot move it. Buying a home in a bad location usually means that you got a good deal for it and you felt you couldn’t pass it up. The problem is, will the house go down in value because of where it sits?
What do buyers want when searching for a good neighbourhood? What type of location will give you the most value and where you can watch your profits increase?
1. Top Rated Schools:
Whether you have children or not, buying a home in a top rated school district is one of the best things you can do. This is a huge selling point and means that your home will be attractive to families when you put it on the market.
2. Close To Parks, Nature Trails, Outdoor Recreation:
Homes near the ocean, mountain trails, lakes and parks will hold their value over time because they are in a highly desirable location that is visually appealing. Properties that are located near recreation, where owners have quick access to skiing, beach, swimming, biking and hiking means that there is always something to do for those that like to be outside yet return home in a short amount of time.
Homes that have views are highly desirable, as they never go out of style. The most popular views are those of mountains, golf courses, water, cities as well as nature reserves.
4. Close To Entertainment:
If you have a home in a city that is within walking distance to top entertainment, restaurants and shopping, you have a home that will always be sought after by buyers. Many people prefer to walk into town thanks to high gas prices and the overall convenience of not worrying about parking or traffic.
5. Stable Neighbourhoods:
Those homes that have stood the test of time continue to improve and weathered economic downfalls are likely to attract those buyers who want to see increased value in their home. Popular, traditional neighbourhoods show pride of ownership and buyers want to be part of this.
6. Near Health Care, Jobs, Public Transportation:
Long commutes are not attractive to most buyers. They also want to be close to their doctors, hospitals and airports when needed. Homes close to these facilities are always a good bet and often advertised in sales materials for those that work in the health field.
What is considered a bad location?
1. Industrial or Commercial Buildings:
With the exception of living downtown, buyers don’t want to live next to a strip mall or a paper plant or factory. There really is nothing appealing about these neighbourhoods. Who wants to listen to the noise?
2. By Airports, Freeways, Railroads:
Again, these neighbourhoods are not considered peaceful or tranquil. Noise is a huge issue where you often can’t talk on the phone or sit outside for a quiet afternoon.
This goes without saying. Buyers want to feel secure and safe. If your neighbourhood has bars on their windows, cars come and go at all hours and police are a regular presence, this is property that will never increase in value, at least in our lifetime.
4. Economically Depressed:
For those neighbourhoods that show lack of pride in maintaining their homes, think twice before moving in. This includes bad landscaping, junk in the yards, junk cars or lack of maintenance. Some real estate agents will call these areas “up and coming,” but know that this often means there are definite issues. If you have a bad feeling about a neighbourhood, trust your instinct and do your research.
When buying a home, you are not just purchasing a piece of property, but also a neighbourhood and a lifestyle. Chances are, you want to be in your home for several years, perhaps raise a family and maybe later, sell at a decent profit. This can only be done by buying a home in a desirable area. As always, sit and talk with a qualified real estate agent who knows a city backwards and forwards. Any neighbourhood specialist can show you where the best areas are to live that will fit in your budget.