When you are buying a home, you will probably hear this mantra a lot: location, location, location. Is it just a worn out real estate phrase or is it actually important?
As overused as the phrase is, it should still impart a great deal of meaning to you. Where the home is located is the most important factor in determining its value -- not just now, but also in the future.
Imagine you have the choice between buying two identical homes: One is near the center of a housing tract and the other is on a busy street. The first house will have greater value. On the other hand, you may be able to afford a 4-bedroom home on the edge of the tract near the busy street for the same price that it would cost to buy a 3-bedroom home in the center of the development.
"Location, location, location" is the biggest rule in real estate, and often the most overlooked by buyers and sellers alike.
It is entirely possible to buy the right home in the wrong location. After all, you can
change the home's layout and structure and remodel to your heart's content, but you cannot move it.
The best locations to buy are those in hot spots including homes:
The areas above are those that draw the most buyers and the highest prices.
The qualities that make a location desirable can be harder to determine as it depends on the general area.
Bad locations, though, are very easy to define.
The bottom line is location truly matters, so it pays to consider it first when you are choosing the home that is right for you.