Why Does Location Matter So Much?

Why Does Location Matter So Much in Real Estate?
The phrase, "location, location, location" has become a cliché in the real estate industry, but that is only because it is true. No one wants to live in Cracksville. However, many people who are looking for a home have the choice of many neighbourhoods where bars on the window are not in fashion and the question is, 'should I choose the neighbourhood I like or the home I like'?

A good neighbourhood is one thing, but a neighbourhood that's good for you is another. For parents, a 'good neighbourhood' may be one with parks, good schools and low traffic streets. For people who enjoy a lot of get-togethers with friends, a neighbourhood with plenty of nightlife, restaurants and other social opportunities may be a 'good neighbourhood'. For pet owners, proximity to a good veterinarian, dog park or pet daycare might be the ideal.

If you're looking for future investment, by all means, purchase the best, less-than-ideal house you can in a great neighbourhood. If you feel that you really need that third bedroom, you might take a home in a neighbourhood that is a little less convenient, but you might not realize the same amount of equity that you do in a home that is in a more advantageous location.
However, if your future plans make a house with certain features important, you may be willing to sacrifice. People who are planning to have children or bring people into their home may require extra space, for instance, so a house in the best neighbourhood possible with 2 bedrooms can't compete with a home in a less desirable neighbourhood that possesses 4 bedrooms.

Are you a home-body or are you always on the go in the neighbourhood and city? For people on the go, a good neighbourhood is important - if you want everything at your fingertips, it makes more sense to buy where such things can be had.
If, on the other hand, you enjoy spending most of your time at home, you may not mind that there isn't a grocery store within walking distance or a coffee shop nearby. Of course, if you have an eye to a future home sale, you might want to consider the things that a future buyer might be looking for.

Picking a home that is right for you is more than whether it has a certain amount of bedrooms or if the bathroom has a soaker tub. It's whether the neighbourhood suits your personality and what your goals are for the property in the future. Pick your home and neighbourhood carefully for the maximum enjoyment of home ownership.

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