Property owners, professional real estate agents, home-buyers, and first-time apartment seekers alike have all heard the ubiquitous mantra of “location, location, location.” But what exactly is a good location? The answer to that question depends on many factors—among which are undoubtedly the subjective and highly variable questions of “what are you planning to do with the property” and “what are your personal tastes.” That being said, when it comes to private residencies, there will always be a few basic rules that determine the quality of a location. Here are a three things you should consider when trying to decide if a new home or apartment is truly in a good location.
- Neighborhood. To begin with the obvious—it’s important to consider the neighborhood in which a property is located. The “ideal” neighborhood should have plenty of amenities such as grocery stores, restaurants, and other businesses all within a reasonable difference. Additionally, the “perfect” neighborhood would be fairly quiet, yet located close to main arteries of transportation such as highways, train stations, bus stops, etc. Last but not least, appearances do matter: a neighborhood in which the other houses and lawns are all well cared for is likely to demand a higher value due to aesthetics, practicality, and safety.
- Centrality. Imagine that ideal neighborhood discussed in the last paragraph (even if it is only hypothetic and idealized.) Imagine that neighborhood placed near the center of a thriving metropolitan area, and then imagine it out in the middle of the “sticks.” Which neighborhood would have a higher objective value? The one in the city, of course!
- Development. Sometimes, the future matters just as much as the present. Look for a location that is surrounded by exciting new development and you are sure to find a location that will appreciate in value and be the envy of those who disregarded this important last factor!
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