Buying a Home: Location Location Location

Target locationVery often in advertising, ‘location’ comes up front and center! Just how important should location be? It may not be the most important factor, but it certainly has to be considered.

A downtown city condo far out prices a similar condo in an outlying suburban setting. An established area of single family houses in the suburbs demands higher prices than similar houses in a village setting outside the metropolitan area.  Chances are what is perceived to be the ‘best’ location in a given area generally costs more as well!

Today’s location, whatever that ends up being, may not be tomorrow’s in terms of re-sale value and market trends, so individual priorities become most important. Someone may have her heart set on an older modest farmhouse on an out-of-the-way country road, and while it may not follow a standard comparable definition of ‘location’, it may represent the perfect location for different reasons. If there is a future need to sell, maybe it may take longer than a more populated area for example, but this might be an easy compromise because she is achieving her desired lifestyle, and that is her priority.

Within a larger community there are always areas of similar priced homes or homes that are closer to the centre of town or ‘family’ areas closer to schools and parks. Finding one’s price range and desired lifestyle become the important factors in choosing the area within the larger community, – in other words the best ‘location’ for you and your family. Each area has its own set of characteristics that separates it from the others. Some of these may be o.k. and maybe some aren’t; – perhaps a particular area is enclosed to the point where only local traffic uses the streets – this is good! – on the other hand, perhaps there is a high water table that could cause a potential problem come spring – this is not so good! You want to know about the neighbourhood and if all the factors that make up its location do indeed meet your personal priorities!