Why Location Is so Important in Real Estate

What’s the most important thing about real estate? Any Realtor will tell you, it’s “location, location, location.” Believe it or not, the location of a home is the single most important factor to consider when looking for a new home. You might find a beautiful house that has all the space and amenities you need, but if it’s located in less-than-desirable neighborhood, you’ll likely have trouble reselling the home in the future. In addition, while you can change practically everything else about a home (think: finishes, number of bedrooms and curb appeal) through renovations and upgrades, you cannot change the location. This feature remains static and therefore, should be top of mind when purchasing a home. So what makes for a “good” location? Here are five important factors to consider when assessing a home’s location.

Why location is so important in real estate

These five locational factors affect the resale value (and overall property value) of a home.

Nearby schools

Crime rates

Amenities and transportation options

The neighbors

Future appreciation potential

What are other important factors to consider besides location?

There are plenty of factors to consider when house hunting for a new home. Here are several key features to keep in mind – besides location, schools, amenities and neighbors.

The age and condition of the home – The age and condition of a home should be top of mind when purchasing real estate. The reason? Maintenance and upkeep costs will likely be much more if the home is older and in poor condition.
The local and national real estate market – How is your local real estate market doing? If the demand is up and supply is tight, you can expect to pay more for a house. On one hand it’s good that you’re purchasing a home in a desirable place, but on the other, you’ll likely have to pay up.
The price – A home’s price and your budget are one of the most important factors to keep in mind when house hunting. Avoid looking at homes that are outside your budget. Even purchasing a home that is a stretch could be a mistake depending on your future earning potential. Before house hunting, it’s important to set a budget and stick to it.
Insurance considerations – Everything from a home’s building materials to its proximity to water can affect the cost of insurance. Before purchasing a home, be sure to inquire how much the current homeowners are paying in insurance.

Ready to move?

After considering the sizes and locations of various homes, you’ve finally decided on a place to call your own. Congrats! Now it’s time to start planning that move. Fortunately, Moving.com’s extensive network of reputable and reliable movers makes it easy to book the best moving company for the job. All relocation companies in our network are licensed and insured, so you can rest assured that your move will be in good hands. Best of luck and happy moving!