|
Location, location, location. It's a cliché in real
estate, but one based solidly in fact - nothing affects
your home's value like its location. Properties in premium
communities are always in great demand, appreciating
strongly during boom periods and largely retaining their
value during weak markets.
Purchasing a home usually involves a series of trade-offs.
Do you buy a larger home that needs a little work or a
smaller one in better shape? Will you accept a longer
commute in exchange for more land?
Location should figure heavily into these comparisons -
it's not only one of the most important factors; it's also
one you can't do anything to fix or improve.
Consider all aspects of a property's location -
community, accessibility, exclusivity, schools, etc. -
when viewing a new home. Don't forget to review the
negative factors as well - noise, traffic, high taxes,
etc.
Location
Checklist
It's usually a good idea to purchase a home in the best
community you can afford - these towns typically offer the
highest living standards and the greatest opportunities
for appreciation.
Consider this checklist when evaluating a community
|
R
|
The
quality of a town's school system has a tremendous
impact on property value, making this a serious
consideration even if you don't have children.
|
|
|
|
|
R
|
Look
for a town with good access to major highways.
Proximity to train or air service is also a major
plus.
|
|
|
|
|
|
High-end communities
usually have restrictive zoning laws. These
regulations retard new development, resulting in a
lower growth rate, larger lot sizes, and higher
prices. While this increases the cost of entry
into the community, it also serves as a safeguard
of future property values.
|
|
|
|
|
R
|
Does the town offer
adequate parks and other facilities? Is the area
attractive, with well-maintained homes and
businesses?
|
|
|
|
|
R
|
A community that is
perceived as a high-end neighborhood is always a
good choice, offering the best prospects for
strong future value (and present quality of life).
|
|
|
|
|
R
|
Be wary of communities
experiencing rapid growth, particularly when that
growth is in the form of large multifamily
developments. Sudden increases in population can
severely strain a town's resources and services -
and can change the community's character
irreversibly.
|
|
