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 The
old adage “location, location, location” wrings very true.
Before you begin your home search, you will need to decide in
which neighborhoods you would like to search.
Location is also the single most important determinant of the
price of a home. If you
are looking to eventually resell your home, location will make a
huge difference in the price buyers are willing to pay.
The following aspects determine the value of a given
location.
Economic Stability
When choosing a community for your purchase, it
makes the most sense to buy in a city with a viable and stable
economy. Five, ten, or even fifteen years from now – when you want
to sell your home – you can have a reasonable expectation that your
community will still be a desirable place to live.
In addition to residential neighborhoods, there
should be a healthy mixture of commercial and business districts.
These not only provide jobs to the local residents, but also add an
income source that the city can use to upgrade and maintain roads
and city services.
In fact, you should take a drive and see how
well the community is maintained. You have probably heard of "pride
of ownership" when referring to an individual home or an automobile.
Look to live in a city that demonstrates community pride, as well.
Local Government Services
In addition to community pride, check on the
services provided by local government. One example would be the
local library system. Are there several library branches? Do they
stock a good selection of books, including recent best sellers?
You should also look into local crime
statistics and see how the city compares to the national average and
other local communities. Are fire stations located strategically
around the community so that they also can respond quickly in an
emergency? To find out
about crime patterns for a specific neighborhood, call the local
police station. Most
stations will gladly identify problem areas.
Another area of inquiry is community services.
Does the city sponsor youth sports and have well maintained athletic
facilities and parks? Do they sponsor community events, such as an
annual parade? Are there activities available for children,
teenagers and senior citizens?
Your local agent, if they are a good one, will
have amassed a wealth of information on these subjects of inquiry.
It is also another reason to always use a local agent.
Schools
 Houses
located in areas with award winning school districts will always
have higher values due to the increased demand from parents who want
their children to attend those schools.
Therefore it is always a good idea to investigate the local
school district to find out how well it is regarded compared to the
surrounding schools.
There are also school reports available for
free on the Internet.
For information on schools in the Puget Sound area, the Seattle
Times publishes a guide to schools at
http://community.seattletimes.nwsource.com/schoolguide/.
Physical house location
Houses located on busy streets generally sell
for less than those in quiet cul-de-sacs.
Similarly, many families will not look at houses located near
power lines. Generally
the noisier the area around a house, for instance through air,
train, or auto traffic, the lower the value.
Houses located in quiet areas backing to green belts will
often have higher prices.
When looking at a house, make sure you consider
whether there is an aspect of the location that would not appeal to
someone. Even in a top
neighborhood, power lines and high traffic will severely depreciate
a house.
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