What is the first thing you consider when beginning the process of buying real estate?
Often, buyers usually start by looking at price. While price is essential, it is not the most important piece of the puzzle. Ask any experienced realtor®, “what is the most important thing to consider when buying a property?”
The answer will almost always be the same: location.
We’ve all heard the phrase “location, location, location” – so much so that it has become a bit too cliché. However, it still should be considered first and foremost in the world of real estate. Let’s take a closer look at why location matters so much and how you can have the right perspective when considering real estate.
Here are three important factors to consider when it comes to location in real estate buying.
Often, a home of commercial building can look very appealing when they include certain features and are listed at what appears to be an incredible price. The square footage is desirable, the upgrades are there, the features look attractive – everything seems a bit too good to be true. And the truth is, they sometimes are.
Those features are important, but you must consider this: you can rebuild a building, add on new additions to increase the square footage, remodel it to look stunning, and redo just about any other feature you like. However, no matter how much you change the property, you cannot change the location – at least, not easily of inexpensively. Keep that in mind when searching for a property.
While you may be searching for the most bang for your buck, you should always consider location first, then price. When you buy property, you are buying much more than a physical building or land. You are also buying convenience, safety, access to schools, proximity to roads and freeways, access to city centers and popular places, and more.
How far do you want to commute? Are there good schools nearby? Is this a safe neighborhood? Is this property good for commercial development? Is it on a major thoroughfare? There are many questions to consider when choosing the right location. Just because the price looks too good to pass up, doesn’t mean it is a good real estate investment. The contrary is also true – if something seems a bit overpriced, then consider all the location-based features. It may be a great investment, after all.
Real Estate should be looked at with a long-term perspective. While you may be looking for certain features in a real estate property, you must also consider the investment side of things. What will this property be worth in the future? If I should decide to sell in the next 5-10 years, what will this property be worth.
With this perspective, the importance of location can be seen through a different lens. We can consider how the area, as a whole is growing, what schools are being built nearby, distance to city centers and popular areas, and much more. While a property may seem to be in a poor location now, take a long term look at it. It can very well be in a prime location for future development. This is commonly seen when major highways are built in undeveloped locations. The property values can skyrocket as developers move in to take advantage of the now valuable location.
At MWT Realty, we understand the importance of location when finding and buying real estate. We find a location that fits your needs, while also setting you up to make a good investment. Combining those two elements takes experience and attention to detail – and that’s what you will find at MWT. If you’re ready to buy the perfect property for you and your vision, then give us a call. We know you’ll be happy you did.