Location, Location, Location

By Doherty • February 17th, 2011
Law office used by Henry Clay from 1803 to 181...

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Real estate is all about location, location, location; we have all heard that so many times. So who determines what the perfect location is? In this article we will explore the importance of location as a factor when it comes to choosing a property; whether for investment purposes or for personal occupancy. There are several features that help determine if a particular location is ideal or not.

Family size, profession or occupation, hobbies and many other factors can influence the suitability of a particular location to different buyers. Thus, a location preferable to an old couple in late sixties could prove disastrous for newly-weds or working couples looking to start a new family.

What determines a perfect location?

The accurate question will be What determines the ideal location for you? Location should not be considered as a one-size-fit-all when it comes to finding a home or an investment property. It would be inevitable to buy a house in proximity of a commercial center in a quiet neighborhood if you are working from home. If you have school-age children your ideal home will probably have to be within the proximity of a particular school district. The key is to know and understand your unique set of needs.

Before you set out to look for your ideal property, it is crucial that you identify your needs first.  List out all the facilities that you and your family rate with high importance, and understand that this list is eventually subject to change.  You need to remember that you may develop a liking for properties that are not your ideal location while searching for a new house.  This is the reason you need to filter your search to locations with facilities equivalent to your needs.

Considering all the above mentioned factors, I would summarize the following points for you to keep in mind in your pursuit to find the ideal property.  I will take the liberty here to assume that you have your checklist of needs.

It is important to “be there” when you select a particular location that you feel matches your requirements. Visit the place yourself, or accompanied with your family and have a basic feeling of the place.  Be sure to note the peculiarities of the location such as traffic patterns, noise levels and other factors worth observing.  Take a walk around or a drive through to see the thing in close proximity.  If you like what you see, repeat the process another day at a different time, say you saw it in the morning, go back another day in the evening or if your first visit was during the week,  Check it out again on a weekend.

Talk to people in the neighborhood, find an average looking home there and ring the door bell, talk to the people there (use good judgment).  I have experienced that in Lexington Kentucky, my place of residence, people will happily tell you all you need to know about the locality if asked the right questions in a pleasant fashion. This would probably hold true for most markets.Look for signs of enthusiasm, satisfaction, disappointment, or indifference.  Home Owners Associations (HOAs) should also be an important factor in your search, find and understand the rules and regulations of the HOA to determine if they are favorable to you or not.

Do your homework, and most importantly don’t settle.Your home will certainly be one of the most important and biggest investments you ever make, so it is imperative that you do your due diligence and not leave the process to chance.

About the author: Ed Sarfo is a veteran real estate consultant and Principal Broker with RCP Real Estate Consulting and Planning in Lexington, Kentucky. For more articles and features on Real Estate, visit his blog at http://www.OfrasHomes.com/. You can also follow Ed on twitter.com/sarfo12

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