Global Real Estate Highlights

We always hear about “Location, Location, Location” as the most important consideration in real estate investment. But, what if you are just planning to live on it? How important is location in buying a home?

In my opinion, it is still one of the most important considerations. If you have to choose between a nice home in a hostile neighborhood and a horrible home in a pleasant neighborhood, choose the latter.

Your home and its neighborhood comes as a package deal. They always compliment each other. If you have noisy neighbors, an unsafe community and a polluted environment; you are basically stuck with it until the next time you sell your house. It creates a stigma in your neighborhood, irregardless of how stunning your house is. It pulls down the value of your home. Meanwhile, if you have an ugly house in a highly desirable neighborhood, the value of your home will grow together with the increase in value of homes within your area.

Here are three important things to remember why you should buy in a good location:

1) You can renovate your house to make it look better, but it will be hard for you to change the image of your neighborhood.

2) Your actual home depreciates over time. It’s the land that appreciates. If it is located in a desirable location then there will always be a demand for it. The increase in demand is a good indicator of the appreciation in home values.

3) Your home is your castle, buy in an area where you feel happy and safe to live. There is no use buying a home, if you don’t enjoy living in it.

Buying a home and selling one comes with a lot of costs. Unlike renting, you can’t always pack up and move to the next available house. Choose carefully. Make sure you won’t regret your decision. Consider the safety of the neighborhood, the air and water quality, the amenities available and the accessibility of the location. Think of the things that are most important to you and your family. Once you’ve decided where you want to live, then you can choose the house that will best match your budget, needs and family’s lifestyle.

Are you happy with your home’s location? Do you have any regrets you want to share?