Buying any property is stressful and hopefully ultimately rewarding. There are many factors that must be considered to ensure you get the perfect property for your needs. The most obvious ones are things like how many bedrooms does the property have? Or, does it have a yard?
However, potentially the most important aspect of all is the location. Of course, the better the location the higher the price generally is. That’s why you should take a look at what your local real estate auctioneer has to offer. You may be surprised at the bargain you can get.
Here’s why the location is so important.
For You
If you’re buying a property for yourself then you‘ll know which factors are important to you. For example, you may prefer rural as opposed to city living.
You will also know where you work and how easy the commute will be from your chosen location. Alongside this, you may want to have children and would like to have shops and a school near your property with good furniture and a huge garden.
All these factors dictate where you should be living and help you narrow down your search by location.
Renters
Should you be buying a property to rent then most renters will have similar choices. If it ticks the right boxes for you it is likely to do the same for renters. However, you won’t know where your renter is working. In this case, it’s important to be near good public transport links. Your renters may need these and having them close by will help to convince them that your property is right for them.
The more appealing your property location is the easier it will be to rent. That means you’re more likely to be able to pay the loan and keep the property!
Factors That Influence Location
Schools, work, and transport links are all important parts of the right location. Of course, you can’t guarantee your chosen location will appeal to everyone. But, if you get it right it should appeal to most people.
Alongside the above, you should also take a look at the crime rates in your chosen neighbourhood. There are two problems with renting in areas that have high crime rates.
1. Lack of renters
If people know the crime rate is high they won’t be keen to rent your property, leaving you out of pocket. In short, you’re likely to have a house with an excellent deck but without tenants.
Buyers and renters are increasingly aware of crime rates, be warned!
2. Damage
Having a property in a high crime area means there is an elevated risk of damage to your house or the land surrounding it.
This can simply be in the form of street damage, caused by bad behaviour. Or, it can be criminals targeting your property, especially if they know it is empty.
Evaluate Neighbours
You can’t control who your neighbours are. But, you can assess them to see what type of people they are and whether tenants are likely to get along with them or not. Knowing this can help you choose the right property and appeal to the best market.
