Don’t un­der­es­ti­mate ‘lo­ca­tion, lo­ca­tion, lo­ca­tion’

Daily Local News (West Chester, PA) - - REAL ESTATE - STATEPOINT

If you are in the mar­ket for a home, you are prob­a­bly weigh­ing a range of fac­tors, in­clud­ing size, ameni­ties and ar­chi­tec­tural style. But ex­perts say that the old adage “lo­ca­tion, lo­ca­tion, lo­ca­tion” should never stray from one’s thoughts.

“Lo­ca­tion not only af­fects your daily life in count­less ways, but it also has an un­ques­tion­able in­flu­ence on the cur­rent and fu­ture value of your home,” says Char­lie Young, pres­i­dent and chief ex­ec­u­tive of­fi­cer for Cold­well Banker Real Es­tate LLC.

Young points to The Cold­well Banker Home List­ing Re­port, billed as the most ex­ten­sive home price com­par­i­son tool in the US, as a good place to be­gin your re­search. The re­port, which can be found by visit­ing bit.ly/cold­well­banker2016HLR, an­a­lyzes the av­er­age list­ing price of more than 50,000 four-bed­room, two bath­room homes on Cold­wellBanker.com be­tween Jan­uary 2016 and June 2016 in more than 2,000 mar­kets.

The find­ings re­veal that while the na­tional av­er­age list­ing price for a sam­ple size home of $320,120 can buy a sim­i­lar home in nearly 1,300 mar­kets across the coun­try, there are some ma­jor out­liers on both ends of the price spec­trum. In Detroit, the coun­try’s most af­ford­able mar­ket, the av­er­age list­ing price of a sam­ple size home is less than $65,000. How­ever, in Saratoga, Cal­i­for­nia — the most ex­pen­sive mar­ket — that same size home costs nearly $2.5 mil­lion, fu­eled by the re­gion’s high-tech en­ter­prise.

But Young says not to view home prices as a yard­stick for qual­ity of life, “You can find a great place to live in most mar­kets. In fact, Detroit has been ex­pe­ri­enc­ing a re­nais­sance in the last few years. An in­vig­o­rated com­mu­nity, cul­ture and a resur­gence of young pro­fes­sion­als, is mak­ing it an af­ford­able, vi­able city in which to set­tle down and build roots.”

An­other ma­jor lo­ca­tion fac­tor home­buy­ers should take into con­sid­er­a­tion is the lo­cal school sys­tem. Even if you don’t have a child in the fam­ily, schools can play a ma­jor role in home value.

But re­mem­ber, lo­ca­tion mat­ters be­yond pure fi­nances and can af­fect ev­ery as­pect of your life, like the length of your com­mute, the pres­ence of parks, the walk­a­bil­ity of the sur­round­ing area, and the rel­a­tive safety of the neigh­bor­hood.

Other fac­tors to con­sider may in­clude do­ing a bit of re­search. How large is the com­mu­nity and does it fit with the type of place in which you want to raise your fam­ily? Will your new home be sit­u­ated near key shop­ping des­ti­na­tions for daily sta­ples like gro­ceries, dry clean­ing and other nec­es­sary ser­vices? Will your new com­mu­nity wind up cost­ing you more in lo­cal taxes or other mu­nic­i­pal fees? A bit of ad­vance check­ing can help you make the best choice for your needs.

So while you are count­ing bath­rooms, ad­mir­ing a newly shin­gled roof or imag­in­ing your­self en­joy­ing a prospec­tive prop­erty’s pool, don’t for­get lo­ca­tion and its po­ten­tial im­pact on your life­style and your wal­let.

“Lo­ca­tion not only af­fects your daily life in count­less ways, but it also has an un­ques­tion­able in­flu­ence on the cur­rent and fu­ture value of your home,” says Char­lie Young, pres­i­dent and chief ex­ec­u­tive of­fi­cer for Cold­well Banker Real Es­tate LLC.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.