While everyone has their own preference and is unique in their own needs and wants, what constitutes as a good location remains something of a universal idea. There’s a reason why there’s a real estate mantra that you’ll probably often heard of, “Location, location, location”. Here are some of the basics broken down into concrete, observable elements broken down into several factors.
Good views
Something a lot of homebuyers and even renters are always attracted to. Often times, good views are a luxury; that’s why homes with a sweeping view of the cityscape, a window overlooking the ocean, or the view of the hills are in high price brackets. Homes that overlook a golf course is also something that often consists of luxury homes.
Good school district
A neighborhood with a new school built near the area would already increase the value of a home, the desirability of a house would increase even higher when quality of the school is factored into the equation. Homes or neighborhoods near school districts are popular with young couples looking to have children as well as families with children, and even individuals without children.
Good school district usually comes with good economy in the area. Restaurants and cafes catered to students as one of their target markets in the area are bound to be found in abundance in the area.
Although if you’re ultimately concerned with your children’s education, look past the school’s test score or rankings. Especially when the school is new. Make sure to visit the school. Find out the school system. Talk to the teachers, ask around with other parents, or better yet, have casual conversations with the students themselves
Employment growth
Low unemployment rates affect the value of a location, and as a consequence, single homes positively. Employment growth could be seen directly impacting office and industrial types of real estate. The more companies or small businesses are flourishing in the area, the more it will attract people—especially those possibly looking for a closer commute, converting them into renters or even homebuyers. There has been a growing concern regarding office types real estate due to the shared workspace rise in popularity of, as well as a growing mobility and flexibility in working culture when it comes to space usage. However in the coming years, it’s safe to say that traditional workspace is here to stay, and investment in office real estate is not something that’s going to be a let down anytime soon.
Public transportations
Accessibility is something integral in buying a home, whether for oneself or to invest in. People need convenience in their day to day lives. There has also been a rise in the usage of public transportations among millennials—the generation who had already started owning their first homes. Millennials are also proven to be the generation that drive less, and this trend is a first in the previous three generations since individual vehicles are invented and widely used. Access to public transportation system means good location, and it is something that adds value to your property.
