Saturday, November 19, 2011

It is All About Location

Real estate is all about location, location, location; we have all heard that so many times.Who can determine all factors that decide upon an ideal location?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.For example, if you work at home, it might be important for you to buy a house in a quiet neighborhood not too far from a commercial center.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.

It is very vital that you recognize your primary requirements before you start looking for an ideal property.List out all the facilities that you and your family rate with high importance, and understand that this list is eventually subject to change.Also bear in mind that as you start the search for your new home, you might 'fall in love' with certain properties which are not in your ideal location, for this reason try as much as possible to narrow down your search to communities with amenities closely matching 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 go far so as to assume that you have your checklist of requirements ready and in hand.

Get out there: when you determine that a neighborhood might have the potential of matching your needs, make the trip there by yourself or with your family and have a feel for the area first hand, make a note of all the characteristics of the area, traffic patterns, noise levels and any other factors you might observe.Drive or walk around to see thing close up.If you like what you see in the first attempt, repeat it at a different time on a different day under different situations. For example, if you first attempted to visit in the mornings, make it evening on the other day, and if it was a weekday initially, make the second attempt during the weekend.

Go for an average looking house in the neighborhood and talk to the people living there.In Berlin New Jersey where I live, my experience is that most people will gladly tell you all you need to know about their area if you ask them the right questions with a smile and it is pretty much the same in most markets.It is important to recognize signs such as happiness, dissatisfaction, indifference, pleasure, etc.Look for and understand the rules and regulations of Home Owners Associations (HOAs) to check if they are favorable to you, thus making them a deciding factor in your lookout.

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.
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