The Agents’ mantra: Location location location. We have heard Phil & Kirsty and every other agent in the country use the phrase enough and may wonder what is the inspiration to say the word three times. Well Location location location means identical homes can increase or decrease in value due to location. The saying is repeated three times for emphasis, and it is the number one rule in property buying, though strangley it is often overlooked.
So what factors determine the right Location
You can buy the right home in the wrong location. You can change the structure, refurbish, or change the home’s layout but you cannot move it. The house is attached to the land. The best locations are those in prime spots. The definition of a prime spot will vary depending on your outlook and budget, but when it comes to selling or maximising return on your investment then “ Prime Spot” has to be a location which satisfies certain criteria.
Good local school’s affect location
Homebuyers with children are concerned about their children’s education and often will pay more for a home that is located in a highly desirable school catchment area, or within easy reach of a decent private school.
Recreation and the Natural Environment affect location
Homes next to the sea, estuaries, rivers, lakes or parks hold their value because of the location, providing they are not in the path of a possible natural hazard. People want to be near water, a National Park, or visually appealing settings.
Good views affect location
Homes sell quickly for top money because they have great sea views, a beautiful country or forest view. Even glimpses of good views from an upstairs window will improve a house ‘location’ compared with the one next door. Great city scapes are a big bonus when it comes to buying a city property.
Entertainment and shopping affect location
In many cities and towns homes that are located within walking distance of the cinema, theaters, restaurants and boutiques are more expensive than those located further outside of town. Many people would rather not drive if they can walk to nightlife. Similarly when buying in rural areas a short walk or drive to the local shop or pub is a location necessity.
Conforming areas affect location
People tend to gravitate toward others who share similar values and their homes reflect it. Homebuyers mostly prefer to be surrounded by similar types of properties in age and construction, where people just like them reside.
Economically stable neighborhoods affect location
Neighborhoods that have stood the test of time and weathered economic downfalls are more likely to attract buyers who want to maintain value in their homes. These are people who expect pride of ownership to be evident in the area.
Public transportation, health care and jobs affect location
Most people do not want long commutes to work, to the nearest Health Center, Gym or even an airport. People prefer to be located within easy reach of emergency services, a railway hub, a motorway junction, a ferry termnal, and local conveniences. Homes in the locations which shorten travel time are more desirable.
Undesirable Location location location
In many ways listing the factors that constitute a bad location is more straightforward than pinpointing a good location. This is because the desirable qualities of a great location depend on a wide range of personal, material & geographical factors: the budget, your age range, family size, social & leisure desires, your state of health. Do you want City, Town, Semi Rural, Rural, Coastal. Bad locations, by their general nature, are much easier to pinpoint.
Commercial/industrial areas are bad locations
Unless you favour an Inner City location then commercial buildings (office or warehouse) will diminish value. The visual impact, additional delivery & pedestrian traffic and possible night time loitering. Homes next to hospitals, fuel stations or shopping centers are undesirable because of the noise factor, and nobody really wants to listen to lorries & vans idling at night or during early morning hours. It should also be noted here that being next door to a school, pub, restaurant or cafe should be avoided again due to noise and traffic issues. Locations close to railway stations, tracks, busy roads and nearby flight paths should be avoided. Beware homes that change hands frequently in desirable locations which are close to the above – the homeowners are just not prepared to put up with the disturbance and sell.
Farms and Rural Commerce
Being in a rural post code does not guarantee a rural existance. Carefully check your surroundings, UK’s big farm = big machinery, which uses the lanes and work 24/7/365. Beautiful lush pastures means herds of cows, big barns, the milk wagon, feed deliveries, muck spreading, slurry pits, & feed silo’s. Diversifying farmers let out unused farm buildings for offices and light industry. Summer time may bring happy families of campers and carvanners to set up temporary homes from Easter to Autumn in the paddock next to your idylic peacefull garden.
High crime areas are bad locations
Do not be tempted by the hope that the area will improve unless you have a very long term strategy or some special knowledge. People want to feel safe.
Economically depressed areas are bad locations
Poorly maintained homes, untidy gardens, old cars, machinery, ancient caravans and trailers awaiting repair in the driveway, delapidated fencing within homes in the near vicinity should deter you from buying in the location.
Close to hazards are bad locations
Flood plain, Power station, Waste Transfer, Recycling Plants, Wind Turbine, Pylon, Transformer. Check planning proposals nearby and then check again. The fact is that most areas could be developed, so make sure you do your research.
Our location location location information is not exhaustive, use the factors described as a guide, and make an educated decision. Once you have found the right property it’s time to negiate the price. Once you have agreed price ensure your agreement is subject to survey. Invest in a full professional survey so you know the perfectly located house is sound.
Oh yes and before you do anything if you are thinking of moving to the Isle of Wight call Sherlock and Watson. We have the local knowledge to help you find the Location Location Location the right home.