3 Factors Just As Important As Location
LOCATION! LOCATION! LOCATION!
How important is it, really?
• DISNEY WORLD
• ABU DHABI
• GREENWOOD DISTRICT
What do these three areas have in common?
So – how important is LOCATION to a home search?
Are we giving it too much weight in our Priority Home Shopping List?
Are we viewing it incorrectly?
Here are 3 things that should matter just as much and be included in your home shopping list:
1. SUPPLY AND DEMAND
If you are purchasing property as an investment, additional revenue stream, this is key.
Example: About 10+ years ago, many vacation spots (Bermuda included) had a boom in condo development. So much so that there are multiple condo developments – small and large – in existence now. Many of the floorplans were/are what is termed as being ‘cookie-cutter’. How does this help or hurt your investment when trying to sell or secure rental return in a not-so-booming market – regardless of where they are located? Are sellers of such able to sell their homes for a profit? Prospective buyers and renters will have multiples to choose from and hold the negotiation power. Remember this when your role switches from being a buyer to a seller and/or landlord.
You may have found the right property in the perfect location with other properties around that increase the value of all. BUT, if you can’t keep up with The Jones when it comes to maintaining your property, guess what? Your value will plummet – and hurt the value of those properties around you, too. Before you buy, consider the on-going upkeep required to maintain the value of your new found property after the Got My Keys celebration.
Family, career, lifestyle, and future location.
Real estate isn’t like being a day trader. There’s a little more involved and that involvement includes associated expenses, too. When purchasing property, keep the future in mind.
Do you plan on expanding your family, moving countries, etc.?
Making plans for the now is OK.
Making plans for the future is good.
Think of the three locations I shared at the beginning.
They all started as nothing and were turned into something.
The interesting thing is that the majority of people, during that time, thought that these locations were not worth a dime.
I’ve met, worked with several buyers over the 20+ years who wanted to just get in the market because someone else was or they wanted to be in the hot location at the time or because they felt that they were running out of time and couldn’t see the other options available to them.
• went on to sell their property for a profit at the right time and get what they really wanted, needed
• couldn’t keep up, lost their property, have lost their desire to own, and have damaged their credit to buy again
Consider the top 3 tips I’ve shared above – in addition to location.
It all matters and will and should matter differently for you from the next person.
See the now, plan for the future, then make your home buying decision accordingly.
I hope this has helped you.
Broker with Platinum Realty
If you are serious about entering the real estate market, connect with a real estate agent who is knowledgeable, experienced, and is willing to assist you with preparing to meet these requirements and help get you on your way to becoming a member of the family of Real Estate Owners!
We, at Platinum Realty, are equipped to do just that!
We bring 20+ years of experience in real estate and the financial services sectors to each transaction.
What does this mean for you as a prospective buyer?
It means that you get to work with a real estate agent who is focused on you, helping you to fulfill your dreams versus just banking a commission check.
Do you need help deciphering your property shopping priorities?
Let’s strategize your way to becoming a homeowner with as little to no stress as possible!
REAL ESTATE AGENTS WHO EDUCATE.
That’s us! That’s Platinum Realty!
We hope this post helps you with your home-buying process.
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