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Buying a Home? Don’t Underestimate ‘Location, Location,
Location’
Special to The Truth
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.
Courtesy StatePoint
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