Why does location matter when it comes to property?

Why does location matter when it comes to property?

When buying a home, nothing matters more than "location, location, location." It can either elevate the value of your property, turning it into a sought-after asset or diminish its appeal and significance. With the ever-changing housing market, it is essential to understand what makes a "good" location.

The location of a property plays a crucial role in elevating its desirability, leading to heightened demand and ultimately resulting in higher resale value in the future. Choosing the perfect location will depend on your specific lifestyle needs when searching for your new home.

What makes a "good" location?

Oftentimes, properties in "good "locations are located in safe neighbourhoods and offer easy access to transit, making them highly appealing to buyers or tenants seeking unmatched convenience. Proximity to amenities such as schools and shops can also boost a house's resale value. Also adding to its appeal is the abundance of natural attractions and recreational venues in the area. These qualities make properties highly sought after and valuable.

Unfortunately, homebuyers sometimes tend to focus on the features of a home over its location. Although this may work, it can backfire if the property's value stays the same as expected. The area should be your top priority as a homebuyer while remaining flexible on other aspects of your home.

Location role on your home value

Over time, the value of a house tends to depreciate, while the value of the land it sits on generally retains or increases its worth. Investing in a large, well-positioned, or well-shaped property is usually better. With the right location, you can constantly update, expand, or fully renovate a house that is not visually appealing. Your property's value will rise if it has stunning views and is close to amenities.

Factors to consider when choosing a location:

The right location is crucial to your lifestyle and your home's value. Take into account the following factors:

1. Decide whether to live in an urban, suburb or rural area

Privacy and tranquillity in a home are greatly influenced by its location. Most people prefer to live in urban and suburban areas due to their high quality of life and convenient accessibility. However, rural areas may not be as attractive as urban ones if you want to be near your workplace.

2. Find out if it's a great neighbourhood

A great neighbourhood meets your convenience, safety, and satisfaction needs. Ideally, it would include schools, medical facilities, recreational areas, and basic amenities like shopping centres and restaurants. Also, the safety and crime rates of the neighbourhood should be considered. Generally, a lower crime rate indicates a safer area and a greater chance for growth.

In terms of location, Copperleaf Golf and Country Estate is a stand-out example, as it is situated in a desirable and convenient area. Residents of this estate enjoy a seamless combination of privacy and convenience.

3. The placement of your house is significant

When buying a home, looking at its placement and location is essential. Know all the sides surrounding your property. Choosing a house in an appealing spot, such as one with beautiful views, proximity to facilities, or a calm setting, can enhance long-term appreciation. Buying a house in a less desirable area may be less satisfying, and your resale value may be lower.

4. Consider the job market

It's essential to consider the local job market and whether you'll be happy living there before committing to move there. Buyer confidence is boosted in areas with various industries and a low unemployment rate. Urban areas and suburban areas get more appeal from working professionals.

5. Take note of the future developments in the area

A home's worth is based on its current location and whether the area will grow. Choosing an up-and-coming area might pay off in the long run, while settling for a declining one can have the opposite impact. A good indicator of an area's potential for growth is the presence of active construction or remodelling projects.

Selecting the right location is essential when looking for a home that matches your lifestyle needs and retains its value over time. Are you interested in buying a property in a desirable area? Tshenolo Properties offers a variety of properties for sale in excellent locations with top-class amenities. Get in touch with our property practitioners today for more information.