WHY DOES LOCATION MATTER IN REAL ESTATE?

Ask just about any real estate agent what the three most important things a property should have, and they’ll likely say: “Location!  Location!  Location!” But why does location matter in real estate?

For starters, when you buy a home in a good location, it’s usually a solid long-term investment.  Real estate agents often advise clients to buy the ‘worst’ house on the best block.  This is typically because fixing up a home in a great neighborhood will give you the best ROI, and it will be easier to sell later.  On the other hand, you can buy a beautiful home that doesn’t need any work.  If the street is undesirable, you may have a difficult time selling it at a favourable price.

Here are five characteristics to look for to determine if the home you want is in a good location.

1. The neighborhood is safe.  People want to live where there’s little or no crime.  They want to feel safe in their home and will pay extra for it.  

2. Good schools nearby. There will always be young families buying their first or second homes.  They will do their home search based on location in general and good schools in particular.  For many, EQAO results play a key role in their home selection.  The better the school, the higher the values of the surrounding homes.

3. Easy access to popular places, parks, shops, and restaurants.  The closer to the hub of a particular town or the best parts of a city, the better the location?and the more someone is willing to pay for a home or condo.

4. Water access & views.  Many buyers will pay for a great view or to be on or near the water.  A home on a waterway or on a hill with panoramic views is often considered to be in a great location.

5. Access to public transit and/or freeways.  A good location, for some, means being close and having easy access to public transportation, such as the GO train or bus line.  In some towns, where a commute by car is inevitable, easy access to the freeway makes for a good location.  In Durham Region many buyers are looking for access to the 401, 407, Hwy 2, and proximity to public transit.

What Makes a Bad Location?

There are some common characteristics that make a location ‘bad,” regardless of where you live. A home might have a ‘bad’ location if it:

* Has a backyard that faces the freeway.

* Is on a busy intersection or a four-lane road. (Although some find this appealing.)

* Very close  to a fire station (good if your house is on fire, not so good if you’re trying to sleep).

* A hospital (frequent ambulance sirens).

* An airport (sounds of jet engines 18 hours per day).

• A school (traffic from buses or parents dropping off children or kids yelling and playing).  Funny that some prefer being close to schools, while others find it a nuisance.

Some ‘good’ and ‘bad’ qualities simply vary by community and individual.  If you really know your local community, you know which parts of town are less or more desirable.  When buying a home or condo in Durham Region, it’s very important to use an agent that knows the community inside out.  

“Location location location”, really does matter in real estate.  If you have any location or real estate questions about Oshawa, Whitby, Uxbridge, Courtice, or Durham Region, contact James or Patrick Bryant at any time.