Is location actually key?
A long winding drive, beautiful bay windows and ample space for the family. Great schools, a fashionable town centre and convenient transport links. Sometimes we cant have it all, so what’s more important, the property or location?
We have all heard the phrase ‘location, location, location’ but is it the be all and end all' Well...in most cases, yes! Location is often touted as the most important factor to consider when buying a new home. Home values are largely dependent on location, with properties situated near coveted areas, topping property prices in less fashionable neighbourhoods.
A sought-after location includes transportation convenience, good local schools, hospitals, close proximity to restaurants and shops. A recent study by Lloyds, highlighted that house prices near the top 30 state schools are 12% higher compared to the average price in the rest of the county.
Even if the house is unattractive, small and needs work, the location of the property will always be reflected in the value. You can improve the property yourself, but improving your local area is near impossible.
Some buyers will be happy with a larger house and bigger garden, even if it means sacrificing the up and coming area, whilst others will be first in the queue to secure a property in a top location, ready to reap the financial rewards in years to come.
Selecting your ideal location, rather than the property of your dreams may influence the size or style of the house you finally purchase, however, with the right choices, opting for a property that has potential may be a suitable middle-ground. Putting your stamp on the property over the years, creating more space by building an extension or adding a loft conversion will help turn the property into your dream home, as well as a fine investment opportunity.
Yes, properties in less desirable locations may have a more appealing price tag, but the investment opportunity will not be as financially rewarding in the future. Some areas improve over the years, slowly becoming the ‘it’ location. However, if you are in it for the long haul, location should be a crucial factor at the top of your wish list!
In order to get the right balance between the property you are purchasing and the location, it is crucial to speak to an expert before making your final decision, here at JW Wood we have been helping people make the right choice and opening doors since 1910.