What’s More Important? The House or its Location?
Opinion Advocates for ideas and draws conclusions based on the author/producer’s interpretation of facts and data.
By Bill Primavera
Real estate experts will tell you that the single most important factor to homebuyers is location, over and above the home itself. And logic will tell you that you can change anything about a house, but its location can’t be changed.
There are dramatic exceptions to the last statement. For instance, when the Croton Dam and Reservoir were built at the turn of the 20th century, all of Katonah was moved, every house to every municipal building. Also, I have visited some historic sites where homes have been moved from their original locations to historic villages, like Old Deerfield, Mass.
But for most of us, it’s not a possibility. Homes stay put where they’re built.
With the help of moving.com, I’ve assembled some information of interest to those who may be considering the purchase of a home they’ve fallen in love with but have doubts about its location.
Even if a house doesn’t have all the best features a buyer seeks, improvements can be made through renovations and upgrades. But the location remains constant and should be considered carefully by the buyer.
So, what makes for a good location? Here are five important factors for homebuyers to consider when assessing a home’s location.
Nearby schools
Of utmost importance to parents is the quality of the local school district. Even if the buyers don’t have school-age children, the quality of the schools remains an important consideration. Owning a home in a good school district is one of the best ways to retain and grow a home’s value.
Low crime rates
Public safety should be top of mind when evaluating a home’s location. After all, no one wants to live in a neighborhood where crime and danger are rampant. It’s fairly easy to find local crime rates on the internet. Here in northern Westchester and Putnam County, we’re lucky to be fairly protected from serious crime.
Amenities, transportation options
One of the reasons why location is so important in real estate is that buyers often want and need close access to amenities and transportation. This means relatively close proximity to grocery stores, restaurants, dry cleaners, shopping and entertainment. It could also mean a home situated near major roads and public transportation options. When looking at a home, a buyer should be sure to assess how close the home is to these important amenities, which typically improves a home’s value.
The neighbors
For better or for worse, you can’t change your neighbors. If you have less-than-desirable neighbors, such as a fraternity house or neighbors with loud dogs, this could negatively affect the resale value of a home, not to mention the buyer’s experience while living there.
When I first moved to Westchester, unwittingly I bought my home without realizing that there was a serious noise issue with a seeing eye dog training facility directly across the street, which featured loud barking eight to 10 hours a day while as many as 70 dogs at a time “socialized” outside. It took years of neighborhood organization and action to have the facility be a better neighbor and build sound-proof kennels.
When I helped organize this effort, I was criticized for not realizing that this would be a negative factor to the value of my home before I purchased it. But by chance, every time I visited the home prior to my purchase, the dogs had been tucked in and were quiet for the night. So, before buying any home, the buyer should spend ample time in the neighborhood at different times during the day and night.
I also had a testy case where a buyer wanted me to find a house with neighbors who were the same religion as she, something a realtor obviously can’t do. I dropped that client but later learned that, after each of our house-hunting forays, she visited every house on her own on the blocks we considered to ask the neighbors’ religion. I can’t imagine what their reactions were.
Future appreciation
Location is key when it comes to a property’s value and future appreciation potential. If the home is located in a desirable neighborhood, the buyer can expect the home’s value to stand the test of time – and even appreciate – through the years. I have rejoiced when pioneers have purchased homes in so-called bad neighborhoods only to renovate them and as a consequence start a movement to improve the entire neighborhood.
That was the case of my friend Bill who bought a home on the Upper West Side of Manhattan when it was a “bad” neighborhood. The home, badly in need of renovation, was purchased in the late 1960s for only $18,000. Bill did all the needed work and sat on the property while the rest of the block followed suit with home renovations, improving the whole neighborhood as a consequence.
Just recently I read in The New York Times that his home sold for $5 million. So maybe patience is another ingredient to add to location.
Bill Primavera is a licensed realtor affiliated with William Raveis Realty’s Yorktown Heights office and a marketing practitioner. For questions or comments about the housing market or selling or buying a home, Bill can be reached directly at 914-522-2076.
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