Why You Should Prioritise Location When Buying a Home

Buyers look for several qualities in a home and often base their purchase decisions on the home itself. While this is not necessarily a bad thing, experts believe choosing your location should come first. A good location holds the promise of growth for any Canberra property investment. Entrepreneurs look into this crucial factor before setting up their business.

Planting your investment in a great location is important because it remains constant even as prices and conditions change. In fact, a slight change in the neighbourhood atmosphere has the potential to turn into a situation that benefits everyone. Supply and demand curves will always be a challenge for the housing sector, given their impact on home prices. But a great location will always spark interest and create demand.

Location and Home Values

Home values are volatile and are largely affected by location. Regardless of appearance or size, properties that are strategically located near transport terminals, stores, shopping centres, business districts, the airport and other places of convenience fetch higher prices than properties situated far from convenient hubs. Proximity to convenience determines a property's value in a particular location. If your goals as an investor include rentability and selling your property at a much higher price in the future, then location should always be your top priority and a crucial factor in your purchase decision.

Benefits of a Good Location

In so far as property investments are concerned, the rewards of a good location far outweigh aesthetics and curb appeal. The latter two qualities still come handy, but owners can address them once the ideal property on an ideal place has been secured. But buying property in a good location has more to offer. Here are some of its key benefits:

Prioritising location is seeing the big picture, which includes your future growth and the steady revenue stream you earn from your investment property.

House vs Location

This debate between choosing a house for its own merits over choosing a strategic location is best answered through your priorities. If location is not your main priority, where you choose to buy a home is still important but to a lesser extent. However, for property investors, location will always be a primary consideration. Only seasoned investors who have excess resources to dispose of are confident enough to buy properties beyond their desired locations. Small-scale investors like rental property owners or those in the business of buying and selling properties may not have such luxury of choice or risks.

Ideally, location should take precedence because it is the one thing that does not change. You can expand a house, change its interiors and make repairs at any given time. But once you have chosen a location, it is impossible to give it back even if you change your mind. Location also has a motivating factor as people tend to be more productive and worry less about costs when they are closer to something.

Make Location Your Priority

For homebuyers and property investors, the rule of thumb should always be "location first." Spare enough time to research about neighbourhoods and their reputation, proximity to basic services, transport hubs and overall convenience. If you are looking for expert guidance, enlist the help of experienced independent buyers agents in Canberra. They can advise you on your next move, calculate a good price for your property should you choose to sell, recommend research-backed prices for your rental spaces and even collect market information on your behalf. Talk to our team at Canberra Property Solutions today if you need informed advice about property investments and buying real estate.