Location, Location, Location!

The most important lesson I try to teach my first time buyers is that location is key. It is the one thing that you cannot change about a house- and if you are buying your first home with the intention of moving up in 10 or so years you will need to consider your ability to resell it.

Trying to buy your first home can be frustrating- especially in a market where there is lots of demand and not enough supply. What ends up happening is that buyers grow impatient and they end up compromising their needs in an effort to get into a home a little quicker.

I can always tell when a buyer is growing impatient and starting to think about compromising because the conversation usually goes something like this:

      Buyer: I really love this house! And it is so cheap!!

      Me: Yes, it is very nice and exactly what you want.

Then, before I can begin my next sentence we are interrupted by a blaring train horn and the ding-ding-ding of the crossing arms as the train blows by about 200 feet behind the house.

      Me: So what do you think about the train?

      Buyer: I think we could get used to it. I really love this house. And it is so cheap!!

Obviously everyone’s needs are different, and everyone’s ability to tolerate trains and other nuisances is different- but here are some things to consider before you let impatience get the best of you.

• You think the old phrase “location location location” is a joke? I’ll give you a clue- it’s not. The most crucial consideration when buying a home is by far the location.

The answer? Be very thoughtful about where you buy. Think about where the house is in relation to work and your commute. Do you want to add 20 minutes each way to work? Do you want to make your kids change schools? Are you familiar with the area and what surrounds it? If you are unfamiliar with the neighborhood, drive through at different times of day and different days of the week to get a feel for what your neighbors are like. A neighborhood can be vastly different from 11am on a Wednesday to 11am (or 11pm) on a Saturday.

• Once the newness of being a homeowner wears off, all the little things you knew you couldn’t change but thought you could ‘live with’ will become huge, annoying thorns in your side- and guess what? You can’t do a darn thing about it.

The answer? REALLY think about how the ‘little things’ that you notice before you buy will affect your day to day life after you buy. Think about living with that train day in and day out. Think about the neighbor’s barking dog or teenage garage band practicing every day after school when your 2 year old is napping.

• I found the perfect house and it is in a great location. Now what?

The answer? Think about how the house is situated. If your house is on a busy corner you can never change that. When you want to sell in 10 years it will still be a busy corner and your resale value will likely be affected. Don’t let a pretty interior or awesome pool blind you against obvious deterrents such as traffic noise, busy parks and schools, or fire stations.

If you are buying with the intent to resell or move up in the future- what appeals to you may not appeal to the masses. So if you pay attention to the basics when you buy you will have a leg up on the competition when you sell.

Stay tuned to my blog for more buyer tips!