Everyone has probably heard the buzzwords that Real Estate is all about Location, Location ,Location. In the eyes of myself and many others in the Real Estate profession that is partially right. It is three items that start with L and yes one of them is location. Here they are along with some things to think about and watch for:
Location:
- How accessible is the area to places that are part of your lifestyle (work,school, place of worship, shopping, dining out, etc.)?
- What is the probability of future growth (as both a positive and negative impact)?
- What is the overall feel of the area (how you feel driving through the area)?
- Your conclusion based on research and statistics about the area.
Lot (the land the property sits on)
- What is the overall topography and how is it an advantage or disadvantage to you?
- Is there space for future expansion (the house itself, a pool, garage, etc.)
- What can you see from the home?
- What could you see from the home if adjacent land is built on, etc.)?
- Are there any current and/or future environmental items that could impact land use?
Layout (of the house itself)
- Does the home’s current layout work both both your currently and future situations?
- Could the layout feasibly be changed if it doesn’t work now or in the future?
- Are there features in the home that will help save costs in renovating/modernizing the home?
I want to expand on the last point with a real life example: the master bath in my current home. The finishes/fixtures in it date back to when the home was built in 1987 so it will need a remodel somewhere down the line. However, it does have the following features already that will help reduce both the time an cost it will take to remodel it in line with contemporary trends:
- Size (currently the room measures approx. 9 feet by 11 feet)
- Dual sinks (a feature becoming more common in new construction and remodeling)
- Separate soaking tub and stall shower (a configuration that can be costly to add due to extra plumbing needed)
- Natural light (has an 8 foot by 4.5 foot triple window that overlooks woodlands and a creek)
The point I’m trying to illustrate?: The more “bones” a house has the more cost and stress/inconvenient it can save you in the long run. I try to recommend to buyers to find the home in their budget that has the best BALANCE between potential to be what they want and the amount of work/cost they are willing to spend to obtain that.
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