House vs location: The great debate of homebuying
Category News
Buying a home is a significant investment and a big decision that requires careful consideration. One of the most critical factors that individuals and families must evaluate when searching for their dream home is whether the property itself or the location is more important.
"While both factors are essential in determining the overall value and desirability of a property, there is often a trade-off between the two. Some homebuyers prioritise the features and amenities the property has to offer, while others give more weight to the convenience, accessibility and amenities offered by a particular location," says Berry Everitt, CEO of the Chas Everitt International property group.
It is important to note that there is no one-size-fits-all answer to this question, and the decision ultimately depends on personal preferences and circumstances. However, it is essential to evaluate the pros and cons of each option carefully to make an informed decision.
Considerations regarding the property
In the following circumstances, the home itself may take precedence over a particular location:
- You're renting the property out
When it comes to rental properties, the condition and features of the home may be more important than the particular location, as long as the area is safe and popular with potential tenants. The desirability and profitability of a rental property mostly depend on the amenities and unique features of the home itself. For example, a home with a pool, outdoor entertainment area, or modern appliances that offers good value for money may be more appealing to potential renters than a particular location.
- You have a large family
For buyers with large families, a house itself may also take precedence over location. Having a home that accommodates the needs of a large family, such as ample living space, bedrooms and storage is vital for family life. Thus, large families may need to consider the layout and functionality of the house first, to ensure that everyone will have their own space and privacy. Additionally, outdoor space may be more important than a particular location for families with children or pets.
- You work from home
When working from home, having a comfortable and functional space that meets your work needs is crucial. This may include having a dedicated office space, high-speed internet and minimal distractions. In this case, the location of the home may be less important as the emphasis is on finding a house that meets your specific work needs.
Considerations regarding the location
While the property itself is undoubtedly important, the location is also a critical aspect that should not be overlooked. These are factors that give location more relevance when on your buying journey.
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You have school-age children
Families with school-age children may prioritise finding a home close to highly-rated public or private schools and in this case, they may be less flexible about the location of their new home. Parents may also want to research schools in specific areas and consider factors such as class size, teacher qualifications, and extracurricular activities before buying. They should also consult with experienced property professionals to find homes in suburbs with the most sought-after schools.
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You're planning on selling
For those planning to sell their home in the future, the location of the home is one of the most important factors in determining its long-term appreciation potential. Choosing a location with potential for future growth and development may then take priority over the specific amenities or features of a particular property.
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You want easy access to specific amenities
When you're in search of certain amenities, location can make all the difference! Whether you're a foodie looking for trendy restaurants or a fitness enthusiast in need of access to hiking trails, finding a home in a location that meets your specific needs will then be key. The right location can also enable easy access to public transportation, shopping, entertainment and cultural attractions. And if you're seeking a certain lifestyle such as an urban or beach community, finding a home in a location with the amenities to support that lifestyle will be non-negotiable.
Ultimately, the decision to put house or location first will depend on your personal priorities and circumstances. If you have a growing family, a larger house may be more important than a prime location. Alternatively, if you are a young professional, living in a trendy neighbourhood may take priority over a larger home. It is important to consider your lifestyle and future plans when making this decision.
It is also worth noting that compromise may be necessary. If you find a home that meets most of your criteria, but is not in the ideal location, you may be able to make changes to your lifestyle to accommodate the location. For example, if your choice results in a longer commute, you can use the time to listen to podcasts.
And wherever your priorities lie, a dedicated Chas Everitt property professional is ready to help you make your move.
Author: Chas Everitt