The 5 Factors of a Good Location
People always say that location is the most important factor in buying good real estate, but what that term really means is not always clear. ‘Location’ doesn’t just mean the distance to downtown Charleston; a good location incorporates several other important community aspects.
How close is the property to where you need to go?
Centrality is often what people think about when they hear the term ‘location.’ There is a reason why the downtown areas of cities are often the most expensive; they are close to the city’s heartbeat, and depending on development regulations, there may not be new ones being listed on the market any time soon.
Real estate that is farther away from essential locations generally falls in price. This isn’t a strictly linear relationship, though, because homeowners often appreciate the larger spaces and limited traffic congestion that living away from the city allows.
Are there plans for development?
Current amenities are important, but so are future ones. If you know that there are building plans for a new high-quality school or hospital in the area, the property value of nearby real estate will increase. Before you settle on a home, try to find out what developments are in the works.
What is the neighborhood like?
Every homeowner-in-the-making will have a different idea of what they want in a neighborhood, but there are a few things that appeal to all. First, you want the neighborhood to be located in reasonable commuting distance to your essential places. Second, easy access to quality amenities is ideal. Third, the neighborhood should have an appearance that appeals to you (and other potential buyers if you plan to sell later).
How much are homes nearby going for and how long are they on the market?
When looking at the closing price of other nearby homes, consider how long it took to sell those houses. A quick turnover rate indicates that there is interest in the area.
Where is the lot located?
After you have considered all of the above factors, the choice you make between alternatives may come down to the lot itself. Is one option on a busy road? Does it back up to a church or some other commercial property? If it is nearby structures like these, it will likely be more difficult to sell.
If you are looking for your next primary home or a rental property, Seabrook Island has a wide assortment of homes and lots that are available for sale. Reach out to Seabrook Island Real Estate for more information.