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Published on 08/21/1995 All articles from this issue

Location still an important factor when buying a home

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By Clyde Noel / Town Crier Staff Writer

Most prospective home buyers have heard the old adage that the three most important things to consider when buying real estate are "location, location, location."

This isn't always the case even though location is important. There are many other things to consider in any real estate transaction. That's why it is always best to work with a professional real estate agent.

A recent National Association of Realtors (NAR) survey found that afford ability ranks high in importance, but buyers may focus on neighborhoods with good schools, distance from work, access to shopping and schools. Even recreation may indicate location is important.

People who have bought real estate, those who have been transferred several times, are aware of location. However, first-time home buyers should be careful to choose a location that meets their needs, even if it means paying a little more. This is one reason why buying a home in Los Altos is a good family investment

The NAR survey found value of location is unique to the interests of each individual buyer. Home buyers with growing families are likely to look for a neighborhood with close proximity to work and schools. Retired home buyers consider availability of close-by shopping a higher priority according to the survey.

In another example, neighborhoods surrounding elementary schools tend to attract families with young children. When the children are grown, the parents may find other locations more convenient and are apt to sell, creating sufficient turnover for new families with younger children.

Buyers who own two cars tend to rank closeness to schools and nearby shopping less of a factor, while people with one car look at work distance and other factors such as public transportation, churches and recreational facilities.

It's important for potential buyers to examine what ranks high on their own list of priorities before they begin the house hunting process. In that way they'll have a clear idea of what amenities and services are available in the community they want to join.

The value of a house can change after its purchase. However, any change is likely to be gradual and will depend on factors such as the age of the home. Older neighborhoods tend to change more gradually. Houses located near an elementary school are usually a good investment, since their worth is related to the long standing factor of children.

In some cases, a buyer may want to sacrifice an asset such as close proximity to a school if a larger house farther away is more affordable.

The decision about location is a personal choice for the buyer. That's why a real estate professional will interview the buyer to determine his or her interests, priorities and financial position in order to select a range of possible homes to show.