What’s more important? The house or flat you want to buy or the area it’s in?
According to most property experts, it’s the latter. Indeed, they even made a TV show based on that argument in Location, Location, Location.
But is it really the case or are there other factors involved? It’s certainly true that location creates desirability which in turn creates demand. But it’s also increasingly true that just as the condition and price of a home can change, location can too.
Areas can become overdeveloped – for example those choosing to live in a village for the peace and quiet may find the field opposite has been given permission to be turned into a housing estate, rendering the village not so appealing.
It can work the other way too in that what was once perhaps a rundown area of town, can be gentrified and thus become the new property hotspot.
Also, homes in a better or more desirable postcode come with higher price tags and monthly bills whereas those in less desirable areas tend to be cheaper to buy meaning you get more bang for your buck.
Generally speaking however, the reality is it all depends on your circumstances, what your must haves are, what is a deal breaker and crucially, what your budget is. Rarely can you have your cake and eat it.
For many first-time buyers, just getting on the property ladder is the priority. What you can afford and the area you want to be in don’t often cross over so sometimes it’s a case of getting what you can.
In this situation it pays to be smart. Savvy first timers will assess the market, look for opportunities and seek out properties which have potential to either extend, refurbish or remodel or are in an area which is set for regeneration.
In this case, location is important but for families, young or otherwise, space may be more of a priority – both inside and outside. So, unless the budget is healthy, the choice will be a smaller home or a do-er upper in an area you want or a bigger home in a location you aren’t so keen on. The must have list may also include proximity to good schools, transport routes for commuting, or open countryside as well as a garage to house the four by four.
Those looking to downsize possibly have the best chance of having it all, in which case location is likely to rank at the top of the list. But access to medical services, shops and other businesses as well as public transport may also be a consideration.
But whatever your reason for choosing a home and whatever your circumstances, the Sheldon Bosley Knight team can help. We know the market inside and out and with 16 offices across five counties, we also know what sells and where.
Not only that, we have access to some of the best mortgage brokers, surveyors and solicitors in the business to help guide and support you.
So whether it’s your first, or your forever home you will be in safe hands with us.