Professor Tate's Answer:
When looking to buy a house, the location of the house is very important. Most people want to buy a home in a decent neighborhood, as they have the intention to remain at their home for many years to come. If someone is planning to buy a home strictly for the resale value, then the location will prove to be even more important. The resale factor of a home is very dependent on the location, simply because someone wouldn’t want to buy a home that wasn’t in a decent neighborhood.
When buying a home, the general rule of thumb is to purchase one that will appeal to a large number of potential buyers. To do this, you’ll need to look at the location of the home. The community is very important, especially in terms of crime. If you buy a home in a neighborhood that is well known for crime you’ll more than likely have difficulty when you try to sell. Bad neighborhoods generally spark little to no interest. These days, people want to buy homes in the best possible neighborhoods that they can afford.
You should also look into the local school system. Even though you may not have kids now, you should always think about the future. A home that is within a short distance to shopping centers and quality schools are always easy to sell. If you buy a home that is in a bad neighborhood and has poor schools, you’ll quickly regret that decision. If you can’t afford to purchase a home that is in a good location, you should work on your credit and save up some money until you are able to purchase a home that is in a desirable location.
You asked, now you know!
-Professor Reel S. Tate