Location, Location, Location

There are a few clichés in the real estate industry that are extremely overused, and “Location, Location, Location” is not one of them.  The fact is, that cliché cannot be overstated.  A realtor can not say that phrase enough when guiding a buyer to purchase a new home, a seller in pricing his home or an investor for flipping his homes.  One should consider location as to where not to buy, and where to buy.  You can put a beautiful home anywhere, but it will only be as valuable as the dirt under it.  The thing to remember is that the phrase embodies everything about the location.  The state where the home is located, the town that the residents will become a member of and the street where the buyer will be turning into to get home are all important.  If you forget everything else, i.e. interest rates, curb appeal, “show ability,” layout structure, don’t ever forget that location is what really matters. 

 Connecticut’s close proximity to New York and Boston combined with the picturesque shoreline and hills make Connecticut something out of a story book.  Nothing gives Lorey and I more pleasure than showing a potential buyer Connecticut for the first time.  Madison, in particular, has kept the charm of New England while monopolizing the advantages of being (geographically) close to Boston and New York.  This charm translates to appreciation in home value. 

The second step of reviewing location is prestige.  The prestige of the town’s name goes without saying in commanding top dollar for a home.  For example, Greenwich can command a high dollar because it is Greenwich.  You want to look deeper into the town than that if you are investing in the community, though.  The first thing you want to look at is the town’s reputation within the local community.  Special facilities, such as sailing, golf, beach etc., in a town create greater value.  The next step is the school system, not far behind that, though, is the taxes.  Of course, in an ideal town, the taxes would be zero and the school system would be the best in the country.  When I find that town, I will tell you all where it is.  Until then, remember an excellent school system is not just important for the people with children, it is important for resale.  In addition, a town also needs to have reasonable taxes.  This is a tight rope battle that most towns struggle with every year.  When choosing the town to live in you want to be aware of both factors.   

The final aspect of location to consider when buying a house, is the location of the lot itself.  Obviously being next to an oil refinery or truck stop goes without saying, but as we have already stated location does not only mean where not to buy.  It also means where to buy.  Once you have chosen the town, the idea is to buy as close to the town’s draw as you can afford.  For example, the Guilford Green is considered one of the most beautiful in Connecticut.  We have sold countless homes to people who wanted to buy in Guilford solely because of the Green.  In Madison, the three town beaches are a wonderful draw to the town.  Those two areas have certainly seen greater appreciation and less depreciation than the rest of Madison and Guilford.    

This all seems quite rudimentary and I am sure I have said nothing you haven’t heard a million times, but it is still important.  “Location, Location, Location” is not a real estate cliché, it is a real estate truth.   

If you would like to know more about Lorey or Meig Walz or read more of their advice please visit http://madisonctrealestatebuzz.blogspot.com/