Location, location and again location… Who doesn’t know the quasi maxim of the real estate industry? Among many other factors to be considered when buying a house or an apartment, the location plays a central role.
Location is not equal to site.
At least not exclusively. A location always has a geographical site. This site cannot be changed. This fact alone answers the question of why location considerations are so important. The house or apartment condition, or the possibilities of use, can be improved by extensive renovation or refurbishment. In contrast, the site of a building is permanently fixed.
However, depending on the intended use, a location is either well or less suitable. A knock-out criterion for one person might be a reason to buy for another. Changes in the market also influence the general assessment of a site. The so-called location is therefore defined by the interaction between the site and the use-specific environment and market conditions.
But what exactly constitutes the best location for you? When planning the purchase of a home or condominium, it is worthwhile to make comprehensive considerations in good time and to look not only at the immediate small-scale (micro-location), but also at the wider surroundings (macro-location):
- In which landscape would you like to live? By the sea, in the mountains, in the lowland?
- Do you prefer an urban location in the city or the calm of the countryside?
- Are the immediate surroundings of the location well-kept? What is the public like?
- What is the proximity to family? To friends?
- What is the accessibility to public transport? To motorways? The nearest airport?
- What kind of commute do you accept?
- What is the medical infrastructure like? Where are the nearest doctors, hospitals, pharmacies?
- Where are the nearest educational facilities for children (childminder, day care, kindergarten, elementary school, high school, etc.)?
- Where are the nearest shopping facilities? Are shops for daily needs within walking distance?
- What recreational opportunities are there in the vicinity (club sports facilities, shopping opportunities, cultural facilities, etc.)?
- Do the local recreational facilities (parks, green spaces, playgrounds, cycle paths, etc.) meet your wishes and requirements?
- Are you likely to be affected by environmental criteria (noise, flooding, odours from agricultural and/or industrial operations in certain wind directions)?
- Are you exposed to radio waves at the location, e.g. from radio masts or high-voltage power lines running nearby?
- According to the land-use and zoning plan, what may be built in the immediate vicinity in the future (e.g. residential buildings, commercial operations, motorways, etc.)?
- What is the parking situation on the street?
- How much space do you need?
- How important is your view to you? Do you need an unobstructed view of nature or do you not mind a dense construction?
There are many points to consider. One thing is certain: Location is an important criterion when it comes to valuing a property, especially in the long term. The better the location, the more stable the value of the property. Obviously, it is definitely worth investing time in these considerations.