In the Boston real estate market, which is more valuable to a home buyer; a property’s ‘potential’, or its location? A recent boston.com article explores the tradeoffs between prime location and sacrificing key property features.
‘Potential’ is all about maximizing your investment dollar and is measured largely by foreseeable changes that will make the area more convenient and desirable, and therefore increase the value of your home in time. The article uses Somerville as an example. While not widely considered to be one of Boston’s most attractive locations, it is becoming increasingly popular, due in part to the pending improvements of public transportation with the extension of the MBTA Green Line.
The prospect of such improvements weighs heavily with those who value potential in their real estate investment. Other area improvements such as new restaurants and stores in Davis Square and other parts of Somerville also indicate that the area is ‘up-and-coming’ and a good investment. Many neighborhoods of Somerville are often already compared to Cambridge Real Estate, for example.
On the other hand, there are those who believe that the future potential of a currently-less-desirable-location is not worth sacrificing the convenience or piece of mind that comes with investing in an already-established area.
These individuals might feel more comfortable investing in a less impressive home in a more affluent neighborhood in order to stay within their budgetary constraints and live in a location they desire. For example, would you rather live in a Boston waterfront condo, or for the same price, purchase a home in Dorchester that is three times as large?
In order to determine what will drive your Boston Real Estate search, you should create a list including your ideal area amenities and your ideal property features, and then determine what you value most in each category. Once you’ve determined what matters most to you, you can use your list and your budget to help guide you in your search for a new home. You may find you are willing to live further from the city in exchange for a private parking spot, or decide that you’d rather pay the extra money to live in the city and have a shorter commute, etc.
An experienced Boston realtor can help you weigh the costs and benefits of the ‘location’ and ‘potential’ of the properties you are considering investing in. The realtors at Warren Residential Group have the experience and knowledge to help you find a home that suits your needs and fits your budget. Contact us today for assistance or uses our Sales Search Tool to browse our large inventory of Boston and Greater-Boston homes for sale.
Source Article here.