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Callaghan O'Connor Discusses Why Location is So Important in Real Estate

Posted On Monday, 14 February 2022 22:13
Callaghan O'Connor Discusses Why Location is So Important in Real Estate

Location is one of the most important factors in real estate transactions. For this reason, Callaghan O'Connor, an entrepreneur from Vancouver, BC, believes that buyers must be mindful of their buying decision and consider all five key factors related to location when considering what type of property they need. It’s important that you understand why it matters where your next home lies so that you may make an informed and successful choice regarding where best suits both your needs and desires as well as those of future tenants or homeowners who might be looking at your house for sale.

Here are some key location factors that impact real estate value and questions you should ask yourself:

Transportation/Commute Time

Callaghan O'Connor believes that because you’ll be tied to your home for a significant amount of time, transportation and commute time is a big deal. This is also important for thinking about your future lifestyle in this home.  You’re likely going to be tied to this home for the next 7 to 15 years at least, so if your commute to work is stressful, that’s going to take a toll on your mental health.  In the same way, if you have to go to the grocery store every time you have to make a 30-minute drive through heavy traffic, you might go a bit insane.

  • Can I get to where I will need to go, and how long will it take?
  • Will this be the same in 10 years, or is it expected to change? What modes of transportation are available?
  • Do public transit options exist for those who might want them?

Proximity to Schools & Education

Callaghan O'Connor believes you should consider what schools they will likely attend.  Families are the most likely to be buying or renting sizable homes.  School quality and proximity are likely to be among the top factors they’re looking for.  This means that if you have quality elementary schools and middle schools, and high schools close to the neighborhood, you can likely command a higher price.

  • Are they considered to be good schools?
  • What is their reputation within the area/state 
  • Are there good schools within walking distance, if so, how many?

Proximity to Public Facilities & Services

Callaghan O'Connor feels that you should consider how accessible are medical facilities, shopping areas, businesses that you currently rely on and may want/need in the future.  While some buyers are looking for a home in a quiet place away from the hustle and bustle, most buyers want to have something around close by also; if there is an emergency, you want to make sure that you’re not a considerable distance from things like fire stations or ambulance services.

  • Are there any parks or recreation locations in the area? 
  • Are they within walking distance? 
  • What city amenities exist here? 

Safety & Crime Rate

Buyers want to be safe at home.  So a neighborhood where crime rates are relatively low can always have a higher asking price from sellers.  Things like robbery, violent crimes, drug crimes, or having sex offenders in the area can drastically reduce your ability to re-sell your home in the future.

  • Is this an area populated by individuals who would likely harm me?
  • What type of crime tends to occur here? 
  • Is there a history of high crime in the area? 
  • What types of safety precautions do the homeowners in the area take?

Neighborhood Environment & Surroundings

This is where you have to make a few predictions.  Not only do you have to consider what the neighborhood looks like now, but what it’s planned to look like in the future.  If the city is planning on adding new amenities to the area in the future, or if they are planning to remove scenic areas, this could affect whether your price goes up or down.  

  • What does my view consist of if I live here? 
  • Is it beautiful and scenic or drab and uninspiring? 
  • Will it be like this for years to come, or is change expected to occur? 
  • Are there any undesirable land uses in the area that I may not want to live near?

Amenities and Transportation Options in the Area

Not everyone drives.  This sounds like common sense, but it’s not something that everyone thinks about.  If your neighborhood is within walking distance to local amenities or has good access to local public transportation, you’re likely to see your home prices go up over the years. 

  • What is the walkability score of the area? 
  • How easy is it to get around without a car, and are desirable amenities within walking distance? 
  • How close are they by public transportation or car?
  • How many grocery stores, restaurants, movie theaters, etc., are there in the area?

The Neighbors

This is purely a lifestyle consideration, but remember that the population tends to get younger as time goes by.  Older residents downgrade while younger people with families are looking to buy new homes.  So having a neighborhood with a younger demographic and plenty of kids in the neighborhood creates a higher demand for homes in your area.

  • What is the average age of the neighbors in the area? 
  • Do they have children or pets that I may need to get used to having around? 
  • What is their overall level of education and income? 

Final Thoughts

While it is impossible to take all of these factors into account when deciding where to live, they are important considerations that can have a lasting impact on your life. Try to visit the area if possible and talk to residents who have lived there to get their honest opinions. By being aware of what is important to you, you can make a more informed decision about where you want to call home.

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