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Ask an Expert - Property vs Location

  Sophia Green: I love a property but unsure on the area – what do you think matters more, the house or the location' Dave Cleary: I would always choose location, be that street or area over the finish of a house. You can always improve a house as and when budget permits doing so but moving them into better neighbourhood isn’t really an option, in this country at least (it is done in some others though!). There is a saying in property that you should buy the worst house in the best street and this is probably more apt today than it has ever been. As agents we find the easiest houses to sell are those that are unmodernised and tired and in need of improvement because there is a tremendous demand for them. This is because, as a general rule of thumb, refurbishing a tired old house in a good street will often mean the buyer ends up with a house that is worth more than the sum of the two parts (buy price and cost of the works needed). Doing this also enables a buyer to get exactly what they want. The other factor is that a new house will eventually become tired and the neighbourhood around it may not have improved if you haven’t chosen your area wisely. You may find therefore, you have seen little improvement in the price of your property, whereas even a tired old house will see its value rise if it is in the right area,where little stock is available. Another thing to consider too is that you have to walk through an area to get to your house and so therefore plays a big part in how happy you feel with a house in general. If you don’t feel safe in an area for example, you probably won’t enjoy living there no matter how nice your house is. You want to live in a neighbourhood where the community cares about the area and takes pride in it and also their own homes as this affects property values. All that said, refurbishing houses is not for the fainthearted; it takes time and is often more expensive than people initially believe it will be. As a property person though, I would always buy a tired house in a better neighbourhood or street rather than a really nice house in a neighbourhood or street that wasn’t as good.   If you have a property question you would like answered by one of our experts, send us a message on Twitter (@WinkworthPLC) or Facebook (facebook.com/winkworthestateagents) and we will do our best to reply.

1376558184_Dave_cleary

 

Sophia Green: I love a property but unsure on the area – what do you think matters more, the house or the location'

Dave Cleary: I would always choose location, be that street or area over the finish of a house. You can always improve a house as and when budget permits doing so but moving them into better neighbourhood isn’t really an option, in this country at least (it is done in some others though!). There is a saying in property that you should buy the worst house in the best street and this is probably more apt today than it has ever been. As agents we find the easiest houses to sell are those that are unmodernised and tired and in need of improvement because there is a tremendous demand for them. This is because, as a general rule of thumb, refurbishing a tired old house in a good street will often mean the buyer ends up with a house that is worth more than the sum of the two parts (buy price and cost of the works needed). Doing this also enables a buyer to get exactly what they want.

The other factor is that a new house will eventually become tired and the neighbourhood around it may not have improved if you haven’t chosen your area wisely. You may find therefore, you have seen little improvement in the price of your property, whereas even a tired old house will see its value rise if it is in the right area,where little stock is available.

Another thing to consider too is that you have to walk through an area to get to your house and so therefore plays a big part in how happy you feel with a house in general. If you don’t feel safe in an area for example, you probably won’t enjoy living there no matter how nice your house is. You want to live in a neighbourhood where the community cares about the area and takes pride in it and also their own homes as this affects property values.

All that said, refurbishing houses is not for the fainthearted; it takes time and is often more expensive than people initially believe it will be. As a property person though, I would always buy a tired house in a better neighbourhood or street rather than a really nice house in a neighbourhood or street that wasn’t as good.

 

If you have a property question you would like answered by one of our experts, send us a message on Twitter (@WinkworthPLC) or Facebook (facebook.com/winkworthestateagents) and we will do our best to reply.

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