Location, location, location! Real estate professionals know that this is what matters. Because the location of a property is one of the most important factors that influence the value of the property. A property can be adapted by conversion, renovation, demolition and new construction – the location, on the other hand, remains the same.
Even if the location cannot be changed, this does not mean that a good location always remains good. However, it does not mean that an unfavourable location cannot be improved. The quality of the location can increase if, for example, noise pollution decreases. A bypass or motorway feeder road can relieve the traffic load of a district or a municipality in this way.
On the other hand, where larger residential buildings are being built, a new department store is being built or a company is expanding its factory, the volume of traffic usually increases. The quality of the location often drops at such locations. Here, residents often take legal action against extensive construction projects. Because they fear – often not without reason – a depreciation of their real estate.
In principle, the following characteristics ensure a good location:
- Proximity to attractive jobs also in the future
- Proximity to shopping facilities with daily necessities such as supermarkets, bakeries, drugstores, etc.
- A good medical supply by short ways to doctors and pharmacies
- Proximity to cribs, kindergartens and schools
- Proximity also to cultural and leisure facilities
- A good connection to motorway and public transport
Good transport connections are particularly important in communities located in the vicinity of conurbations. This is because the majority of jobs are located in conurbations. The example of Munich makes this clear. More than 27,000 new jobs were created here in 2017, compared with only 8,000 for apartments.
But it’s not just such features on a large scale that count. Those looking for real estate also make demands on the so-called micro-location. Is the house or apartment in a green area, for example? Is there a park or even a lake nearby? Are there parking spaces in the immediate vicinity or is there an underground car park? The environment also plays a role. What are the neighbours like? And is the burglary rate low?
Anyone whose property fulfils all or at least most of the criteria can consider himself lucky. Because this is an excellent location. This is also reflected in the value of the property.
Would you like a free valuation of your property? Contact us! We will be happy to advise you.
Photo: © Thor Alvis