A property represents a big financial investment and you have to know something really important before signing the contract.
Regional Director and CEO of RE/MAX of Southern Africa Adrian Goslett explains that the most important factor to consider when buying is location.
“Most buyers in today’s market will know that location is important, but not everyone knows what elements make an area a good location or not, or how this influences buying decisions,” he says. “A major influential factor is the amenities within proximity to the area, such as shopping malls and medical facilities. The one amenity that has the largest impact on property-buying decisions is schools, this is because they have an influence on both the housing prices in the area and children’s education.”
“Essentially, it all comes down to a matter of demand. Areas within proximity to good schools attract a higher number of potential buyers. The increased demand for property in these regions pushes property values up. The appreciation potential of a home intrinsically links to the demand for property in the area. Even in a slow market, the resale value of homes in a sought-after area will often fare better and be more resilient,” says Goslett.
As a result the house will be more expensive near schools but it is worth it!
