After the new year, the busy spring selling season begins as people start thinking about moving and this leads to one of the top priorities for home buyers: location. When it comes to choosing your new home, where you decide to settle for the foreseeable future can depend on many factors - the proximity to good schools, the commute to work, access to green spaces or the closeness of family members, as these have a direct impact on your lifestyle. Deborah Richards, Founder and Managing Partner of Maddisons Residential, details what to consider when weighing up the location of your next property.

Why is location so important?

The location of your property is the biggest factor for many buyers as it is not something you can change! Whilst you can redecorate a bathroom, move a kitchen, convert a spare bedroom into a study and rearrange your parking facilities (all subject to planning permission of course), one thing you cannot change is what street your property is on or which aspect it faces.

Location or value, which matters most to you?

Location can have a huge impact on your lifestyle which is why, for many people, it dictates the decision when it comes to buying a property. What constitutes a ‘good location’ varies from buyer to buyer depending on their needs – access to amenities such as schools, shops and key services like hospitals and parks may be paramount to some, but proximity to a train station may be of more importance to others. Furthermore, location can add to the feel of your home depending on your neighbourhood and corresponding demographic and the property’s aspect can affect the position of the sunlight into the key rooms.   

Whilst living in your preferred location might be based on subjective factors, the value which can be added or taken away from your property due to its location means the decision is often also a financial one.

Should you buy the best house on the worst street or the worst house on the best street?

Buying a property in a good location can provide you with a degree of financial protection when it comes to property appreciation and rental yield; it will always offer you the best returns and will almost always sell, no matter the state of the property market. In a market downturn, a good property in a less desirable location will be far harder to sell.

The value of your property can, to some extent, be almost entirely dependent on your location. The best house on the worst street will have its price weighed down because of its neighbouring properties which, while it may be an issue when it comes to selling, in terms of buying can mean you can get great value for your money.

An example where the best house in a less desirable location made perfect sense

We once looked after a blended family looking for an eight-bedroom house, which they managed to find on a busy road. If the same property had been in a more desirable location, you could have easily added £500,000 to its value, which would have been unaffordable for the buyers, so in this instance, the ideal home for the family wasn’t in the best location. If location isn’t a huge factor for you, and you are willing to compromise, you may be able to achieve more bang for your buck.

Buying the worst property on the best street offers opportunities

On the other hand, the worst property on the best street could prove to be a fantastic investment, as its value will be lifted by its location – an ugly property on a good road will sell in a heartbeat, even if there is a market downturn. Buyers often value location over looks, and you could even further increase the value of your property by refurbishing– a great opportunity for those with a smaller budget looking for a project – who knows, maybe you could end up with the best property on the best street!

The location of a property will have a big impact on its value, and how it is perceived by potential buyers, despite market conditions. Yet fundamentally, the location of your new home is dictated by your financial circumstances and your personal choices, as it affects how you will be living in it now and in the future.

If you want advice and help on buying or selling a property in or around Tunbridge Wells, please contact us as our experienced team would love to help.