Location or property  – what’s more important?

House hunting can be an exciting yet frustrating process for many people. You’ll often find homes that you love outside of your price range or preferred location, or less than adequate homes in your ideal spot. There are plenty of choices out there, from new build properties fresh on the market to old builds in established neighbourhoods – but how can you decide whether location or property is more important for you?

There are several factors to take into consideration depending on your specific circumstances. In this article, we’ll explore a few of these factors to hopefully make your search easier. Read on for some food for thought!

How long will you live in the property?

If you’re looking for your dream home to live and retire in then you’ll probably want to wait to find the best of both property and location. However, if you’re just looking to get on to the property ladder or you’re moving to a new region for work – chances are you may not be staying in the property for many years to come. If you’re in this sort of situation then perhaps it’s better to prioritise location to make your life easier for the next few years. You never know, you may learn to love your home anyway.

Where or how do you work?

This question has been asked a lot more by house hunters in recent years, with more people working from home since the pandemic started. People working from home for the long term may want to put the type of property above location because you won’t have to travel to work every day. You may be able to get more for your money in other areas, including a nice little home office which can keep you more motivated for work.

If you work in an office or at a regular place of employment then your options may be completely different. Location immediately becomes a lot more important for work-life balance and quality of living reasons. If you can bare a longer commute, then perhaps you can focus a little more on the property instead of the location.

Do you have kids about to start school or plan to?

Starting a family brings many different factors into play when house hunting. Are you inside the catchment zone for a local school and will your kids be able to make it safely to school every day? Some parents move temporarily to live inside catchment zones while their kids are starting school, which is something you may consider. Or perhaps you want to move permanently to an area with better educational facilities. In these circumstances, location is certainly king because it will have a direct impact on the development and livelihood of your children.

There are many other factors to consider when you’re deciding between location and property, but these are a few fundamental questions to ask yourself as a starting point. Everyone will have unique circumstances that will dictate their choices, but you just need to weigh up the pros and cons before you make any decisions.

Written by Julie Hanson

Julie is passionate about property – development, investment and portfolio planning. Along with husband Alec, Julie is actively building a property portfolio while helping others to do the same.

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