Location, location, location

What’s the first thing you look at when searching for an attractive residential investment property?

Do you look at the exteriors of the house since it’s the first thing potential buyers ever see, with a keen eye on impressive landscaping, manicured lawns, a fancy gazebo and an impressive outside fireplace?

Or do you look for the house with the most impressive interiors, particularly the one with the best living room, kitchen, bathrooms and master bedroom?

Or do you fancy yourself to be a cost-effective investor who searches for a potential dream house but one that is sold at the most affordable price?

It doesn’t matter if you’re looking for a piece of property for your own personal use or for investment purposes. Location is where you begin. The following is a checklist of basic questions when searching for the ideal location.

1. How is the local community, town or city? Is it safe? Are there nearby places that can meet your basic requirements such as a supermarket, schools, gas stations, hospitals or clinics, church, dry cleaners? Do the schools have a high standard of education? Are they overcrowded? Would you feel secure having your kids playing in front of the house? How is access to local highways, major traffic routes, and mass transit services?

2. Is it economically stable? Are the businesses in the area flourishing? Is there a good mix of commercial and business districts? Are there enough business endeavors to provide ample job opportunities?

3. How are the local government services? Are the roads all paved and well-maintained? Is there a capable police force and a dependable fire station in the vicinity? How do local crime statistics compare to national levels? Are there regular community events such as an annual parade and activities for children, teenagers and the elderly?

4. How are property taxes in the area compared to nearby towns and cities?

5. How is the property's resale value? Is the area a "hot" location for real estate where demand for houses is stronger than available supply? Are there more people moving into the neighborhood than moving out of it?