Location or House - Which Is More Important?

Location or House – Which Is More Important?

February 27, 2024

At Cobb Farr, we know how fortunate we are to live in such a desirable part of the country. When looking for a new home in Bath, Bradford on Avon, Wiltshire or Somerset, you’ll find a selection of gorgeous properties located in the city centre, suburbs or in more rural locations.

Perhaps you’ve found a property that you’ve fallen in love with. With its superb features, stunning views and light, spacious interior, you can’t help but imagine enjoying your morning coffee in such a beautiful space.

But there’s just one problem – it’s further away from work or school, potentially adding to your commute time and making it harder to enjoy the vibrant social life you’re used to.

Or maybe you’ve identified the location that offers everything you’re looking for but you’re struggling to find a home that ticks all the boxes too.

So, what should you do? Should you focus on finding a fantastic home to invest in and be willing to make compromises when it comes to the location? Or should the location be your priority? What about the value of the property- will it increase?

The truth is, although you should look at location first, it really depends on your personal circumstances and requirements. Here’s how you can make a decision.

1. What type of property are you looking for?

Make sure you’re clear on your requirements before you start searching for your dream property or ideal location.

Are you looking for a bungalow, flat, detached, or semi-detached property?
Do you need a garden or outside space to enjoy?
How much space do you need?
Do you have children or are you planning on having children?
Do you want a particular layout, a certain number of bedrooms or an office space?
Are you looking for a property with a driveway or garage to park your car?
Are you looking for an investment property that you can refurb and sell on?

Once you’ve got clear on your vision, you’ll be better placed to find the property that ticks all your boxes.

2. What location fits your lifestyle?

When it comes to location, it’s all about your lifestyle and convenience so take time to define what you need before you start looking for a property. Again, ask yourself the following questions:

Do you have children? If so, do you need to find a property in a location near great schools or would you prefer a quieter, safer street?
Do you need access to public transport such as buses, trains, or airports?
Would you prefer a place close to local amenities like banks, doctors, supermarkets, and post offices or are you happy to drive?
How about your social life? Do you want to be close to entertainment like nice restaurants, bars and theatres or are you happy to have a quieter life?
Do you want somewhere private, or do you prefer the hustle and bustle of the city?
Are you looking to invest in property and maximise on your return?

3. Is this a long-term or short-term move?

Your plans for the future also affect whether the location or house is most important in your property search.

If you’re planning to live there for the short term because you want to make a profit refurbishing a property, you may not be concerned about the condition of the property.

Instead, it would be better to focus on its location and how this could affect your investment. On the other hand, if the property needs a great deal of renovation, you may focus on finding a property in a better condition so that you can reduce your overall investment and sell it fast.

If you’re looking for a family home where you can live for many years to come and simply want a turnkey property, you may prefer to balance your search between location and the house itself.

4. Are you happy to do a lot of work?

If you’ve found the perfect location but are struggling to find the right home, consider how you feel about renovation and redecorating work.

A property that needs a lot of TLC may seem like an exciting challenge and an opportunity to make a return on your investment. If so, it’s better to focus first on location then find a decent property.

Alternatively, you may have a hectic life so prefer something you can move into straight away with minimal maintenance or interior work. If this is the case, it could be better to find a balance between a great location and a beautiful house.

5. Do you need to commute to work or school?

Whether or not you need to commute will play a huge part in your decision between prioritising location or the property itself.

Are you happy to increase the time it takes you to commute to work or school to live in a beautiful property? Or do you find the commute stressful and something you’d prefer to avoid?

Whatever your answer, bear in mind that you might not be in your current job for the rest of your life so it’s better to choose a location that offers an easy commute. Likewise, your children will grow up and won’t attend the same school forever.

Does the location you have in mind offer this flexibility?

If you don’t consider this, you may find that you have to move yet again in the future.

So, should you choose a property based on its location or the house itself?

Good question! As we mentioned earlier, location is considered the most important factor when looking to buy a new home.

After all, you can’t pick up your home and move it to a better location, whereas you can knock down a wall, add an extension or remodel the kitchen.

You’re also almost certain to see the value of your home increase over time if you choose the right location. If you try to second-guess the market by choosing an ‘upcoming’ area or settle for a location where the price might be right, but the area isn’t, then you’re taking a risk that could cause you to lose money in the long run.

Even if your home is stunning and the location itself seems to be ideal, you could still end up buying in the wrong location for you if you haven’t considered your unique personal circumstances.

For example, a longer commute, sense of boredom or isolation or struggling to carry out your everyday activities can become difficult over time, and you could end up moving again, costing yet more time, money and hassle.

If, on the other hand, you choose a good location, your property investment will increase in value over time and you’re more likely to feel happy, comfortable and settled.

To conclude, it’s always better to choose the right location that offers the best potential return on investment (considering your personal circumstances) and then renovate your home if needed.

There’s no easy answer to the question of location or house so it often helps to talk things through with a professional. That’s where we come in…