What makes prime real estate prime? Why is it often twice as much as other properties, even if they are similar in size? Why is a one-bedroom apartment in Manhattan more expensive than a bungalow in Mississippi? And how did Boulder, Colorado, remain at the top of the rankings for a second year now?
You’ve most probably asked at least one of these questions over the years. And even if you’re quite shy to admit it, you should know that you are not alone.
Whether you’re a soon-to-be first-time homeowner, someone who’s considering relocation, an upcoming real estate agent, or just plain curious about the magic behind “prime real estate,” these six reasons will help you understand how prime location can elevate your lifestyle.
Security
It’s common sense. You wouldn’t want to live in a home where you feel unsafe. This is why prime real estate is often associated with safe neighborhoods. Gated communities usually offer a sense of assured safety. And with everything that’s going on around the world right now, investing in your and your family’s safety should be the priority.
Mental Comfort
Along with the ease and security that prime locations offer, your mental health will also be taken care of in other ways. Suburban households are reported to have the fewest people with poor mental health, according to the research done by Penn State University. This can be linked to the fact that the aesthetics that these premium locations boast of can drastically impact one’s emotions. Just compare living by the beach to living anywhere else, and you’d get the point.
Accessibility and Convenience
Remember that buying a house is not only about the four walls and what’s inside them. It’s about the living that you’ll be doing in that area in general.
The schools, offices, and the emergency service providers like hospitals, fire stations, and police stations are all the things that should be a couple of minutes away. The amenities you’d often need like restaurants and shops should also be fairly accessible. The proximity to establishments like these can make your life more comfortable. And the convenience your location offers is one of the most important factors that can elevate your lifestyle.
Remember that even a shabby house can be rebuilt and improved. But the accessibility you get from choosing a perfect location might not change within the years to come.
PS: Always remember to check the methods of transportation available in the area.
The time saved by short commutes could be spent on more important things.
Career Opportunities
Job security has always been an important factor in choosing your residence’s location. Boulder, Colorado’s best feature is the average annual salary of $67,160. And that’s just for your average Joes and Janes.
Different professions usually have different prime locations where they can thrive. If you’re planning to go big in the music industry, Nashville, Glendale, and New York should all be on your radar. If you’re in the tech industry and you can’t afford to live in Silicon Valley just yet, either Seattle or Raleigh can be the next best thing for your career. Remember that living in a community where the successful people in your industry reside can give you more chances to enhance your marketability.
The point is, when you choose a home to live in, you also affect how you can work for a living.
Business Opportunities
It doesn’t end with your traditional career. Living in what realtors consider prime locations would mean that you won’t be the only one who’s trying to live comfortably. And since the price for these properties is above average, you can expect that your neighbors would have financial freedom as well. This is where the business opportunity comes in.
Buying a property in a premium location can lead to more financial gains than you could ever anticipate. You’d be immersing yourself in a community where luxury can come first. Whether you choose to sell products or provide services, you’d know that your target market would have enough money to pay.
Future-proofing
As stated above, prime real estate locations usually equate to business opportunities. The commercial development of these premium locations would lead to the rise of your properties’ marketability. This can be beneficial, especially if you’re planning to resell your property after it appreciates.
The Bottom Line
The development of your neighborhood directly affects the elevation of your lifestyle. Whether it’s for business and career opportunities or security and convenience, remember that you and your way of living are worth more than anything else in this world. After all, your happiness is priceless.
