Should first time home buyers focus on location or space? When you are considering purchasing your first home, other home buyers offer advice on how to find a home. Some stick with the real estate mantra, “location, location, location.” Others focus on different factors, like room to grow or income potential.
In the great debate between “Location” or “Space,” we decided to ask our network of more than 22,000 local brokers and REALTORS® throughout Colorado.
Most of our local real estate experts answered “Location,” but some broke the norm. Each had unique and interesting reasons. For first time home buyers, which is more important: location or space?
Location will always be the winner
“Location should always win! You can change the interior, but you can never move the home to a different location. First time buyers are beginning to see this with the increase in pricing of real estate and how the values continue to increase.”
Cherry Creek Properties LLC
Location for resale
“If for resale or potentially turning it into an income property, location should be very high on the list, if not the top of the list.”
Brokers Guild Cherry Creek
Affordability should trump Location and Space
“Affordability should be a priority for first time buyers, regardless of type of property. Unless they are prepared and able to afford homes above $350,000+, competition for current low inventory will drive pricing above qualification levels for many first time buyers. We are advising buyers in the below $350K range to consider homes $10,000-$35,000 BELOW their qualification and comfort level so as to be able to better compete in competitive ‘bidding’ situations.”
Keller Williams Realty DTC
Location used to be King, but times have changed
“With such low inventory in Colorado, location use to be more of a big deal, but now it is about actually being able to secure a home. Public transportation (Light Rail) has changed the face of many neighborhoods for the better. Space should win with a consideration of location, but not vice versa. There’s just not enough inventory out there for that choice. Plus, as values rise, the more desirable areas are becoming out of reach for lower and middle class families.”
There is a lot of advice about how beginners in real estate should approach their home search. If you’re in the market for a home, we encourage you to contact one of these experienced professionals to help you through the process. Your REALTOR® can help you determine whether location or space is more important to your family and find the home that fits your lifestyle.
Thank you to all the brokers that responded with their wisdom and expertise. If you like what you read, subscribe to our weekly newsletter and like us on Facebook, so you can always stay ahead of curve with expert, timely insights to help you buy or sell your home.
Photo credit: blog.opportunityspace.org
Originally published April 12, 2016 — Updated March 29, 2018.