What’s more important, the house or its location?

“I wish I could have THAT house but in THIS location!”  Unfortunately this – or the reverse- are remarks heard all too often by real estate agents in every street, neighbourhood, state and country all over the world.  It’s something typically heard when buyers are shown a stunning house in a very ordinary street, or very ordinary house in a fantastic street.  Buyers will plead, “Can we please just pick that house up and put it here”?  In short, no we can’t.

Believe me, we’d love nothing more than to be the heroes who magically conjure up your fantasy dream home in your favourite part of Liverpool, and in fact you may even find that this house already exists – but the truth of the matter is, if such a house exists, it’s way outside of your budget otherwise we’d be showing it to you!

Which brings us to the million dollar question…  What’s more important, the house or its location?

We’ve all heard agents spruiking “location, location, location”, hey there’s even a tv show on Foxtel about it.  But why do we do this, and what does it mean?  Does this mean we think everybody should purchase any old house in the most fabulous street in the neighbourhood?  And what makes a location so great – is it being close to shops, transport, parks, schools, or is it a quieter more private area further away from the main street?  The answer is simple, and it depends entirely on you.   When we talk about buying for location, we’re generally talking about a location that best fits your needs and lifestyle.

So what then of your dream house?  Just what would you be willing to give up for the location of your dreams?  This will usually depend on your budget, but it may mean anything from going without a second bathroom to downsizing from 4 bedrooms to 2.  This is where you’ll need to be clear on your basic needs.  Consider what you need, and begin to separate what you’d like to have from what you absolutely can’t live without.

If you own real estate in Liverpool, or have been looking for a new Liverpool home, which do you think is more important – the house or its location?