A home buyer's biggest challenge is to strike a smart balance between Great Location and Great Home. Oftentimes in our real estate practice, we see buyers making the mistake of focusing too much on interior and exterior home features that fulfill their vision of the perfect home - new kitchen, big windows, finished basement, etc. - rather than the location of the property.

By location, we mean the features and benefits of - the actual street, the lot, the neighborhood, the school district, proximity to water, hospitals, transportation, shopping, etc. - things that can really add a lot to the resale value of a property. But who's thinking about selling — we're buying right? Well, in fact, a great thought process that we recommend to home-buyers is to think about reselling the home that they are today considering to buy. That is, when buying, think about selling!

Simply put, focusing too much on the home and not enough on the location can be a really big, long-term mistake. Always remember the popular rule that professional real estate investors use - "Location, Location, Location - You can always change a home, but you can never change the location". Obviously, this rule does not always apply. For instance, if a home needs additions and expansion to fit your requirements, but there is no room to do so, the location may be great, but it will never fit your needs. That aside, and especially, when available purchase money is the major governing factor — which it almost always is — we strongly recommend buying a bit less of a home and MORE (as much as possible) of a location.

Acquiring this sense of balance takes some getting use to, (and could even be painful - because it may seem like you are giving up something) but it can make a BIG difference in your life later! Often, a smaller, less finished home with great location features will appreciate much more in price, than a larger, more finished home in a location that is less appealing.

When we speak about a "Great Deal" in real estate, it means that the property has a great relationship in terms of price vs. potential value. (Think of potential value as a combination of location and home.) It means that, although the home features may be less than perfect (they may in fact be perfect for you by the way), the location is so excellent, that the current sale price PLUS any investment you make to change the home, will be 100% (or nearly 100%) recoverable when you resell.

Naturally, there are no guarantees of return on investment in real estate, but a smart purchase and good planning can really minimize your risks and maximize your gains.

Are you buying a home in Long Island, New York? Consider using us!

We welcome your comments.

Visit us at: www.MyLIHOME.com