Location. Location. Location. It’s safe to assume we’ve all heard this term more than once or twice. One reason it’s so well-known is because of the truth and importance behind the words.
In the world of real estate, that one word (repeated three times as seems to be the rule), is the most important thing to remember when buying property. But the word location means more than just picking a property in a good school district, with a view or ease of access. A bad location is an incurable defect and one that should be heavily evaluated before a purchase is made.
The one main factor that you cannot change is a property’s location. Where it is located on a street, in a town, in a neighborhood, at a railroad crossing, backing up to a busy road, under a group of electrical towers…you get the idea, can dramatically impact the value of a home. You can change the carpet, paint the house, redo the landscape, but you cannot change where it is situated – unless of course you purchase a manufactured home, but let’s assume that isn’t the case.
Real estate professionals warn against buying a good home in an undesirable area, stating that location trumps all. Yet, there are those who will argue that the price is often so appealing for such a property it’s a great way for a buyer to get what they want without spending a fortune. Without a doubt you’ll save plenty of money by finding these ‘undesirables’, but at what cost? Chances are you’ll lose money when and if you ever sell the home.
Beauty is in the eye of the beholder and a nuisance to one person may not be a bother to another. However, it’s important to remember that a house in an undesirable location will have a lower value and probably no return on investment. You may be content living there, but you may one day have to sell it and therein lies the problem.
Location holds its value. Location is the foundation of real estate. Location matters.