In a real estate boom, buyers will clamor for almost any house that hits the market. This is great while it lasts, but unfortunately when the party’s over, some homebuyers will be left holding property that depreciates at a much slower rate. This discrepancy is largely a result of a home’s location.
“Location, location, location” is a common mantra in real estate. And it’s good advice – except for one thing: most people have no idea what this really means.
A “good location” can mean different things to different people, but there are also subjective factors that determine a home’s value. Depending on your personal needs and preferences, you may not be able to buy a home with all of these factors. And that’s OK – after all, a home is much more than just an investment. However, next time you’re shopping for a new property, keep the following factors in mind.
Click here to read about the five factors of a “good” location; centrality, neighborhood, development, lot location and the house doesn’t matter.