You have very likely already heard this tried-and-true statement regarding the most important aspect of real estate repeated many times, and there is a reason it is so tried-and-true: Location is the single-biggest determining factor when it comes to the value of a real estate property. Value, however, is relative, and it is important to understand the different contexts in which the location rule should be applied. At Tim DeCapua Real Estate Services, we will try to explain in the most concise way possible.
The Convenience Factor
If you are looking to buy a home that holds a great deal of resale value, then you will want to purchase a property that is in a convenient location for a great deal of people. This means that you should be on the lookout for up-and-coming geographic locations that will be drawing in opportunists from all over the country. Silicon Valley is an excellent example of this, but only before it became nationally known as a hub of technological development. In essence, you should be looking for the next Silicon Valley before it is identified as such. This is difficult, but with a bit of research and analysis, you should be able to make a solid estimation regarding future property demands.
Consider Real Estate Location Relative to Purpose
Of course, value is relative to purpose. If you are in the market for a home in which you plan to live for many years to come, the value of the location takes on a different meaning entirely. While a beachfront property is likely to hold its value due to its location, commuting from the beach each day may not be the ideal scenario for you if your office is located far from the ocean. Consider your long-term goals, and remember the function location serves for your specific purposes is an important consideration in buying a piece of real estate.
