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Nov 25, 2024 04:27
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| Is it true that location, location, location are the three most important things in buying real esta | ||
We'd say it's half-true. The most important things are future location, future location, future location.What truly matters is your timing. Popular, in-demand locations are already high-priced, & it isn't always the best investment strategy to buy a home in the most desirable part of town. Simply buying property in this area can prove to be a shabby investment as their isn't much more room to grow (unless you're buying a property that needs a LOT of TLC & at the right price). You want to buy a home in the neighborhood that's going to become the most desirable part of town. Location really matters when you can predict gentrification. Typically you'll find these locations right on the outskirts of the already in-demand neighborhoods, with old housing stock & low home ownership rates. Old housing stock loses it's demand by becoming less efficient & out of style. Also, owners that don't actually live in the area are more likely to sell to developers & investors. These factors create attractive opportunities for developers which create the demand for gentrification to unfold. Bonus: If you're looking to purchase a home solely for residential purposes, the location you feel most comfortable in matters most. Areas that prove to be stable & have close proximity to the things that are most important to you. There's a lot of value in that, even if it isn't the "best" return. |
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| Saturday, Mar 30, 2019 | ||
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