Thank you to BiggerPockets for this article.
When you ask what the most important factor is when buying a piece of real estate, whether it is a primary residence, a second home, or an investment property, their response will often be the old adage: “location, location, location.” It’s a well-known, trusted rule that emphasizes the importance of choosing the right location when buying a property. A property in a good location will usually come with a higher property value, higher appreciation rate, and will offer a better quality of life.
When putting this article together, I was hoping to go down the rabbit hole and uncover an interesting backstory on the origin of this famous buying tip, but I was surprised to learn that nobody knows for sure where the phrase originally came from.
Some journalists have reported that Lord Harold Samuel, a real estate tycoon from Britain, was the one to first use the phrase. But that was debunked by The New York Times when the newspaper found the phrase first used in a real estate classified ad in the Chicago Tribune in 1926.
Regardless of the origin of the expression, it has been and always will be one of the most important considerations when buying property.
There are a handful of factors to consider when it comes to picking a property in the right location. These include:
Once you know you have picked the right submarket, there are some other location factors to consider after you have honed in on an opportunity.
The significance of a property’s location can’t be understated or ignored. Just some of the ways it will impact you as a buyer include:
This old “location, location, location” saying is a timeless, invaluable rule that we all need to be mindful of when buying real estate. There have been a few times in my real estate investing journey where I have ignored this principle and bought a property in a location that did not check all the boxes because I was eager to do another deal. In both instances, I faced challenges with achieving my investment objectives because I ignored this cardinal rule.
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