The Rules of Real Estate #1

The Rules

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of Real Estate

Most of us have probably heard them at one time or another; I heard them long before I became an agent, they are the “rules” of real estate. I believe most people hear them from well meaning friends and family when they are trying to buy or sell a property. They are often quoted as indisputable fact. I’d like to look at them one by one and give you my take on them.

#1. “The three most important things in real estate: location, location, location.”

Giving it the top three positions is over kill but I consider the idea behind the rule to be true and here’s why. You can make changes to almost any part of a home, knock down walls, remodel kitchens and baths and add rooms. You can even tear the home down and build another but you can’t relocate the land the home sits on. Location is one thing in real estate you can’t change.

Many times people think of location in terms of the cost of a home in a specific neighborhood and that’s valid but location involves so much more. For example:

  • Where will your children attend school and how much will that cost?
  • How much time and money will you spend commuting to work?
  • What are the shopping, recreational and cultural options?
  • Is there is a Home Owners Association for the neighborhood?
  • How safe is the neighborhood?
  • What are the crime stats?
  • How quiet is the neighborhood?
  • Does your street have a lot of traffic?
  • Can you hear traffic from your backyard?
  • Are you on final approach to the airport?
  • Are you close to parks or green belt areas?
  • Is your lot over-sized or under-sized compared to the average?
  • Is your lot on a corner, cul de sac or in the middle of the block?
  • Will your neighbors be a blessing or a curse?

Location strongly impacts how much you’ll pay for your home today and the value of your home when you’re ready to sell. Make sure you do your homework on the location you’re considering and never hesitate to the one person who understands the rules of real estate, your REALTOR®.

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