Updated: Aug 2
One of the most common questions we are asked is 'how important is location when buying a home?.'
Location is the most important factor in real estate. With all the home buying tips you will find on our website; location is without a doubt the most important factor in determining the property value of two like properties. There's the reason many great real estate investors refer to the phrase "location, location, location."
Study of the benefits and drawbacks of local investment. How do you go about venturing and investing in another state or staying local?
All strategies have their ups and downs. If you invest locally, you can work on the connections you build locally because it is easier to have a cup of coffee or lunch when one gets to know the members of one's network.
Depending on how much work you plan to do yourself, you will be nearby and able to supervise the work of contractors and suppliers. You may even find that it is possible to manage a smaller property by yourself when you are just beginning. The main disadvantage of investing locally, however, is that you are limited to business properties in your area.
In some regions, it may be difficult to find a good deal nearby because the properties are simply too expensive. With commercial, there is no reason to limit yourself to local investment when you can choose from the thousands of commercial properties available across the United States.
Another drawback of investing locally is that you are likely to be tempted to go through, give advice, and stick your nose in situations that should have been in the hands of a property management company.
To overcome this difficulty, encourage customers to focus on buying neckties that are so great that even though they wanted to look after them themselves, they couldn't. With a large property, you need a team of people to support you in management. Ideally, you will benefit from a quality management team. That may be a different way of looking at it, but if you're going for the high life, why not do it with enthusiasm?
Location in real estate is an incredibly important factor in your home's value and its perceived desirability by home buyers.