Structural deficiencies and cosmetic concerns can be addressed if need be; however, it is the unchangeable objections that make a property challenging to sell - today and tomorrow.
But when you mix it with the purchase price, timing, supply and demand, then you have to prioritize your list of desirable features and then go down from there.
A lot have to do with personal preferences, but then resale value is also extremely important.
This is a term I use in my investing area, when I buy a Distressed property, and it is in a Great Location it means I can make more money, As you can see below if you are the end buyer it will be used against you.
That term runs the price up, if you want a great location you will pay for it.
Perceived value differs with each person, so when evaluating what location is important to you, think of your values. It'll help guide the way. Good luck!
I've had buyers surprise me - deciding ultimately to accept a big location negative in order to get the brand new home of their dreams. I reminded them that the negative location isuee (in this case backing to a busy highway) would impact their price and time to sell when the time comes for them to sell. They proceeded, eyes wide open, negotiated a very good price, which is a good thing because that will come in handy down the road when their pricing is impacted for the same reason that they were able to negotiate such a good price.
....eyes of the beholder....
Unwavering Commitment to Service
The term "location, location, location" is often used when planning a business where the physical location of the building will determine the success of the business. Would you put your 7-Eleven store on a low traffic street or on the busiest intersection? Would you establish your high end restaurant in an economically depressed area?
However, when purchasing your home the location of a property definitely has a unique meaning to each person:
Do you need to be close to the freeway to get to work?
Do you prefer to live on a quiet, cul-de-sac street?
How much distance between neighbors do you prefer?
Are you willing to live under or near the flight path of a local airport?
Do you want to be close to the ocean ($$$) or on the top of mountain with a panoramic view ($$$)?
If you could find two exact homes with the same specifications, price, etc, one in Laguna Niguel and one in Rancho Santa Margarita, your personal preferences to climate (cooler ocean breeze vs dry inland heat) will make one house more desirable than the other. While an investor may seek the "best" location (on the map) based on future resale value, your needs might dictate that the best location is in a very different location...one that an investor might consider inferior.
My advice would be to make YOUR list of reasons to purchase a home and then determine your "location, location, location" based upon that list.
It also means that if you're looking at a property that has living room windows overlooking the trash dumpsters in the rear of a supermarket, it will be inexpensive to buy because there is little demand for the location.
Location is everything. That's why homes with sweeping vistas of water or city centers, mountain ranges or religious holy places are so expensive. Supply is low, demand is very high.
Location, location, location.
Scott Miller, Realty Associates, Boca Raton, FL
"Location" is the difference in value between a 2000 square foot house in Newport Beach vs a 2000 square foot house in Kansas.