What is meant by real estate 1
Location, location, location - old real estate wisdom
The location of a property is decisive for the valuation of the property
Location is the most important factor in real estate valuation. A distinction is made here between the macro location and the micro location of a property. The Macro location refers to the region, city or district of the property. While the Micro-location rather it illuminates the immediate conditions on site, e.g. population structure, street noise, connection to public transport, good infrastructure with regard to schools, kindergartens or leisure opportunities. The image of the district can also be decisive. If the residents have a certain social level, it is a middle-class neighborhood or rather a problem area with little development potential.
The better the location, the more stable the value of the property.
In most cases, however, the better locations are correspondingly expensive. Bad locations often result in lower prices, but for example with higher returns on rental properties. In contrast, the potential for value appreciation is much more likely in better locations.
Background: the location of a property cannot be changed and is therefore permanent. The other characteristics such as building structure, floor plans, living space, condition of the apartment or house can be changed.
By the way: In good locations, the property on which a property is located is usually more important than the property itself. In less popular locations, the property price is determined more by the property itself.
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