#1 Rule of Real Estate Investing: LOCATION LOCATION LOCATION
Those with experience in real estate investments say that there is only ONE RULE in property buying summarized in three words: LOCATION LOCATION LOCATION!
Indeed, the location of the property itself is very crucial because it must be accessible to other places which serve your other basic needs and wants. Let’s break down these important factors of choosing YOUR ideal location one-by-one to help you decide…
- FOOD – must be near a grocery and/or public market you can buy your food and water
- CLOTHING – ideally, it should have a mall nearby where you can shop your clothes
- WORK – of course, the nearer your home is to your work place, the more convenient it will be for you
- EDUCATION – a school must be nearby so your children can study and secure their future
- RELIGION – must be accessible to your church where you practice your worship and Godly duties
- SECURITY – to ensure the safety of your family, a guarded village or compound would be best
- CLEANLINESS – trees and less buildings are good, factories and dirty rivers are bad
- AFFORDABILITY – maximize your finances so as to maximize space and nearness to the city
Other Factors that you might want to consider in choosing a location are…
- DEVELOPMENT/ GROWTH of the AREA – the more future developments to be put up in a place, the higher its value will become in the future = PROFITS through LAND APPRECIATION:-)
- ROAD NETWORK – more roads which are wider and have access to public transport are advantageous
- NEARNESS TO RELATIVES – so that keeping in touch with your other loved ones would be easier
- USE of the PROPERTY – if it can be used for business and commercial use, that would be better
- ENTERTAINMENT – leisure is also important, so malls, playgrounds, and parks would help
All of the above-mentioned factors can be summarized into a 5-letter word which describes how good a property is, and that word is PRIME.
A PRIME location refers to real estate which encompasses all the reasons mentioned above. In other words, it is a place which is SURROUNDED by structures and establishments that ADD VALUE to it.
Of course, each person has his own definition of a prime location, because we all have different backgrounds and our own lives to lead. That is why I have provided this article as a general guide for all of us. You may bookmark and share this page to all your friends and relatives who will find this guide very helpful (just use the Button at the end of this article).
Remember, when investing in a property, always remember the first rule: LOCATION LOCATION LOCATION