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Location And Value
Location And Value One of the most important elements in the value of property obviously is location. Wise investment philosophy takes you a step further. A better buy would be an investment in a sound property in a more modest area that will increase in value in the future. Buying into an area that is being gentrified, or that is otherwise coming back, is one way to do this. Timing is everything, however! Most investors don't want to risk too much by being a pioneer, but want to get involved early enough so that there is still considerable room for value in appreciation. Being a pioneer is fine if you are a gambler possessed with lots of patience and cash is not the primary issue; otherwise, it is safer to buy into an area after the restoration trend is unmistakably established. Neighborhoods that are ripe for restoration have some common characteristics. They are next to a prestigious area or in a good walk-to-work location and have houses that are basically in good condition or "fixer-uppers" with realistic price tags.