Get the location first, then the property.

The cliché “Location, location, location” has been tossed around in the real estate industry quite often. The reason for that is because – Location is the single most important factor that determines the value of a piece of real estate.

Would you prefer a property that is closer to many amenities compared to an identical one that isn’t? In more cases than not, you would choose to be in closer proximity to amenities because it equates to convenience. This is the reason why real estate in cities has more value than those in rural areas.

Just to drill the point home. Would you prefer to own a property in a community with a thriving diverse economy or one with a failing single-industry economy? While you may end up paying significant less for real estate in the latter scenario, you probably would not want to live or work there because there is very slim hopes of that property appreciating (unless the economy there becomes revitalized). This is just highlights the importance of location, location, location!

All other things being equal, a property in a desirable location is more valuable than an identical or similar home in a less desirable location. Location becomes an immensely important attribute especially if you’re considering selling your property or merely buying real estate strictly for investment purposes.

So, first, search for a choice location, then search for your property there.