 |
| Pexels |
The real estate industry is always changing. This sounds somewhat trite, and maybe a little obvious, but an alarming amount of people don’t really see this industry as something that changes all that often. Sure, we know that prices will go up and down, but, in general, the way that business is conducted is basically the same throughout the climbs and sharp descents that the market throws their way. But this outlook often comes from a misunderstanding of what it is that drives real estate costs.
Ask just about anyone and the odds are that they’ll have the same idea about what it is that ultimately determines the value of a given property: location, location, location. Sure, buyers aren’t going to be willing to fork over too much if, say, the roof is caving in, even if the area is nice. But even a bad property can go for a price that will make the landlord rich if the property is in the right location. All you’ve got to do is look at the prices that apartments you could almost label ‘decrepit’ go for in places like New York City and central London go for to see that location often supersedes all other factors.
