Assessing the location of a property correctly

The location is in principle the only thing that cannot be changed with a property. There are always media exceptions when a house is transported through the country with a lot of effort. In principle, however, a house stays where it was built. And that’s a good thing. Everything else can be changed in a real estate somehow, be it the interior design, the facade or in case of doubt a complete demolition with subsequent new construction.

Think earlier of later

The location is therefore undoubtedly very decisive when buying real estate. When you buy your own four walls, your personal preferences or your place of work are often the most important factors. True to the motto “think earlier about later”, you should also think a few years further: about reselling or passing on the property.

Even if the property is not intended for resale, it will eventually change hands. In case of doubt, the property should be passed on to your own children or a sale is necessary due to external factors such as divorce or illness. What for a first time a suitable location is, it does not have to be for a potential buyer or the next user still for a long time.

Macro-layer vs. micro-layer

Such supra-regional trends in the macro-location, such as increasing urbanization or the economic development of a city, are of course very difficult to predict over a long period of 20 to 30 years. However, with the right questions and an open eye, you can assess the micro-location, i.e. the immediate surroundings or neighborhood, much better yourself.

Minimizing compromises

Beware even of compromises that you are prepared to make yourself! The real estate situation is currently tense, especially in conurbations. Cheap properties in good to very good locations are hardly available anymore. So there remain two options: Take more money into your hand – which is unfortunately often not possible – or cut back on the location, e.g. in the distance to the next bigger city. As long as the real estate market continues to develop positively for homeowners, even worse locations are not an acute problem. Should the real estate market, however, develop worse (e.g. due to a new trend towards moving to rural areas or due to a general decline in the population), properties in worse locations will be the first to be affected. There are no exceptions, just like that.

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