Apartment Essentials: Location.

By Lev Novak

Here at uCribs this week, I’ll be updating the blog every day with a special eye to each of five possible priorities: location, price, size, people, and balance. Which should you emphasize? Which do you care about?

Today, we’re talking location.

What Is It?

Location is the foundation of real estate. It’s the first, second, and third priority of the business. It’s the reason a house in New York City costs as much as a castle in rural Scotland. Size and square feet only matter so much: the real question is of location is-what do you have around you?

How To Evaluate It

That question can be a lot more complicated than it sounds. Cheaper areas aren’t necessarily worse, and more expensive areas aren’t necessarily better. Your local student housing probably costs less than suburban housing would, for example- that’s because what you want is different than what wealthy adults want. You need late night pizza, and they want their kids to have good school districts.

Location, in that sense can mean different things to different people, so don’t just buy in to the idea of a “good” location. Factor in what you prize most in a location: do you want to be near classes, near friends, or near your work? Having friends in a certain neighborhood could change the “value” of a certain location beyond the standard price, or, conversely, a “good” apartment isn’t so good if it’s too far from your actual job.

How To Beat The System

Once you figure out your location standard, it’s time to figure out how relevant that is to you. For example, if you work an afternoon shift, then maybe a long commute isn’t such a big deal for you- if you don’t have to wake up early for it, you can just chill on the train without complaining. Or, if you live in a warm area, you might know that you won’t mind a longer walk to visit your friends. If you’re six foot four, a slightly more adventurous neighborhood might seem like a great bargain- it’s an undiscovered paradise, and you aren’t neurotic enough to worry about late-night walks.

Similarly, if you have a car, your physical distance from fun-centers might be less of a concern. If you’re dating someone far away, that might be a bigger issue, or it might lend itself to an opportunity- you might discover that their area is more fun. Having a significant other nearby can boost up a locations “value” without adding a penny to the price.

Conclusion

Location is the back-bone of real estate, but, unlike most back-bones, it can bend. Don’t take the market’s word for a “good” location and over-pay: instead find your specific preferences and latch unto them. Sacrifice what you can and keep what’s important, and try to think of all the perks the realtor can’t charge for, or all the problems that would be unique to you. in such a broad category, it’s important to be specific.

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