“Location, location, location. It’s everything in Real Estate.” Everyone says it. But is it true?
Not too long ago, one of my favourite past clients sent me a note on Facebook. She had apparently come across a home that looked perfect for her and her family from every perspective. …except one. It was next to a train track. She asked me if she should buy it, or if that would always be a problem.
My answer to her was basically that there are two ways it could be a problem, and that neither were insurmountable. If she didn’t mind the sounds (and feeling) of living next to a train, why would she let it bother her? The other problem would be the saleability of the property when that time came. The reality is that there is a buyer for every house. It just has to be priced right. So go in knowing that you will need to sell the house at a discounted price compared to homes like it in the same market that aren’t next to a train track. We would need to make sure we buy it now at a deeply discounted price, so that we have mitigated your having to do it when you sell.
This note to her reminded me of a neat story. An (slightly) older agent I used to work with at another Re/Max office once shared with me that he had picked up a listing that faced a busy train track. The seller was having a really tough time selling it. In fact my friend wasn’t the first agent he had tried. My friend, a genuinely creative and usually funny guy listed it as a “train-watcher special”. It sold within a week, to an ex-rail-worker.
Many more things can negatively affect the price of a home. It’s important to find a good agent that will point them out. This way you won’t pay a “comparable price” when the home really isn’t comparable.
Feel free to call me any time! I’d love to help!