Can You Improve A Location

"What should you look for when buying a house?" asks the Dallas Morning News in one of its feature articles: "Location, location, location." Why? Because, as the article reports through interviews with experts, "You can change nearly anything about a property—anything except its location. That's why location is so important."

What do you think? Are these so-called experts right? Is it true that "you can't change the location of a property"? If you answered no, it's not true, you're right. Contrary to conventional wisdom, you can improve a home's location. Location does not merely refer to a fixed position on the face of the earth. Rather, it includes a complex set of attributes such as neighborhood demographics, appearance, prestige (reputation), school quality, crime rates, convenience to shopping, accessibility to employment, zoning laws, deed restrictions, property tax rates, government services, and a dozen other influences. Acting together, you and neighboring property owners (and tenants) can favorably impact any or all of these neighborhood features. Indeed, one of my favorite examples is South Beach, Florida.

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