Etini
Valued Contributor
I understand perfectly that when it comes to real estate as a business, location is important. But permit me to move away from this norm based on personal experience. The first property my uncle ever bought was relatively cheap. He bought the property for about $370. The land was able to contain a 5-room standard apartment with parking space for two cars. At the time, that location was not developed. The locals there that had landed properties in that area were offering to sell to him at ridiculously cheap prices, he had the money to buy 20 of such properties. He refused to buy citing the bad location as a constraint.
The man even moved out of that location to another place and sold out the property. A few years later, a university campus was opened in that area, and within a twinkle of an eye, that location became developed. Roads were built and economic activities picked up rapidly. The price of landed properties appreciated by 20 times the initial value. My uncle regretted it, saying he would have owned an estate there by now if he had looked into the future.
I believe rather than looking out for the development level of a location as a criterion for buying a property, one should look out for the potential for development.
The man even moved out of that location to another place and sold out the property. A few years later, a university campus was opened in that area, and within a twinkle of an eye, that location became developed. Roads were built and economic activities picked up rapidly. The price of landed properties appreciated by 20 times the initial value. My uncle regretted it, saying he would have owned an estate there by now if he had looked into the future.
I believe rather than looking out for the development level of a location as a criterion for buying a property, one should look out for the potential for development.