Location, Location and Location

Nothing new here, as the old joke goes, these are the 3 most important factors in the value of any property. And it should also come as no surprise that with lower income housing the considerations are a bit different. The concerns here are primarily in regard to the proximity to:

  • Transportation,
  • Jobs,
  • Schools and Day Care,
  • Medical and Related Services,
  • Parks, Libraries and Community Centers, and
  • Shops.

Proximity to such services must be calculated as a part of the cost and value of any property. Location must also be a factor in design and material selection. Heating and cooling needs, moisture control requirements, neighborhood safety considerations and flooding are but a few of the local factors that may require some extra development and maintenance costs.

My experience suggests that many of these costs are not factored into the purchase price of properties, let alone lower cost properties.