The Unique Home vs Location Argument

It happens all the time. You find a really unique home in an area that used to be opulent and now is less so. The classic example is an old Victorian home that needs some elbow grease, but would ultimately be a wonderful home. It also happens to be a steal at the moment. The biggest problem you are faced with is the fact the home is in a location that isn’t bad, but has seen better days. You are incredibly tempted, but should buy it? The answer is no unless there are concrete plans for the improvement of the neighbourhood. Why? Well, the rule of location, location, location trumps everything. You can have the best home in the world, but it is not going to appreciate in a neighbourhood that is going down. It is actually going to lose value, and then you have a real problem.