In a rundown block or neighborhood. Next to a school or school yard playground. Next to a gas station, near a municipal garbage or toxic waste dump. Odors from factories, farms and processing plants are routinely noticed. When You are Buying .
Location is a big factor in a home's appraised value.
This is most notably felt at the time you sell or refinance. What seems like a bargain when you buy might turn into a real headache when you try to sell. Drive around the neighborhood and note any adverse conditions. You may think you can live with something adverse for the price, but when it's time to sell you might find buyers won't. Always obtain a building permit.