In assessing property value, what is typically a major consideration?

Location is indeed a major consideration in assessing property value because it influences a range of factors that affect desirability and marketability. Properties in prime areas—such as those close to amenities, good schools, transportation, and other desirable features—tend to have higher values. Location determines the economic viability of the property, as it affects not only the current market but also future growth potential and investment return.

For example, a property in a bustling urban center is often valued higher due to its proximity to jobs and services. In contrast, properties in less accessible or economically stagnant areas may be valued lower. This concept underscores the saying in real estate: "Location, location, location," highlighting its critical role in property valuation.

Aging, visibility, and size are certainly relevant factors but they typically do not carry the same weight as location. Aging can affect maintenance and aesthetics, visibility may influence business potential, and size impacts available space, yet none of these factors can surpass the foundational significance of where the property is situated. These other factors can complement location but they do not dictate property values to the same extent.