Secondary Location
Secondary is something that is less important than or compared to something else. Secondary can also be a result of something or someone that is primary by definition. A secondary location can refer to an alternative location. It can also be a place that is situated somewhere else in relation to the primary location.
For example, John Mulaney used a secondary location in his comedy show to describe a location from which you have no chance of returning back alive. Boats have hull identification numbers (HIN), and while the primary location for the HIN is on the rear of the transom, there should be a secondary HIN location in the interior of the vessel.
Secondary location in real estate
In terms of real estate, the term secondary location can refer to an area that is less advantageous. A primary area could be an area that is very desirable to live in and the reasons for that are numerous. Getaway cities in terms of traffic count, safety, accessibility, and many surrounding neighborhoods are some aspects that define a primary location in real estate.
A secondary location in real estate is the complete opposite or not as convenient as the primary one. We can define the area around the secondary location as lower-class, not so active commercially speaking. The term can be associated with a location that is nicer than average but not incredible.
Secondary locations can also be real properties located in unsafe areas or areas with high crime rates. Real estate that is hard to find or spot is also considered to be a secondary location. Properties that are surrounded by poor infrastructure or property with inadequate parking space. Secondary locations are also priced a lot lower because of this and that is another way to differentiate between primary and secondary locations.
Popular Real Estate Terms
The return by owners of a property investment usually through a depreciation allowance. a clause in a contract permitting the prior owner of real estate to recover under certain ...
Agreement between a lending institution and borrower where the borrower agrees to extend or spread the collateral of a loan to additional properties beyond the original mortgaged property. ...
Material used for covering the surfaces of walls or ceilings. Plaster used to be made from plaster of paris, but is now primarily made from cement mixed with sand and water. After plaster ...
(1) Judgment against a defendant who does not respond to the plaintiffs lawsuit or fails to appear in court at the hearing or trial date. (2) Judgment issued by the court against the ...
Provision in a lease agreement in which the lessee is given the right to buy the property at the end of lease term. In many cases, the option price is attractive to encourage acquisition. ...
A public foreclosure sale where public notice is given anyone is allowed to participate. Normally, a public sale occurs because of the property owner's failure to pay taxes. ...
Uncertainties associated with real property including lack of insurance coverage in the event of fire or injury, high crime area, and environmental problems. This risk may be reduced ...
Appraisal by summation is an Alias for Replacement Cost A.K.A. Cost Approach, which is one of the approaches an Appraiser can go through in order to assign a Market Value to a ...
Money payments to be delayed for a future date or extended over a period of time. ...
Have a question or comment?
We're here to help.