"Location, location, location" is a common mantra in real estate. And it's good advice—except for one thing: Most people have no idea what it really means.

A good location can signify different things to different people, of course, but there are also objective factors that determine a home's value. Depending on your personal needs and preferences, you may not be able to buy a home with all of these factors. And that's OK. After all, a home is much more than just an investment. However, the next time you're shopping for a new property, keep the following factors in mind.

KEY TAKEAWAYS

• Location is key to valuable real estate. Homes in cities that have little room for expansion tend to be more valuable than those in cities that have plenty of room.
• Consider the accessibility, appearance, and amenities of a neighborhood as well as plans for development.
• A lot's proximity to things like busy roadways and community centers may make it less desirable for resale.
• Acreage often trumps the quality of a house since land tends to increase in value.