They come up eventually in almost every conversation about real estate: so-called real estate truisms. But how true are they really? We asked realtors to weigh in on three of the most common.

Truism #1: Location, location, location

Truth test: You might think you’re buying a house, but according to Kara Reed of Chestnut Park Real Estate, “you’re really buying a lifestyle that’s associated with a neighbourhood.” And whether that neighbourhood has access to the TTC, the right schools nearby and is convenient to shopping and services all adds up to value—value that is likely to be maintained regardless of the specifics of the house or even the market. “If the market tanks, better locations will always be hit less hard,” says Reed.

But…: Next-door to that location, location, location can be almost as good. In Toronto’s hot market, many prime areas have been priced out of reach of average buyers says Helga Teitsson, a Toronto-based real estate broker with Re/Max Hallmark Realty. And that’s pushing smart money into adjacent neighbourhoods, so that “the desirable neighbourhood starts to spread,” she says.

Truism #2: Always buy the worst house on the best street

Truth test: “As a renovator, buying the worst house on the best street is a great idea,” says Marc Paillé, a sales representative with Bosley Real Estate in Toronto, because it allows you to quickly boost equity or profit (depending on whether you’re staying or moving on). Buy at the top end of your street’s value and there won’t be much you can do to boost that value. Plus the reno route can be your entrée to an area that would otherwise be financially out of reach.

But…: If the idea of dedicating your weekends to home improvement projects makes you shudder, this truism will quickly ring false. And it doesn’t apply if there’s a problem with the house that can’t easily be addressed, such as an oil tank buried on the property or a railway track that runs through the backyard.