How to change SQL Server default backup location

As part of my job, I need to create databases regularly. Because of this I made a SQL Backup of the database with required objects and necessary setup. When ever I try to create a database, SQL Server is showing the default path of the backups.

It is possible to change the default location of the SQL Server backup files:

If we open the registry using REGEDIT or some other tool and if you navigate to this key:

HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Microsoft SQL Server\MSSQL.1\MSSQLSERVER and change the BackupDirectory value to the required location.

This solved my problem and saved some time.