How Is Location a critical Factor When Purchasing A Property?
Location is one of the most critical factors to consider when thinking about your potential house. The positives and drawbacks of staying in an environment need to be weighed.
Even after deciding on the location, the location within the neighborhood should be considered as well. You would want to consider several factors in the neighborhood and your lifestyle needs. Some people prefer to stay close to the busy areas. In contrast, some prefer to be tucked deep inside the neighborhood away from people and automobile noises, hustling, and bustling.
Remember you can change everything about your home after acquisition except the location.
Things to consider related to the location include:
Safety: This is a major concern. How safe is the neighborhood? Does it have a police station close by? Is there a provision for security personnel? You need to put your ears to the ground and know if there have been previous security issues regarding the neighborhood. Do your research about the security condition. Security of your life and family along with your properties should be paramount to you.
Connectivity and transport: If you aren’t looking for a vacation home that is secluded and cut off from civilization, then you need to consider how accessible your potential home is. Find out if it has a good road network and links to a major road. Is it connected to other important city areas? How easily can you get good public transport facilities? You would want to consider the closeness of your potential home to your workplace as well.
Access to basic and social amenities: Before buying a property, check the amenities present in and around the neighborhood. Is the power supply consistent? How about the water supply? Buying a property is usually a commitment to putting down roots, taking notes of the availability and condition of essential things for an easy life is important.
Pay attention to the shopping centers, hospitals, and educational institutions. Parks, playgrounds, and schools are particularly important if you have kids or planning to have them in the near future. You wouldn’t want your kids traveling miles before they get to school.
Traffic: You need to find out how heavy the traffic is en route to your workplace or children’s school- particularly during the rush hours. Find out if there are alternative routes to bypass this traffic congestion. Is it something you can bear? You need to find out.
Lifestyle needs: While ticking off the possible locations you want to buy your property, consider your lifestyle. If you are a sport and/or fitness enthusiast, check out the nearest sports club and gym centers.
Development potential: A mid to long-term view of how the locality is expected to evolve over time is very necessary. Does it have scope for development in the near future? One way to enjoy long-term profitability in real estate investment is to acquire property in an area that is yet to fully develop but has high prospects. As development approaches, the value of the property is bound to appreciate which translates to making more gains in the long run on such investments. Buying early into such places will afford you the opportunity to key into real estate buys at lower rates. Therefore, you should consider the appreciation and resale value in a few years.
It is advisable to conduct a thorough check about property ownership, the intended use of neighboring properties, government or private institution establishments, and other perks of the location.
