What factors do you consider when buying a house? Is it its’ size, your budget, the amenities nearby or perhaps the neighbourhood? While all these factors are important there is one that stands out more than others. And that is its’ location. You may have heard a number of people from the real estate sector talk about this, without really explaining it. In this article, we at The Scapers explain in detail why location is so important when buying a house.
Location Is a Constant: When it comes to property almost every aspect is variable or rather can be changed at a later stage. For example, you may buy one flat now and then in a few years buy the neighbouring one, to make your original flat bigger. Or you may choose a neighbourhood based on the kind of people who live there, only to find that in a few years they have all moved out in search of better job opportunities. The only factor you cannot change at all is the flats’ location. But why should that matter?
Location Determines Appreciation: Well as it happens your location is what will determine the demand for property in your area. A location that has the potential to become desirable in the future is what you should be looking at. So how does one determine a good location? You need to ask yourself and your real estate agent, ‘where will this location be 5 years from now?’ Here are a few things you can keep in mind to help you answer that question.
Analyse Who’s Buying: Even if you don’t intend on selling or renting your flat right now, your children might consider it in the future. It is a good idea for you to get an understanding of who your future buyer/tenant could be. Take a look around at the kind of people buying right now. Are they retired people, working professionals or youngsters?
The way real estate functions in our country, has changed drastically over the years. Earlier one could only afford a house closer to retirement. But with the increase in disposable incomes and the popularity of having nuclear families, many people are looking to buy early on. This is an important demographic to take into consideration, as the youth will want a location with the right amenities, connectivity and long-term desirability. If the location you are considering does not attract the youth as much, make sure it appeals to wide variety of buyers, so there will always be a fair amount of demand.
Connectivity: Good connectivity is almost always a sure-shot at appreciation. People want to save time on travelling to work or even going grocery shopping. So a neighbourhood which has amenities within walking distance or public transport stops close by is a wise investment decision. Even if public transportation plans are only in the pipeline, you should still consider buying a property in such a location. Consider highway projects as well. And along with connectivity, the presence of other amenities also tend to increase such as restaurants, malls, schools, hospitals etc. , all of which lead to an appreciation in the value of your property.
Liveability: Perhaps the most important factors to consider when evaluating the liveability of a location are its access to water, greenery and safety. If the house is affordable but in an area that suffers frequent water shortages, don’t consider buying unless there are plans in the pipeline to improve the water conditions.
With greenery become more and more scarce a home that is surrounded by some will not just appreciate in the future but will give you a good lifestyle and control pollution. Eco-friendly homes also help save power and money in the long run.
When it comes to safety, consider the society and the checks and balances it has in place for security. For example the society may have CCTV cameras in place or even if they don’t there may be a residents’ welfare association which helps with the security of the society. Ask existing inhabitants how safe they feel in their neighbourhood.
Now that you know why location is so important while buying a house, take a look at some of the projects offered by The Scapers.