If you are buying or investing in a real estate property be it a residential or commercial, the foremost factor which comes into your mind is none other than Location.
Yes, it is the topmost parameter that defines a good or average real estate project. The location of a house / shop/ office determines several factors that can have an impact on the growth, happiness, safety, comfort and financials in future of your family or business. Investing in the wrong location can be a very expensive mistake. In this article, we are presenting you with some important points that prove the relevance of the location while buying a real estate property.
1) Quality of the Area: - An obvious point of interest is the area in consideration. Check if the area is clean or full of debris, pay attention if the residential property is well maintained or not. Build a good overall view of the property by considering the street location, the neighbourhood and the surrounding community.
2) Facilities: - It is important that you have a list in terms of needs, interests and preferences. Include factors that are important to you, such as travel time, recreational activities, medical facilities, shopping area and other business establishments. Rank these preferences in terms of importance. In this way, you will have a clearer idea of whether a place caters to all or most of your needs.
3) Crime Ridden Neighbourhood: - Nobody wants to live in a dangerous or unsafe community. People want to feel safe in their homes and ready to pay more for this. A safe neighborhood means that people will feel free to walk, stay outdoors and interact with other neighbours, freely.
4) Schools: - Home buyers with children are concerned about the education of their children and often pay more for a house that is in a highly desirable area. They will do the home search based on the location and good school in the area, in particular.
5) Proximity to the Public Transport: - Most people do not want to endure long commutes for work, offices or public transport. People prefer to be located near hospitals, medical shops for emergency services and conveniences. So naturally, properties in locations that shorten travel time during these critical times are more preferred.
6) Value of the property: - Consider how popular the area is? Sometimes, its popularity can spread to neighboring localities with an effect of increasing prices and, thus the value of the property increases. On the other hand, areas with low demand, where houses are already at a premium price or areas where prices are stagnating, may result in slow valuation or stagnation in the future.
7) Long-term value: - In spite of your negotiations, you will probably pay the market value for the property you bought. You need to think of ways to add some value. If market conditions change and you need to sell, you must be sure of how to recover your investment.
8) Economic benefits: - Understand the prevailing and future economic conditions, whether it is growing stable or stagnant. Look for a healthy mix of commercial, residential and prospering business areas. Such properties provide employment and attracts residents, also adds to increase in the tax base that can be used for improvements in the community.
9) Eco-Friendly: - Check the community environment, to make sure that you avoid living near factories, traffic congested roads and contaminated water bodies. Check neighborhoods that perform activities such as tree plantation and periodic clean-up operations.
An important key to selling a real estate property is to buy in a desirable location. If the location is not desirable, then the sale of a property becomes almost impossible. The desirable qualities will always increase the value, assuming that no major and undesirable change has the opposite effect. The smart property shopper will also look for information of the developments planned in the area to capitalize on the future.