It’s widely known in real estate location is the key. Location, location, location is an age old most spoken about phrase in real estate, it is also said to be key because you can buy the right home in the wrong location. You can change the complete structure of the residential property, remodel the home or alter the residential properties layout but, you cannot move it. It’s attached to the land. Hence “Location, location, location” becomes the key to the right residential property.
Location is the key to residential property or is one of the most important aspect in residential real estate investment. Right investment at the right time, at the right place is the key to residential real estate. It can make it or break it. It makes the highest impact on the valuation of your residential property invested, not just that it also impacts your present and future lifestyle.
So make sure that when it comes to buying a home you don’t make a decision just by ignoring some important location factors. After all it is all about investing your hard earned money.
Here, we will be talking about five key factors related to location to be considered while purchasing a residential property:
Development of the area
Before buying a home it is important to check the current & future prospects of that area, especially if you are planning to buy a home near an underdeveloped area or an area underdevelopment.
So make sure that you check the future plans of that area including schools, hospitals, public transportation or other public infrastructure, because it is the development of the area which can drastically increase the valuation of the residential property.
Schools are a of utmost importance on today’s date, whether one has have kids or not. A residential property in close proximity of good schools always commands a good valuation. Schools not only provide education to kids but very often give good job opportunity to house wives in the vicinity.
Sometime finding a nearby school that meets your standards can be a difficult especially after moving a new place. So make sure you thoroughly check the schools nearby you.
Proximity to points of Interest
Everyone wants to live in a residential complex which is in close proximity to the offices, bus stand, metro station, taxi stand, hospital, auto stand, Gas station, medical store and more. Even if it is not very close to the airport or railway station but there should be public transportation easily available to reach the required destination, the infrastructure in and close the residential property should have been well planned so that it can cater to the coming years and generations. It is very important to check the basic and important necessities, close the residential property to save time and money. Time is money!!
Make sure that area is safe
People want to live in a safe and crime free area whether they live with their family or they live alone. A safe area means you will feel free to walk around and there is no need to worry about your family whenever you are out for work during the day or for that out of station for work. The vicinity of the residential property is very important.
It is also a very important factor when it comes to the resale your home/ residential property. It becomes very difficult to resale a residential property with high crime rate.
Resale value is one of the main reasons why location is important. It is a fact that a residential property in prime location is always more in demand versus a property in non-prime location.
What to hear from us in the next blog, where we will discuss the other factors.