Choosing the right neighbourhood is extremely essential for you while you are buying a home. It is not just about convenience, but also about ensuring a good value for your asset. If, in the future you do not wish to stay in your home and want to sell it or rent it out, the neighbourhood in which the property is located plays a major role in its value. Here are some factors to keep in mind while buying a property that will ensure a good value for the same in the future.
• Basic Facilities :
Imagine living in a house that is situated in the most beautiful landscape and teamed with the most exotic amenities but has no access to basic facilities like schools, grocery stores, pharmacies, healthcare, parks, good restaurants, etc. While the home itself might be a dream to live in, but your life may be nothing short of a nightmare if you had to drive to the grocery store located far away every time you need something. A good property is one where you can find basic amenities right in your vicinity, within walking distance to your home.
• Educational Institutions :
While a lot of parents are obsessed with the idea of enrolling their children in the best schools in the city, one must understand that it is a really burdensome activity for your little one to commute every day. However, if you choose a home that is surrounded by reputed institutions, you can be at ease knowing that your child will not have to travel much to be able to avail good education. Likewise, it is noticed that homes around reputed schools and colleges are always on a buyer’s list and a hot property when it comes to rentals. Apart from this, another benefit is that the traffic norms are more strict and child friendly around educational Institutions making the neighbourhood much safer for your child to step out in.
• Appreciation value :
A home is not just a shelter, but a deposit of our savings and a precious financial asset. One must study the tangent of growth of the property values in different locations and choose the one that has a steady growth in value. One should be able to get more than he invested if he chooses to sell his property in the future.
• Transport and connectivity :
The neighbourhood you are staying in should be well connected to the rest of the city with a good network of roads and a reliable source of public transport. One should be able to hail an auto, get a taxi or a bus without much of a hassle. Proximity to a bus stand or an auto stand can be an added value. A well laid road network that is connected to the main city, if you are choosing to stay in the suburbs is extremely important. Wide and clean roads that are well maintained are always chosen over narrow, badly maintained roads.
• Cost of living :
Irrespective of how extravagant your earning might be, it is better to stay in a location that offers an average cost of living. Each locality has different prices of the same commodity. For instance, in some localities vegetables are more expensive than in others. In this case, it is better to opt for a locality that offers a mid-range pricing of day to day items as it is not only beneficial for you, but if in case you wish to dispose off your property, there will be more takers who will not be intimidated by the high cost of living in that neighbourhood.
• Crime rate and safety :
Safety is one of the most important factors to keep in mind while choosing the neighbourhood that you wish to stay in. Some localities are more prone to crime than others, and instances of chain snatching, eve teasing, etc. are more in some places than in others. It is advised to stay away from such localities as it is neither safe for your family, nor will it reflect well on your property.
• Employment opportunities :
A home that is located around a hub of employment is more desirable than the one that isn’t. If you wish to stay in the home you buy, choose a home that is in walking distance to your work. It is not just economic, but also more environment friendly and will cut away the tiring hours of commute. These factors will also fetch you a good pricing for your home as more people working in the same industry might seek to buy or rent the property.
• Culture :
Irrespective of your desire to mingle with your neighbours, one must look into the type of neighbours he has. A good set of people surrounding him are more reliable. One cannot predict the future, and if a person who desires a good social life chooses to buy your home, he or she will look into this particular factor as well. Apart from this, you never know when you might need the help of someone around you- it is always better to be prepared to be able to fall back on a good set of neighbours.
• Connectivity :
Staying connected is more important than ever. Good mobile network, access to cable and internet providers is an absolute essential in this time and age.
These are just a few points that one must keep in mind before buying a property as these will not only help home owners lead a more wholesome life, but will also enhance the value of the property
Disclaimer: The article contains data collected from various sources & the use of same is at readers discretion.