When it comes to purchasing your ‘dream home’, there are several factors to consider before making the final purchase decision. One such important factor that plays an important role is the ‘locality’ in which the residential property you want to buy is located. The location also influences the appreciation or rental yield of a property.
However, the definition of the ‘right locality’ differs from time-to-time – depending on your specific needs and preferences. Some people, for example, prefer to live near a city’s main commercial hub, whereas others prefer the peaceful and pollution-free locality of the outskirts. In most cases, the right location will be determined by a combination of factors.
It’s advantageous to live in an area that is well-connected to the rest of the city via roads, railways, or metro networks. You may have made wonderful plans for the weekend or holidays, but if your home is in a remote location, you are likely to be stranded. Driving your own car may not be a good idea as it could exhaust you even before the party begins, it is, therefore, advantageous and with our insights as an real estate development consulting firms to have a house within walking distance of a major road, a railway station, or a metro station.
A well-developed infrastructure
A house in a good locality will make sure that you enjoy the benefits of a good infrastructure. This includes, schools, colleges, restaurants, hospitals, shopping malls, entertainment centres, and sports clubs, among other things. With our years of experience as real estate strategy consulting. It is seen that many people prefer to live in areas with well-developed social infrastructure. It makes daily living easy, convenient and more enjoyable.
You or your family members will have to step out of the house occasionally, therefore it’s important that an ideal location is crime-free and peaceful. A neighbourhood that is safe will allow you and your family to leave the house freely and without fear. Crime rates are usually higher in areas isolated from the rest of the city. Crime has also increased in areas where there has been illegal or unauthorised development, so you should personally survey the area to see if there is any illegal development.
Favourable development potential
Local municipal bodies have development plans for each area of a city, and these plans may have an impact on the development potential of the area where you intend to buy your new home. You can view these plans on the municipal corporation’s website to get a sense of the type of development that is being planned for a specific location. Some of these proposed developments may be beneficial. For example, if there are plans to build a new metro station, it will increase the location’s growth potential.
Optimal returns on investment (ROI)
The real estate potential of a specific location changes over time. A location that is currently in high demand for residential space may reach saturation within the next 10-20 years. Other factors suggested by our team at The Guardians Real Estate Advisory Firms, such as new development plans by the local municipality, may also have an impact on a specific location’s real estate potential. It is impossible to predict all such possibilities, but it is prudent to prepare a rough estimate of how things will be in a specific location after 10-20 years. It will help ensure that the area you choose for your new home is a profitable, long-term investment.