The choice of location is the toughest part while buying a property. At the time of home buying you want your house to be far enough from hustle bustle to allow for peaceful existence and also have the amenities in place. Choosing a location will largely depend upon your lifestyle choices too. Even if the location where you are buying a home does not currently have all the amenities that you need, make sure that it evolves into an area that will. A good location fetches you better returns when you resell.
Explore key considerations while deciding your home location:
1. Central Location
Where you choose to live within a city or town will undoubtedly affect how much you pay for your home. So cities that are highly developed and don’t have a lot of room for additional growth, tend to have higher prices than cities that have too much room to expand.
The neighbourhoods that appeal to you will largely be a matter of personal choice. However, a good neighbourhood will have good accessibility, appearance, and amenities.
Accessibility: In terms of accessibility, you should look for a neighbourhood that is situated near your city’s major routes. Commuting to and from work is a big part of many people’s day, so a house with easy access to roads and/or public transportation will be more desirable.
Appearance: It also matters a lot. Large trees, landscaping, and nearby green or community spaces tend to be desirable. One such location in Pune is Mohammadwadi.
Amenities: A great neighbourhood should also include important amenities such as grocery stores, shops, and restaurants. Most people like to frequent places that are convenient—if you have to drive a great distance to get to anything, it’s likely to make your house less attractive.
Schools: The quality of local schools and the distance from the house are both important factors to consider. Even if you don’t have kids, if you want to sell your home in the future, many buyers will be on the lookout for good schools.
Safety: A neighbourhood that has a low crime rate and is an inviting and safe place to be outdoors is the type of place where most people want to live.
It’s not just present amenities that matter, but future ones as well. Plans for schools, hospitals, public transportation, and other public infrastructure can dramatically improve property values in the area. Commercial development can also improve property values. When you’re shopping for a home, try to find out whether any new public, commercial, or residential developments are planned and consider how these additions might affect the desirability of the surrounding areas.
4. Actual House Location
You also need to take into consideration where the house is actually located. If the house you want to buy is on a busy road or very near a highway, you can probably get it cheap but its resale will be tough. The same may hold true for houses that stand next to or back onto commercial property, such as a grocery store or gas station, Schools, hospitals, community centre or houses on streets that get an unusual amount of parking traffic and parked cars and noise.
Alternatively, a house with a wonderful green view or near a body of water is likely to be more valuable, both now and when the time comes to sell it.
Pick a location where there is no water or electricity crisis. Without these utilities, a home would be a dud investment. Even in metro cities, homes with lack of water supply go for a huge discount to the existing property value of the area.
6. Ease of transportation
A good residential project should always be well-connected to the city. If there is a metro or an AC bus service, it makes it even better. Areas where autos and taxis do not ply or are tough to find are shunned by people. Access to public transportation is a huge advantage.
The bottom line is location is of primary importance not only when you live there or rent it out but also in determining the resale value later. An objectively bought house with good location will fetch you better returns in the long run.