“Location, Location, Location!!!!!!”
We are pretty sure that you would’ve come across the above phrase at some point while considering a real estate investment. In the monopoly of real estate, the number one thumb rule to live by is the location. The better the location, the better your investment and hence, the better your returns. That being said, let’s dive deeper into the topic to find out what are the crucial factors that ascertain the value of a locality.
Connectivity - The connectivity of and within a locality is a critical factor while considering the locality for your home. Are the roads well connected? Is there a metro station within the locality? How frequent and timely are the public transport services? Are there shorter routes to enable your commute? Having a clear answer to these questions will tell you if it's suitable for you to invest in that particular locality or not.
Basic Facilities - Another major factor that comes into play while deciding between localities is the availability of basic facilities like schools, hospitals, grocery stores, restaurants, banks, ATM’s, etc. near-by. So, how near is near-by? Let’s say within a 6 km radius. Evaluate your needs, plan out what are the basic facilities that you are looking out in your neighborhood. For example, if you have school going kids then the availability of a reputed school nearby might be an important facility that you are looking out for.
Public Services Within the Locality - The availability of public services like post office, police station, 24x7 water and electricity supply, street lights within the lanes, proper garbage disposal system within the area, well-maintained pavements, etc. are the other things you should be concerned about.
Future Development Projects - This is one of the crucial deciding factors as to how likely the value of the property will increase down the line. It's not just that, it will also decide if you’ve fetched yourself a good bargain by investing in a locality which is bound to be developed in the near future. You will have to do some research on the latest projects which will build up in your locality in the future, which will also boost up your confidence in the locality when you get to know that there are a lot of other people looking up to establish projects in that particular location. Well, it obviously isn’t going to be for no reason, right?
Appreciation down the line - An age-old saying, “Don't wait to buy real estate, buy real estate and wait” best describes this. Like we know, the price for land never goes down, the same follows suit for flats/ apartments as well. But, the rate at which the prices for the properties hike differs from one locality to another. There are a lot of factors determining this, which includes the current rate of development in the locality, the basic facilities nearby and the ones coming up, future projects that will set foot in the locality, etc.
Social Circle - This may or may not be your topmost concern while buying a property in a particular location. The presence of your family, friends or for that matter anyone from your social circle in or around the location might be a factor for a few of them, especially for those who are looking ahead at a retired lifestyle and may not want to travel much for social gatherings and meeting family members. Although this particular factor will not affect the value of your locality and would be a negligible concern for most of us, there are still quite a few others who keep this as their priority.
Buying a property is a lifetime investment and the locality is something we do not want to compromise on! And by this, we do not mean to say that you should invest in a top-notch, posh locality. Any locality which has the potential for development and growth in the near future would be the best bet!