“Location, location, location are the three most crucial factors that determine the desirability of a property,” thus said Lord Harold Samuel in the 1920s. Indeed, it has helped millions of homebuyers in selecting the right property!
Conventionally, there are multiple factors that help homebuyers select a property as their home but the most crucial amongst them is perhaps the location. Proximity to workplace, school, hospitals, public transportation, amongst others are factors that are considered on priority while buying a home. Thus, let’s delve deeper to understand what one must search for and what he must avoid when it comes to choosing the right location for their dream home.
- To your workplace: The travel time between your workplace and home play a significant part in your life. At least, five days in a week we travel from home to work and back. Thus, it is advisable to live close to your workplace. The new concept of ‘Live, Work and Play’ has caught the fancy of many and, thus, prompting builders to launch such projects within the city limits. So, if you are a prospective buyer, try and select a location that is at a convenient distance from the workplace. It will not only prevent you from spending long hours in commuting, but also give more leisure and family time.
- To your kid’s school: Another crucial point to ponder is the distance between your child’s school and home. In an ideal scenario, the distance should not be more than 5-7 kms. It prevents them from spending too much time on the road.
- To Friends and Family: Though not ‘very’ important, but it is definitely a bonus having your family and friends live close by.
- Via public transportation: It is one of the most crucial factors. Check out for the nearest bus stop, auto stand, cabs service availability, etc. Remember, if you select a far-away location where public transportation services are not very good, there might be issues during an emergency.
Area Must be ‘Habitable’
- Walkability Score: Before buying a property, it is imperative to check the livability within the area. For instance, check if the area is livable or it is still developing because your surroundings usually have a profound impact on your lifestyle. The area must have good access to basic facilities like hospitals, banks, grocery stores, entertainment centres and restaurants. More importantly, these features must be at a walkable distance.
- Civic Amenities: Water and electricity supply are the two most important things to consider while buying a property. The property must have these facilities provided by the civic authorities. For electricity, check whether developers provide a back-up in case of power failure. Do cross check if the back-up is for the full house or only for one room, etc.
- Security Measures: The locality where you are looking to buy your dream home must have proper security provisions. Check its proximity to the nearest police and fire stations. Check for streetlights during night time.
- Physical Infrastructure: The property’s rate of appreciation is usually high in areas where the infrastructure projects are either well-developed or in the pipeline. For instance, if a metro line is proposed, in addition to enhanced connectivity, the overall appeal of the area will also get a facelift in the times to come.
- Avoid Hazard-Prone properties that are in proximity to a chemical factory, a high-tension zone, or a nuclear power plant. If you like your environment peaceful, then better to avoid a home near a busy highway, railway track, or expressways. Additionally, avoid buying a property on or near any agricultural land.
Thus, these are some of the crucial factors to consider while selecting a location. However, depending on your purpose of buying, your priorities might change. For instance, while buying for self-use, livability score of the area is imperative, while from an investment perspective, even if the area is still developing, it is suitable.