Friday, 13 May 2016

Why Location Matters in Real Estate

Since more than a century, real estate agents have maintained that the three most important things for a property are Location, Location, and Location. And the fact is, the rule holds water even today and would probably do so for a long time to come.

First things first your home is most probably a long time investment, and if the location of your home is good then that’s a great long-term investment.
You can buy a bad house at a great location and fix it up for a great return on your investment; however you can’t buy a great house at a bad location and get a good deal. 

Then what makes a great location? Well, below are few of the pointers we think will ensure that you buy a home at a good location.

Safe Neighborhood - Safety is a big concern for everyone, especially in major metros like Delhi-NCR. People are willing to pay a little extra just to be sure that area is safe and that do not have to be worried about crime.

Good Schools - While you may not have school going kids or may not be planning to, it’s always better to buy a home around a good school district, the bottom line is you have to think like a future seller and generally buyers today are young families looking for good school areas around their home.

Access to public transport or highways – In cities like Delhi or Mumbai, the farther you live from public transport like buses, metros, the lesser the value of your home. Even if a car drive is inevitable, easy access to arterial roads and highways makes for a good location.

Access to popular places, restaurants, shops – Access to commercial hubs and shopping destinations adds to the appeal of the home.

Supply of water and electricity - This is something that is specifically true for our cities, access to clean water and short power cuts add a lot of value to homes. In our country most metros suffer from shortage of water and regular power cuts, so any area where these things are not a hug problem automatically climb up in the good location ladder.

While these are general guidelines, a good location also depends on the specific community or your own interests and requirement. So keep in mind all these things while buying a home, as the most important thing is the home should be a right fit for you.

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