Home Buying Guide – Part 07: Choosing The Right Home Location
Once decided about the budget and knowing how much you can afford in terms of a house, it is time to choose the right home location. The location of your home is going to play a very significant role in your day to day life. Buying a home is the biggest decision you make in your life yet many people make mistakes in buying homes and live either unhappy or incur the costs of moving again. You must do your research thoroughly and put in the effort to make sure you get it right.
How To Choose A Right Location?
The old saying that location is everything in real estate is true. There is no point in buying the right property in the wrong area.
Your first step should figure out what city or neighborhood you want to live in. If you want to choose your new home close to your existing one, there is little to decide about the location. However, If you decide to shift to some other part of town, or to a new place across the country, then deciding the area is very important and time-consuming.
Your decision to choose a location for home buying should be based on the factors such as safety concerns for the family, the kind of neighborhood you want, and the length of your commute to and from work. People look at factors such as the area’s connectivity, its proximity to important areas, surrounding environment, and other amenities available in the vicinity. You should also try to get an idea of how good the rate of home appreciation is in the area.
The following essentials and considerations will guide you and make the selection process an easy one towards finding an ideal location for your prospective home:
1.Define The Area Of Your Choice
It is important for a home buyer to consider all of the options, including urban versus suburban and small towns and rural areas.
Urban areas are the city areas while suburban areas are located on the outskirts of the city. People who have big families may prefer the suburban areas, which generally have larger homes and less expensive. Urban areas are typically more expensive, but there are more activities, culture, and shopping places. Small towns and rural areas are also an option and offer more sedate living than larger urban areas.
2.Connectivity To Important Areas
The access to important places is very important before selecting any location for buying a property. Therefore, you should check how far are grocery stores, schools, higher educational institutions, hospitals, public transport, markets, recreational spots, and local shopping centers from the property.
It is not prudent to save the money on property and spend more on traveling expenses of your kids to school. Moreover, people having school going kids may feel a little insecure to send their kids to remote study centers.
A college going person may not like to live far away from college or university as time is very precious for them. They can not afford to waste it in travelling extensive distances and eventually affect their studies and future badly.
3.Connectivity To Your Work Place
An important parameter to look at before buying a house is the distance between your workplace and the property. Long distance might mean time lost in measuring up long distance, inflated fuel cost, struggling with horrible traffic, burning out and getting frustrated daily for many years to come. It’s something you have to deal with every day if the location of a property is far away from your workplace.
4.The Lifestyle You Are Looking To Lead
If you have got growing kids as well, settling in the area which is actually safer for kids would be a wise option to make. Besides, if you love peace or serenity then opt for an area located little away from the hustle bustle of the city to live in peace with.
However, if you love to and spend your time roaming on the roads and shopping, then look for a home situated somewhere around some shopping plazas or expansive markets.
5.Make The Trade-Offs
Sometimes, you may not find a property that has everything you want, so you will have to make some adjustments. But it can also turn-out into opportunities as many people don’t want to live right near to a school because of the noise, but if you are always out during school hours it won’t matter.
6.Project Location
Sometimes, residential projects located on the main roads do not have location advantage as compared to the ones located on inside roads. Down the line, after some years you might realize increased traffic sound and commercial activities around the project located on the main road. Remember you are buying home not an office. So,
visit properties at various times of the day to check traffic and congestion, noise levels and general activities before making the final buying decision.
7.Resale Potential In Future
When you buy a property, you never know when you would be required to move to some different location because of various reasons. The area in which your home is located will have a major impact on the resale value of the property.
Moreover, It is also important to be aware of future planned developments and potential for growth in the area. Therefore, try a property in a high-growth location and check other things like connectivity to business areas, proximity to educational institutions, malls, and hospitals etc.
So, choose wisely the area in which your home is located.
8.Look At The Infrastructure Around Property
When you look at any property, it’s an important point to check about the development works happening around the area.
Most of the people who are buying under-construction properties are very far from core city. Check the overall roads conditions and find out what’s the future development plan for roads, flyover, malls, and other things.
9.Rental Potential
Sometimes, people give their property for rent and move to some other location. If the property is located near colleges or central areas of the city, or close to commercial places, then it will be attractive from the rental point of view. You will never have any issues finding people to rent your property.
10.Locality And Neighborhood
Do you care more about a safe neighborhood and good amenities over a big house? Are you comfortable there ? Will it be safe for your family ? These are some questions you need to answer before buying the property. You should check the overall locality and the people who are living around.
Buying a home is a big decision for many buyers. A buyer should select a location keeping in mind his or her family’s lifestyle, comfort, and safety before buying his home. Therefore, choose a location that suits your needs, priorities, and budget to keep you happy living in it for years to come.
Also read: Home Buying Guide – Part 01: An Overview
Home Buying Guide – Part 07: Choosing The Right Home Location
Ajay Verma is a founder and writer of The Housing World, a real estate and mortgage news website. He brings with him 20+ years of rich experience in the real estate and mortgage industries. He has worked in senior roles in Delhi and NCR in the above-mentioned sectors.
