The desirability of buying a home entirely depends on the location. They say the three most important things while buying a home are location, location, and location. Location often is the single most driving force behind the value of a property. You might be wondering what is so essential about the location when buying a home.
The condition and price of any home can be changed. You can even change the size of the house. The thing which is changeless is the LOCATION of the house.
A great location can change an entire neighborhood.
The location creates desirability, desirability creates demand, and demand raises prices. In a real estate boon, buyers will hue and cry for almost every house that hits the market. This is great while it lasts, but when the party’s over, only homebuyers who choose the best locales will be holding the most valuable property that also depreciates at a much slower rate. This difference in value is essentially a result of a home’s location.
Amenities, development, land size, proximity to community, appearance, and neighborhood are the factors of a good location.
5 factors of a good location:-
A good location can mean different to different people, of course, however, there are also objective factors that determine a home’s value.
1. Neighborhood:- It is obviously a personal matter of choice what type of neighborhood you find enticing. However, a truly exceptional neighborhood will have a few vital factors in common: accessibility, appearance, and amenities. In the context of accessibility, you should look for a near city’s major transit route. It should include amenities such as grocery stores, shops, and restaurants. Shady trees, quality landscaping, and nearby parks or community spaces tend to make appearance desirable.
2. Development:– It is not that only present amenities matter but future ones as well. Plans for new schools, hospitals, public transportation, and other civic infrastructure can dramatically improve property values in the area. A neighborhood that has a low crime rate and is an inviting and safe place to be outdoors and socialize with neighbors is the type of place where most people want to live.
3. Lot Location:- You also need to take notice of where the house is located. If the house you want to buy is right on a busy road or very close to a highway, you can probably get for a lower price, but it will also be more difficult to sell later.
4. The home you purchase:- There is one part of house hunting that is constantly surprising to people. Let’s say you have narrowed your choices to two homes that stand side by side in an enticing neighbourhood. One has huge lot and requires repairs and updates and other in tip-top shape but sits on a lot half half the size of the other. In most cases, the house in need of repair is the better investment.
The reason is your house is a depreciating asset while the most is likely to appreciate relative to the house.
5. Safety:- Every individual prioritise safety over any thing while buying a house. Thus, home that do not meet security requirement in any form are of little value to humans. However, sometimes we are forced to ignore security issues, to able to afford the property in the first place. The safety of the location defines the market value of the property.
6. The Bottom line – location is not fully subjective – in fact, it is in based on fairly stable criteria. When you plan to buy a home make sure the neighbourhood is not desirable to you, but it has objective properties such as attractive amenities, safe roads, and good schools which will help ensure appreciation of your investment over time
When buy house considering safety is utmost important. The best location is which is free from all sort of criminal activity.