The location of a property is one its most important aspects. Here’s how you can go about choosing a locality that’s best suited to your needs.
Often, home buyers may find it difficult to finalise a house, after shortlisting their final few properties. If these properties are in a similar price range and in the buyers’ preferred location, there are several other factors that buyers can consider, for reaching a decision.
Existing Infrastructure
1. Connectivity with your workplace:Among the locations that you have selected, ascertain each one’s connectivity to your workplace – while one location may be far off from your workplace, the other location may be closer to the office
2. Ease of commute:Besides the distance from your workplace, ease of commuting between the location and your workplace, is also crucial. If a particular location has a better mode of conveyance (such as a metro network or a direct bus service), then, it makes sense to opt for that location. Bhavna Gupta, a resident of Gurgaon, who takes the metro every day, to travel to her office in central Delhi, concurs that “Ease of commute can make up for the long distance and long hours of travel.”
3. Presence of basic amenities/markets:Once you move into your property, you will need some basic amenities and markets that fulfil your daily requirement. “Proximity to important services, such as healthcare, educational institutions and market place, is a boon,” points out Harinder Singh, a Delhi-based broker. If any of the shortlisted properties offer these facilities within the project, the buyer should ideally opt for such a property. Also, check if water and electricity is a problem, or not
4. Safety:Established localities tend to have better safety, compared to new locations. Some locations also have residents’ welfare associations, which takes care of the security of the colony.
Future Prospects
While projects in prime locations may seem alluring, buyers should also consider the future prospects of the project and the infrastructure developments in the location.
1. Residential versus commercial:It is important to gauge, if the location that you are considering, will be developed as a residential or commercial area. A fully residential area with a fair mix of commercial centres, offers good living conditions. However, a residential property in a fully commercial area, may not be a wise choice in the long run
2. ‘Green’ quotient:With global warming now a reality and most metropolitan cities facing problems of pollution, a home that offers more ‘green’ aspects has several advantages. Buyers can check if the property is equipped to conserve energy and has enough natural light, as such provisions will help to save power and money in the long run. You should also check the areas surrounding the property (which may be developed in future) for the amount of greenery it will offer, as it will have a direct bearing on air pollution and the lifestyle in future
3. Proximity to highway or an infrastructure project:While proximity to an upcoming highway can boost the property’s price, there can be other associated problems. Regular pollution from the busy highway, can cause health problems.
Social Life
One’s social circle may also play an important role in deciding where you want to buy a home. For example, Tuhina Singh bought a house in the Noida Extension region of the NCR, only because most of her friends and relatives lived in Noida.
Other than this, the location should also offer leisure activities in the neighbourhood. A location that has restaurants, clubs, gymnasium, multiplexes and other places of social and leisure activities, will attract more buyers, over locations that only have apartment projects.
Whatever be the final choice, there is always a certain amount of risk due to possible delays in construction and uncertainty in the market. Consequently, buyers need to be thorough in their due diligence, to guard against problems.
Courtesy: Housing.com
