Property investment is one of the most important decisions to be taken in any household and everyone has their own parameters on which they grade their dream home. However, a few aspects are given more importance by home buyers. And the most important parameter that most of the modern home buyers take into consideration is the vicinity to the Public Transport system. When buyers decide to purchase a home, they are making a sensible life-choice decision, hence it is paramount that their criteria fit in with their purchasing decision. Let’s look at some of the reasons how a Public transport system affects a home buying decision?
#1. Saves money, Saves time
If your house and your workplace are situated miles apart, then travelling every day using a cab may be quite an expensive affair not to mention the waiting time in traffic. Instead, if you have an excellent public transportation system around your area, you can afford to save a lot of time and money. You can go for monthly passes which could cost much less than your daily cab fees.
#2. Signals positivity, growth & development
If the locality is having 24/7 bus service, then it’s an indicator for good connectivity. Assuredly even the roads will be well developed. This is a sure sign that the locality where you are searching for your house is well developed. The area will be booming with development, which will be marked by the presence of a number of shopping malls and commercial complexes.
#3. Highlights excellent connectivity
Properties which are accessible to bus stands and metro rail stations are considerably more expensive. Good connectivity highlights that the place has well-developed roads. Proximity to metro rail also means that heavy congestion of traffic could be easily negated. A well-connected locality will entice more people to invest which undoubtedly will increase the land value. One key point is that the rest of the regions in the city are easily accessible. Many suburbs and other peripheral areas are struggling for development due to poor roads. These places will have low property value and even the resale value reduces. As the connectivity in these suburbs improves, prices will naturally increase.
#4. Increased demand due to infrastructures
As mentioned above, property rates get hiked in regions where public transport is efficient. This is due to the increased demand for the properties in those particular regions. Hence, new properties with big developers are bound to arise, this makes way for excellent infrastructure development in these areas.
#5. Ensures quick access to shopping, healthcare and educational institutions
Since most of the families which reside in cities are nuclear families, they are self-sufficient and independent. Hence, they prefer to live in areas where everything which is necessary for the family is close by. Areas with good roads and an effective transport system will have an extensive reach to hospitals, reputed educational institutions, and popular shopping complexes.
A Public transport system is a vital contributor to the growth of the local economy and the communities that live nearby. It revitalizes the entire region, providing a host of opportunities to the individuals who live in the nearby regions. A sound public transport system is paramount for the healthy development of a locality as it will boost the property values and will invite more development. Therefore, sensible homeowners will make their decision based on the access to public transport.