In the booming territories of the real estate market, the buyers tend to clamour for any property that surface. This might go two different ways in terms of positive investment. You can either land with a great property with rates that appreciate with time. Secondly, you can land with a property that doesn’t attract better rates. Now, this appreciation and depreciation of rates come from the location as its driving force. Whether you are looking for residential properties or commercial ones, its location can determine whether you attract better rates or not.
So here are 10 reasons to pick the perfect location when purchasing an apartment.
#1. Geographical Positioning:
When scouring for a great apartment, you need to consider things that might affect your daily lifestyle. This includes things such as job opportunities, climate, and proximity to close family members, the average value of homes, etc. You will end up living in this location for a very long time. Even if you are opting to rent it out, you might go for the general market preference. Say, for example, if you are looking for a great climate, you can go for places that do not experience untimely rains, scorching summer heat, or teeth cluttering cold.
#2. Rural vs. Suburb vs. Urban:
Whether you opt for a property in urban, suburb, or rural location, it can hold great impact over the community’s education options, walkability, shopping scenarios, healthcare, entertainment, and similar critical needs. Apart from the ever-rising demands in urban locales, the market sales for rural properties are growing at an exponential rate. So whether you are looking for instant returns from urban properties or searching for low budget long-term investment, location plays a major role in what you require.
#3. Safety Concerns:
For most of the investors, safety comes at the top rank in terms of priority. You can easily notice that the properties located in areas with high crime are priced lower than other areas. This is because you are vulnerable to social malefactors and risk of life and property. That being said, is your hard earned money worth becoming the victim of any crime? Additionally, when you want to sell, it would be a lot harder to do so with potentially limited buyers.
Even if you buy a property inside a small city or town, the neighborhoods in this town/city can be drastically different in terms of characteristics. You would definitely want to pick the area that makes you or your future buyer comfortable. Having a property in a good neighborhood with properly maintained lots will allow doubling up your chances to resale the property at a great rate. Not just that, you would also want to live or own a property in the place that you often visit, such as a grocery store, or office where you have your job.
#5. School Districts:
Having a property close to any school districts will effectively enhance the price of your property. Most families willing to buy a property look for the ones close to schools or colleges. This helps provide their children an easy access to education without having to travel long distances. The overall quality of the school district property you are paying for will eventually pay “N” times better. Parents often pay premium prices in order to grab an area that flaunts exceptionally good schools or colleges. So, before you invest in any area, think hard and long to make sure you aren’t investing in something that won’t pay up in future.
#6. Employment Opportunities:
If you have to travel several kilometers just to reach your office, you might need to re-think your decision for investment. Most investors look for properties that allow them easy access to their workplace. If a property is located near the area with several MNCs or marketplace, your apartment will definitely fetch a better price. So before you pick your apartment, ask yourself this question. Does the concerned area house good job opportunities now or probably in future? If not, try to avoid investing in such areas that would require you to drive long hours just to reach the office or workplace.
#7. Leisure Activities:
It is obvious that life isn’t limited to the office or studies. Fun and leisure time is equally important to load off that stress and tension from daily life. So when you are looking for properties, look for the ones that are close to recreational areas with good scope for leisure activities such as multiplexes, malls, parks, shopping marts, etc. You wouldn’t want to travel an hour or more just to visit a park or buy your grocery. Not just that, when you are planning on selling your property, it is important that your apartment is close to such places to fetch better prices from the buyer.
Now, you wouldn’t want to live in an area with no connection to the main parts of the city. An apartment located in the outskirts of the city might attract good rates only if it is well-connected to prime locations of the city. No one would pitch their hard-earned money for a place that isn’t well-connected via local transportation options. So, when purchasing an apartment, look for connectivity in the area.
Health is something that can go haywire without any warning. In situations like these, you would want the immediate attention of a certified doctor. However, if you live in a place miles away from the nearest hospital, chances are, you might not reach there in time. It is okay if you are suffering from issues such as cold or fever. But when it comes to severe cases such as heart attack or accidents that require immediate attention, you would definitely want to live in close quarters of a reputed hospital. So before you pitch the price, make sure the location has at least one hospital close by for emergencies.
#10. Drainage System:
When picking an apartment of your choosing, look for a healthy drainage system that doesn’t pollute the nearby area emitting a foul smell. No one likes to live in an area that smells of rotten waste. Investing in properties like these will eventually bring down the price of the apartment. So be wise and opt for the resident with better drainage systems.
So, whether you are purchasing your property via traditional listing, agents, or auction, it is important that you keep location as the prime factor. Buy or sell but make sure the location is perfect to attract rates that keep growing with time.