Two key aspects to consider
Points to be pondered over before buying a home
Most of us know exactly what we want from our future residence - the look, the facilities, the accessories, etc. This does not mean, however, that a home which meets all these requirements is ideal. To judge whether a new residence will be a real asset in the long run, we must consider many variables. Paying attention to these will not only ensure maximum comfort and convenience during actual use, but also maximum resale value in the future.
Characteristics of an 'ideal location'
What makes the perfect location? Good neighbors? A great view of the local park? A close-by ice cream parlor? Actually, it takes a lot more than that. Don't judge only by the actual site of the residence, or the cost of the property. Land and property rates do differ from area to area, and this is an important consideration as far as resale value is concerned. But the state of general state of the locality also matters a lot, both from a domestic as well as investment point of view. The neighborhood locality consists of more than what you can see from your kitchen window.
To get an overview of whether the locality of your intended home is on the way up or down, take a walk or slow drive around the residential and commercial areas. The presence of a lot of vacant, neglected lots, unused shops with 'For Sale' signs on the shutters, evidence of inefficient garbage disposal and other signs of decay are definite alarm signs. They could mean that the localtity is on the decline, maybe having seen prosperity in the past that is now history.
A steady and balanced neighborhood can be judged, to a certain extent, by the uniformity of the surrounding buildings. Do you see a high degree of disparity - one that may indicate that people from too many different financial backgrounds live here? Does the neighborhood look haphazard and unplanned? This may indicate that there is little or no unity amongst the residents, and this spells trouble. There is every chance of a high crime rate and discrimination.
Proximity to major highways and roads is a good thing, because it makes travel and supply of essentialities more efficient. But living too close to a highway or main road can result in increased noise and air pollution from too many vehicles. The ideal location for your home would be somewhere towards the centre of the residential neighborhood, where large vehicles do not have access. Nor is it a good idea to live too near to commercial or business complexes as they also mean a high rate of incoming and outgoing human traffic. For the same reason, make sure that the apparently secluded lane your new home is on is not the local shortcut to the fish market or bus stand.
While on the subject of traffic - don't ignore that state of the roads, or even the makes and condition of automobiles in the neighborhood. If road are poorly maintained, this would mean that the locality is not considered very important by the municipal authorities. If this is the case, you should not be surprised if the area also suffers from water shortage, frequent electricity supply interruptions and an overdose of religious or political 'morchas'.
Community infrastructure
As mentioned before, the ultimate worth of your home is twofold - the happiness it brings you and your family during your stay there, and its eventual resale value. A few factors that decide a home's overall locational value have been discussed above.
It is common knowledge that the perfect home calls for proper communal infrastructure. This means the availability of shopping and grocery outlets, basic entertainment and transport facilities, schools, medical establishments, friendly people next door, and so on.
Why do property brochures emphasize these points so much? Well it is obvious that schools are an integral part of our family system, but what if you don't have children - or are a bachelor?
The availability of schools in the neighborhood is still important from the resale value point of view.
This applies to most other conveniences like public transport, postal facilities etc. Property rates are not decided on the basis of land value - it is the surrounding infrastructure that adds to the value of a location.
If you have chosen your location well and are in a progressive and developing neighborhood, your home will appreciate in value over the years only because of the overall conveniences it will provide to future buyers.
In other words, do not think of your needs alone. You may not see the necessity of public transport facilities if you own a family car and scooter. A post office may seem unimportant if you are a regular email and courier user.
You may not need nearby shopping facilities because you do all your purchases at the local mall anyway… but a future buyer of your home may need these facilities, and will judge the value of your residence on this basis.
Points to be pondered over before buying a home
Most of us know exactly what we want from our future residence - the look, the facilities, the accessories, etc. This does not mean, however, that a home which meets all these requirements is ideal. To judge whether a new residence will be a real asset in the long run, we must consider many variables. Paying attention to these will not only ensure maximum comfort and convenience during actual use, but also maximum resale value in the future.
Characteristics of an 'ideal location'
What makes the perfect location? Good neighbors? A great view of the local park? A close-by ice cream parlor? Actually, it takes a lot more than that. Don't judge only by the actual site of the residence, or the cost of the property. Land and property rates do differ from area to area, and this is an important consideration as far as resale value is concerned. But the state of general state of the locality also matters a lot, both from a domestic as well as investment point of view. The neighborhood locality consists of more than what you can see from your kitchen window.
To get an overview of whether the locality of your intended home is on the way up or down, take a walk or slow drive around the residential and commercial areas. The presence of a lot of vacant, neglected lots, unused shops with 'For Sale' signs on the shutters, evidence of inefficient garbage disposal and other signs of decay are definite alarm signs. They could mean that the localtity is on the decline, maybe having seen prosperity in the past that is now history.
A steady and balanced neighborhood can be judged, to a certain extent, by the uniformity of the surrounding buildings. Do you see a high degree of disparity - one that may indicate that people from too many different financial backgrounds live here? Does the neighborhood look haphazard and unplanned? This may indicate that there is little or no unity amongst the residents, and this spells trouble. There is every chance of a high crime rate and discrimination.
Proximity to major highways and roads is a good thing, because it makes travel and supply of essentialities more efficient. But living too close to a highway or main road can result in increased noise and air pollution from too many vehicles. The ideal location for your home would be somewhere towards the centre of the residential neighborhood, where large vehicles do not have access. Nor is it a good idea to live too near to commercial or business complexes as they also mean a high rate of incoming and outgoing human traffic. For the same reason, make sure that the apparently secluded lane your new home is on is not the local shortcut to the fish market or bus stand.
While on the subject of traffic - don't ignore that state of the roads, or even the makes and condition of automobiles in the neighborhood. If road are poorly maintained, this would mean that the locality is not considered very important by the municipal authorities. If this is the case, you should not be surprised if the area also suffers from water shortage, frequent electricity supply interruptions and an overdose of religious or political 'morchas'.
Community infrastructure
As mentioned before, the ultimate worth of your home is twofold - the happiness it brings you and your family during your stay there, and its eventual resale value. A few factors that decide a home's overall locational value have been discussed above.
It is common knowledge that the perfect home calls for proper communal infrastructure. This means the availability of shopping and grocery outlets, basic entertainment and transport facilities, schools, medical establishments, friendly people next door, and so on.
Why do property brochures emphasize these points so much? Well it is obvious that schools are an integral part of our family system, but what if you don't have children - or are a bachelor?
The availability of schools in the neighborhood is still important from the resale value point of view.
This applies to most other conveniences like public transport, postal facilities etc. Property rates are not decided on the basis of land value - it is the surrounding infrastructure that adds to the value of a location.
If you have chosen your location well and are in a progressive and developing neighborhood, your home will appreciate in value over the years only because of the overall conveniences it will provide to future buyers.
In other words, do not think of your needs alone. You may not see the necessity of public transport facilities if you own a family car and scooter. A post office may seem unimportant if you are a regular email and courier user.
You may not need nearby shopping facilities because you do all your purchases at the local mall anyway… but a future buyer of your home may need these facilities, and will judge the value of your residence on this basis.
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