Buying a House? It's All About Location
It’s all, about location, location, location!
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Indeed.
Anyone who has ever thought of investing in property in India knows that the first and foremost aspect of real estate investment is the location of the property. Whenever you think of investing in property, the first question that comes to your mind is – Where?
As easy as it may sound, determining the perfect location for investing your hard earned money calls for meticulous planning. A location which is decided upon without proper research can be an extremely unsuccessful decision. Summarized below is a list of location tips to keep in mind while buying a home:
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Apart from being the most important aspect, location also plays an important role in determining a variety of other factors in the real estate buying process. The price, the ideal type of property to vouch for and the space availability, all these aspects may vary according to the location that you decide to invest in. For example, a property in Noida may be ideal for residential purposes for a specific budget, but the moment you change the location to a property in Gurgaon, your budget as well as space availability will immediately be altered. Hence, choose the location wisely, based on your needs and expectations.
Prefer location over all other factors. Even if you have to settle for a little less in the perfect locality, go for it rather than buying the perfect home in a sub-standard locale. Remember that your home can be transformed as per your needs, but not the locality!
If you plan to reside in your new house with family/children, make sure that you consider each member’s needs while deciding on the locations. For the typical family, basic necessities like markets, parks, educational facilities and recreational hubs should be in close proximity to the location you decide on.
There are certain basic dos and don’ts of buying a home in India. For example, you should make sure that the property you choose to buy is well-linked by means of transport and is located in a safe, economically balanced city and locality. At the same time, undesirable locations like the ones close to factories, industrial establishments and hazardous plants are best avoided.
If you have plans to let-out the property you are investing in, be sure to do thorough research on local market rates and year-on-year appreciation of property prices. Though deciding on the perfect locality may take time, a wise investment will give you better returns and quicker wealth gains.
Bear these home buying tips in mind while buying property in India, and you should be able to make a wise location decision. For more information, log on to PropTiger.com.
