Importance of Location in Real Estate
Location is the number one factor in choosing the right property. Identical homes can fluctuate the price of a property due to their location. You can choose any propounding country or a city, but if the location rests within the bad factors, it’s a huge risk. There are a number of factors labeling and categorizing a property ‘good or bad’. A property with a good location fulfilling all the subjective factors is a win-win. But when the party is over, any property falling in any of the categories of a bad location can cause a lot of chaos.
A few of the factors to keep in mind which are not serving as ‘the potential property’ and qualify for the ‘bad location’ are:
Buying a property is not just about the land, it’s about buying into the whole neighborhood. A desirable neighborhood can increase the potential of the property to a great extent. Appearance, accessibility, amenities and a safe vicinity makes up an ideal neighborhood for any property.
Once you buy a property you can upgrade it in any way you want. Be it interior, fixtures or even the whole outlook of the asset. The only thing that remains static is the location. Once you purchase, the geographical position remains constant and you are ‘stuck’ to the land.
An unsafe neighborhood where the theft and crime rates are higher, people will not tend to live in such areas. In fact, people are willing to pay higher for a peaceful and safe vicinity.
Areas with high noise pollution
A constant tune out to the ears of raging sounds is not a peaceful thing to imagine. A house is supposed to be peaceful and people living inside need a sense of serenity when in the house. Property near the highway and metro routing areas can be difficult to live in. Considering the sick days or just random busy days where all you want is the peace of mind and calm surrounding and then you hear random gushing sounds of airplanes and trains and a heavy vehicle hitting your ears constantly. It can be a really frustrating situation to be in.
Living in such areas can be very distracting and disturbing. It will be difficult to study, sleep or rest. Such areas have comparative low investment returns.
Not just the transportation sound, areas that have factories and manufacturing units near tend to be noisier too. A large number of units work almost all hours of the day. So, the noise merely takes a break. A constant active noise in the ear can be really baffling to live with. Such locations not only contribute to the restless sounds in the area but may also create a lot of air pollution if they are not administered well. Even if directed enough, these areas surround a lesser cleaner and safe air then the distant areas. Such places are very unlikely to live in even if they are built up good.
Economically depressed areas
People tend to get attracted to areas with a flourishing economy. Such areas will lack a lot of opportunities and facilities. There will a noticeable reduction in job breaks. Property in those areas will reduce a good sum of decline in their value. once the image has been set in the estate books about any property being unsafe or declining, it will take a vast period to lose that stigma for potential occupants.
Property in these areas will be less maintained and will have deprived landscaping. The yards and free lands will not be suitably utilized.
Another factor in these ranges is that the vicinity is not well entertained. They may not have grocery stores nearby or playgrounds for kids too. A long-term settlement in such areas where basic needs are more than a hand away may make the settlement more difficult.
Due to natural geographical reasons, some areas tend to be more hazardous than the rest. There may be higher chances of earthquake or floods in some areas. These areas are definitely not suitable for living. Living in such unpredictable and temporary place can never be a good option to buy property in.
Areas with old infrastructure
Areas developed prior or constructed for a long time needs rehabilitation over time. Buildings and areas depreciate like everything and need to be revised in due time. But rehab Is not always guaranteed. Such projects require a lot of money and may take a lot of time for the documentation to get started.
Property in these areas is again a no-no. the property you might like may be renovated or in a good condition but the surrounding buildings with old infra are not good. they may experience sudden fall outs or constructions which will again cause disturbance and further following issues during the whole process. These processes may take quite a time to be done at times.
May 9, 2018 AT 07:54 AM
location is the most crucial element to consider especially in real estate. other then above, transportation network is another important point as one's convenience totally dependable on it.
May 10, 2018 AT 05:21 AM
a good article indeed.
May 10, 2018 AT 05:49 AM
agree with ahmad, availability of public transportation network plays a important part in making a location considerable to live.