7 Smart Ways To Choose The Best Location For Your Home
Are you looking to invest in buying a home or residential plot? Good choice. Real estate investment is one of the most secure and safest investments one can make. It is also a long-term investment compared to share market investment, which is usually short. Buying land and building a home can work cheaper than purchasing an apartment per se. This way, you will have a higher value property.
What are the advantages of owning residential land?
- The land has a higher appreciation rate than other types of real estate.
- It is a highly valuable asset as it is high on demand and low on supply.
- The land is a very flexible asset. You have complete control over how you want to develop it.
- The initial investment you will have to put in buying land is low because it is an undeveloped piece of property.
- The growth in and around the city has increased the demand for land, making it a fast-moving asset.
For these reasons and more, it is economical and beneficial for you if you buy land and build a house. Location plays a vital role in buying residential land or an apartment. Your investment will go brutally wrong if you get the location of the property you want to buy wrong.
This blog will discuss the importance of location and how to find best location for house. Let’s dive right in!
The Importance Of Location In Real Estate Investment
You cannot possibly make the best investment without knowing how to find best location for house. The location is the place in which the property or land is situated. It is important for the location to be perfect because it is one factor that determines the property’s value and price. For example, a compact 2 BHK apartment in a prime residential area in the heart of the city might be more expensive than a spacious 3 BHK apartment in the city’s outskirts. This is because a prime location is usually a well-developed area and adds more value to the property in terms of access to local hubs, facilities and amenities within the property, and more. On the other hand, a bigger house on the city’s outskirts will cost you less because of the lack of major and attractive amenities.
A prime location is also a source of comfort and convenience for you and your family. Owning a home in a centrally located residential area will be in good proximity to essential amenities and facilities, including good healthcare centres, educational institutions, shopping zones, entertainment centres, and more. A prime location offers a better and more comfortable standard of living.
Real estate is an investment that is not light on the pockets. If you are looking to buy an apartment, the resale value will definitely be lower. So, investing in the wrong location is not an action that can be undone. Therefore, you must ensure you zero in on the best location for your home. Investing in the wrong location will lead to losses!
The next section will discuss how to find best location for house or a land to invest in. Stay with us!
7 Smart Ways To Choose The Best Location For Your Home
Choosing a good location to buy a home or residential land can be quite challenging. There are various factors to consider when choosing an area to buy an apartment or land in. The location you choose will directly influence the price of the investment. Therefore, let us look at 7 smart ways to find the best location for your home.
- Always go for a residential area
This is one of the most important things to consider when you choose a location for your new home or residential land. You need to make sure that the locality is a residential area. A residential area is a place filled predominantly with apartments, bungalows, villas, and other residential properties rather than commercial ones. It also has access to all local hubs, offering comfort, convenience, and a seamless life. This is one of the ways how to find best location for house.
- See if you will have access to quality healthcare
When it comes to buying a house, access to healthcare is of prime importance. Therefore, you must ensure that the locality you ultimately zero in on is in proximity to health care centres like multispeciality hospitals, clinics, and more. You should buy a home in a place where you will not have the necessity to hunt for a hospital or any other medical centre. Therefore, healthcare access must be on the top of your checklist when it boils down to choosing the right location for your home.
- Are there good educational institutions close by?
Access to good education is also important, especially if you want to raise a family. Kids need quality education, and most residential areas are surrounded by schools and colleges. You must prioritise your needs, and if education tops the list, then you must do your due research to check which residential area is close to the city’s best schools and colleges and go for that location. If you are wondering how to find best location for house for your family and kids, access to education must factor in your decision.
- Check if there is good connectivity and transportation
Connectivity from your preferred location to other major hubs in and around the city is extremely important. You need to check if your area has a good public transport system you can take to go around the city at ease. With the advent of the metro rail system in almost all major cities, it has become even easier to travel to different parts of the city. The value of your property will also be higher if it has excellent connectivity and transportation facilities. You must also ensure that the area has a good road infrastructure for you to commute in your own vehicle. There is no point in buying a great property with uneven, narrow, and dimly lit roads.
- Ensure that the locality is safe
Safety is another important factor to consider when you choose a location to invest in residential real estate. The crime rates are on the rise, across cities, including Chennai, although it is a relatively safer city in comparison. Do your research and look into the crimes recorded in the area you want to invest in. Ask around about how safe it is to live in the locality and go ahead with purchasing an apartment or land only after you have checked its safety and crime rate well.
- See if the location meets your budget
Budget is extremely important when it comes to real estate investment overall. It is even more important to keep your budget in mind when you are in the process of choosing a location to buy a flat or residential land. As discussed earlier, the location directly impacts a property’s price and value. So, ensure you choose a good location in a prime residential area, but also one that falls under your budget. Of course, stretching your budget is absolutely fine if the area is irresistibly good. However, it is also important not to stretch beyond what you can manage since real estate is a heavy, long-term investment.
- Consider the development potential of the area
Not all developing areas are a bad choice of investment. A developing area can potentially increase your property’s value over time. So, if you are looking at investing in a developing residential area, it is crucial to check the development scope of the area. If it is promising in terms of growth, then you can confidently go ahead with your purchase.
These are a few ways how to find best location for house. If you are looking to invest in an apartment or residential land in the city and are struggling to find the right location, the factors discussed in this section of the article will definitely help. If you want to invest in Chennai, you must look for the best places to buy land in the city.
If you are keen on buying residential land and are looking for a good land developer to help you, look no further than G Square. We are South India’s largest and Tamil Nadu’s no. 1 real estate developer and have helped established industrialists and organisations, and individuals find the best land across prime locations at competitive prices. For more details, visit our website here.