Assessing the suitability of a property’s neighbourhood is crucial from a homebuyer’s perspective. It is not just important to look for a home but a neighbourhood that has all the necessary facilities.
Buying a home involves a thorough research about the property you plan to purchase. However. it also involves a careful scrutiny of the surrounding area. The neighbourhood is as important as the property itself, especially if you plan to reside there. Compromising on a key facility in the neighbourhood for the sake of saving a few bucks may prove to be a wrong decision in the long run.
A good neighbourhood is important as it ensures a peaceful and congenial life for residents of the area. Value appreciation of a property in the long run also depends on the neighbourhood.
There are many factors that can help a homebuyer establish a neighbourhood’s suitability. Connectivity to the city centre and distance from one’s workplace are among the most important criteria, Social infrastructure, security and civic amenities such as water and power supply are equally important parameters.
Here are eight factors that work to a locality’s advantage:
Roads
Wide roads and street lights are the first indication of the state of physical infrastructure in a locality. These ensure a hassle-free travel and convenient entry/exit from the area. Bad roads will discourage a customer from buying a property in such a location.
Distance from workplace
Time needed to reach the place of work from the property is now a key concern for homebuyers. Capitalising on this factor, many developers are now launching housing projects that boast of a walk-to-work culture. This has become a key advantage in todays scenario. Especially due to massive traffic jams in the city.
Metro connectivity
Accessibility of an area enhances its appeal for property buyers. With the metro network expanding in most of the major cities, homebuyers expect the prospective property to be at a reasonable distance from a metro station.
There, the partition walls between rooms instead of civil walls 6” – 8” thick are dry partitions of 2” – 3” thick. This saves space as well.
Civic amenities
Homebuyers look forward to ample supply of basic amenities such as drinking waterand power supply.
Schools and hospitals
There must be educational institutions, banks and medical facilities in the propertys neighbourhood. Absence of social infrastructure is sure to discourage end-users as well as investors.
Green spaces
Modern homebuyers are health-conscious and aspire for a healthy lifestyle. They – therefore look for green and open spaces in a residential project. The propertys neighbourhood must be environment-friendly and pollution-free. Noise pollution is also possible if the area is in the flying zone of an airport.
Shopping facilities
A neighbourhood that has markets and shopping malls goes a long way to make the area self-sufficient. This is also the reason for the emergence of mixed use projects. which feature residential and commercial properties in the same project.
Safety concerns
A locality that has a safe neighbourhood will be an obvious choice. On the flip side, high crime rate in an area will not encourage a homebuyer. Buyers must talk to local residents in order to get a comprehensive perspective on the area.
In addition to the above factors, development plans and projects in the pipeline are important as these will lead to healthy appreciation in the long run.
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