It was a pleasant family get together over the weekend at my friend’s home located in the Central Business District (CBD). Satiated after lunch, everyone picked corners to settle down and start the conversation.
My friend and I were nursing our coffees when the talk took towards investing in a new home. I was a bit taken back that my friend was considering a new investment.
His wife has a job in the same vicinity and they have their child admitted to a school close to their office for convenience of pick up and drop.They had purchased their home in the CBD over a decade ago and today, the relevance of its location has changed for them.
This led us to think on how relevant the location of where you purchase your house is. So, buying a new house is not just about finalising the property anymore.
With newer infrastructural systems coming in place – highways, ring roads, flyovers, bridges as well as the Metro trains, distances are becoming shorter and perhaps the focus on amenities like living in ‘green’ corridors and other such factors are gaining significance.
So, the final decision of purchase depends on your personal needs. If you are unsure of whether the property is more important or the location, here are some points to consider:
- There is More to a Location than Geography: Yes a good location is about being well placed from office, school and other facilities, but it is also about being placed in a safe neighbourhood.It covers the aspect of you being among like-minded people, good civic facilities and in an area which has appreciation potential. You have to remember that you can always change the way your property looks, but there is scarcely any scope of changing your location once the purchase has been made.
- The Right Location Can Be a Money-Saver: If you plan to buy a home in an upcoming location to save on money, this may not be a good idea. You may spend on several additional things to bring the property up to your standard of living.Instead, investing in a property in a more central location in relation to your needs may help you save money on other aspects.
These two considerations bring us down to the fact that location, though still important has several more meanings to it today. Here are some aspects associated with it:
- Geographic location
- City or Suburb and where you would like to be placed
- Neighbourhood and safety for your family
- Proximity to school or office
- Proximity to medical facilities (especially when you are living with senior citizens)
- Proximity to friends for socialization opportunities
- Entertainment options
- Society’s viewpoint of the location. Location may also be perceived as a status symbol
There are several aspects for you to evaluate when you are examining the location of a potential property. Trying to understand what your needs may be in the short and mid-term will help you make a better decision on the location of your home.
- Location, though important even today, has several new aspects to evaluate
- A property may be modified, but a location cannot be
- Placing your personal needs, current and future in perspective will help make a better decision on location.
Suhail has 5+ years of experience in the Real Estate industry. During the course of his career he has interacted with hundreds of home buyers and helped them choose their dream home. His expertise lies in understanding customer needs and guiding them through their home buying process.
Suhail Ahmed is a commerce graduate from Bangalore University and is currently working in Vakil Housing as a Property Advisor