Orchard 126 HIRA Registration No. - HIRA/P/NOR/2018/000236

Posted On August 8, 2019

Why Location Matters While Purchasing an Apartment

Why Location Matters While Purchasing an Apartment

 

They say a real estate agent’s mantra goes by the word, “Location”. That right! Location is the keyword when it comes to purchasing an apartment. When one sets out to buy a house, location plays a dominant role in determining the changes that can significantly affect the value of your asset in the long run. While location is often laid emphasis on, most overlook the factor while buying a house which makes things unpleasant in years to come. Here’s a mull over at why location is an important factor to consider and how to go about it. Read on to find out more.

The very epitome of a location gains significance with the idea that no matter where you purchase an apartment, you might as well reshape or remodel your apartment later, but never your locality. While there are certain cases where a locality usually situated far away from basic amenities of life does turn out to become better, chances are pretty bleak for most of them. If you are looking to move alone, things might be a little easy for you, if you are willing to commit to any adverse incidents you face. On the other hand, if you are looking to move into a new settlement with your family by your side, it’s always worthwhile to weight the positive and the negative points on the same table for your own good. Now, there might be a personal preference of a family member to reside in a particular area, but if the areas poses or stands a chance for offering a risk in the long run, its best to avoid such a locality for your own good! Out of all other reasons, the most desirable among locations fetches the highest value for an apartment which depends on the following factors:

 

Location About FavourableFactors

 

  • Proximity to top rates schools –As a parent, one is always concerned about the quality of education their child receives. Hence, home buyers will automatically be willing to pay more if there’s a top rates school in the locality of the apartment they are willing to purchase.
  • View matters– Have you ever wondered why home apartments sell like hot cakes while others don’t? Well, the secret lay in the view that they claim to offer.  An apartment that promises scenic view of a nearby lake or greenery, or even a panoramic cityscape can substantiate for a higher amount and is a highly desirable locality, where most would like to settle in.
  • Supporting neighbourhoods–In times of distress, there’s no friend like your next door neighbour. Locality that promises excellent support from neighbourhood often sells apartments fast and is a must look into factor while buying an apartment.
  • Conforming surroundings– Human beings have a common tendency to mingle with desirable lot; people who share same age , social status or background. So, it’s all the way important that you check into the kind of people settles in the locality, before you make a purchase.
  • Entertainment and convenience When you choose to buy an apartment in a locality where you are a walking distance away from shopping malls, convenience stores, movie theatres, you can pat yourself on the back! That’s a stellar deal for anyone as you have secured your future in the best manner possible. Buying an apartment with basic amenities, shopping areas, entertainment and convenience centres nearby will give you more time to be with your family, save time on running errands and do things that you love to do, after work. Although, people who love to hang out and party wouldn’t prefer driving away from their locality when they can have a better option where they can just walk into those places easily!
  • Transportation, medical services and workplace– A majority of us do not prefer to commute over long hours to work and back. Similarly, close access to transportation and medical services also makes an apartment buy-worthy as in times of emergency, one doesn’t have to look around for places where they can reach out or help or medical assistance of any kind.

While that being said about favourable factors that one should check out before zeroing on purchase, let’s take a look at some of the undesirable factors that should stop one from buying:

Location Matters

 

  • Industrial areas– Any apartment that stands right next to industrial areas are an absolute no-no. This is precisely because commercial buildings when standing close to residential apartments can mar the very essence of it. Take a petrol pimp for instance. Would you like to be awake by the sudden loud noise of heavy trucks moving in out during odd hours? So, always avoid purchasing apartments, no matter how good it is, that stands close to industrial or commercial locality.
  • Railway track and flight under passes – Apartments located just beside the railway station or flight under passes, usually witness residents selling out their property and moving off. Excessive noise is the main factor in this case and hence one should always stay away from any property that’s built around such localities.
  • Locality with high crime rate–Apart from everything else taken into account, safety should be your major concern. Localities where there’s police patrol every night is generally considered to be a safe place to reside. However, any neighbourhood that sees the police every other day visiting their locality might not be a good choice for a place to stay around. So, before you buy an apartment, ensure that you check on the crime rate of the locality and gather good intel from reliable sources before you make a booking.

Hazardous locality – Any property that’s built on a landfill ground or a swampland might pose a hazardous threat and needs to be checked in before you take a decision. Also, always check for any other big construction that’s going around the locality as the completion of such a structure might interfere with any good things that your apartment would provide for in the long run.

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