You’ve probably heard it
often – the most important things to look for in a real estate property are
location, location, location! Don’t make the mistake of picking the right flat
or property but in the wrong location or area! Perhaps you feel you can get
more for your money in a less desirable area, but be wary as you can always
make changes to a property, but you cannot alter its location.
So before you start viewing properties in any new area you are considering, do some research?
Why the right area is so important? Your home is one of the biggest assets you’ll ever own – and your home loan is probably the biggest debt you’ll ever have. So you want to make sure the money you’re investing has the best chance of growing over the years.
Good location can help. A desirable area holds its value because others want to live there too. When prices rise better areas tend to go up first and faster. Being in a good area should also make it easier for you to sell when you want to move. And you’re more likely to get back any extra money you spend on the property.
Location is so important. You have the opportunity to maximize your investment by choosing a property that’s close to everything you need and well connected to public transport. Smart investors know this protects them from the effects of rising petrol prices and increased traffic congestion.
Being able to walk or cycle to shops, schools and public transport not only makes life easier but healthier too. A better location might mean a smaller apartment—or even a different style of home—but maybe it’s worth it when you think about everyday travel times and convenience.
How do you find a good area for property investment?
Talk to family and friends about the areas they live in
Ask your real estate agent (or valuer) about recent sales and price trends look for areas where houses are selling well and prices are rising
Look for an area with good facilities, such as transport, shops, schools, cafes, sporting venues and entertainment
Also look for areas that are attractive – with views, established gardens, lots of trees, or attractive homes for instance
In older areas look for locations where you can see places are being renovated and facilities look cared for
In newer areas look for locations where there is a variety of home designs – and effort going into planting and landscaping
Remember, most people like sun, shelter, privacy, views and flat land – areas that offer all this usually sell well!
Areas with natural advantages such as parks and schools nearby also appeal.
What will the area be like in the future?
Check the zoning for the area with Pune Municipal Corporation or Town Planning office, especially in or around towns and cities, and see if there are any changes planned. You want to be sure the area is still going to be a nice place to live in the future.
Zoning allows and restricts activities that can happen in an area, such as running factories or businesses. An area may seem quiet now, but if it’s zoned commercial you may find yourself surrounded by businesses later on.
We’re here to help.
Have a chat with us before you start looking at properties and flats. One of our advisors will be happy to meet you at a time and place that suits you. They have a good understanding of the local property market – and can help you work out options of new flats and projects.