When looking to buy or invest in a property, there are a number of things you need to assess and evaluate before finally arriving at a decision. One of the many things to consider is your neighbourhood. Depending on the location of your property, your home’s value can increase or decrease dramatically. This can even affect the rental income, particularly if you are planning on buying a second home. To help you make a better decision, here are the top neighbourhood features you must look out for to increase your home’s value.
World class facilities
Having a wealth of desirable amenities to choose from is what separates regular properties from superior homes. World-class amenities that cater to all residents, whether young or old, are among the most attractive features of a highly valued neighbourhood. While every apartment complex and property will have its own set of amenities, not all neighbourhoods will. These include schools hospitals, parks, shopping malls, great views, etc.
The easiest way to determine if a neighbourhood is worth investing in or not is to drive through it, particularly at night and take in the surroundings. Take a look at the quality of the buildings, the demographics of the area, etc. This will give you a clear idea of the real character of the area.
Infrastructure is a much-needed feature for any neighbourhood that immediately raises its appeal in the eyes of prospective buyers. With a good base for infrastructure, neighbourhoods in a particular area can show tremendous growth. This, in turn, attracts more developers to the area in question.
Several vital pieces of infrastructure that you should be mindful of include a new metro station, a domestic airport or even some sizeable commercial infrastructure like a mall or multiplex. All of these can cause the price of your locality and thereby neighbourhood to go up. Therefore, you need to be vigilant and look for neighbourhoods with upcoming infrastructure and target them for your investments. A wise tip is to begin investing in the outskirts of Chennai.
Location is key
The location of your property, as well as your neighbourhood, is crucial to determine the value of the area. This will be helpful particularly if you’re an NRI looking to invest in Indian realty. You can read our ultimate NRI guide to buying property in India for more information.
When talking about the location of your neighbourhood, ensure that you have adequate access to public transport, arterial roads, bus stops, train stations, etc. Seasoned investors will be on the lookout for these signs of a good location. So it will be in your best interest to look for a home located in a good neighbourhood. Failing to do so is a common real estate investing mistake you should avoid.
Access to education and employment
With space within the city getting more and more cramped, many IT corridors and business districts are emerging in the suburbs. However, because many of these office spots are new, most of their employees live within the city, and over time, commute becomes a hassle. Real estate developers are quick to act, constructing a number of properties closer to these business districts. Be it apartments, row house, or independent villas, builders have come up with several options for all sections of the working population.
In addition to offices, you can also find many reputed educational institutions for your child. Both education and employment being within proximity are essential factors to keep in mind while looking for housing. You can also read our blog on best playschools for your child.
No matter where you live or the kind of property you live in or wish to purchase, make sure your neighbourhood is within walking distance to your basic needs and amenities. This includes a grocery store, a doctor’s clinic or a pharmacy, a supermarket and a bus stop. If not a walkable distance these pieces of infrastructure should take you no more than 5 minutes to reach via a bike ride. Ensuring your basic amenities are within walking distance can slip the mind of homebuyers, but are, in fact, very important. Not only do they make life more convenient, but walkable neighbourhoods also reduce the need to drive vehicles constantly.
When you buy a home, it is a once in a lifetime investment for many. It is the space in which you spend almost your entire life. Ensuring a good community of people surrounds you can help boost the feeling of homeliness. Not to mention, you will always have a helping pair of hands in case of an emergency. This is why you need to look for a close-knit community of people when you think of moving into a new neighbourhood.
We hope these tips have given you a clear idea of neighbourhood features that enhance your home’s value. Whether you’re a first-time homebuyer or a seasoned investor, bear in mind to always buy property from a reputed real estate developer like Casagrand. Visit our website today to find your dream home!