Anyone has who not has heard the classic phrase– “location, location, location,” hasn’t really been paying attention to the real estate industry. While we agree that there are multiple factors influencing your choice of a new property, the location is the star in this movie. A good neighbourhood is a guarantee of a good experience and convenient living. But what does a great neighbourhood entail? What are the neighbourhood features that adds up to the value addition?
Here, we have handpicked 5 factors which raise the property appeal of that in a neighbourhood, leading to a potential value appreciation.
Be it house hunting for rent, purchase or even just accompanying your friend for a property visit, isn’t connectivity one of the first things that pops up in your mind? Definitely, one of the top reasons why a neighbourhood stands out is the location and the connectivity to a city’s main attractions and proximity to necessities. For example, you are at an equal distance from the metro, railway station as well as the premium restaurants in the locality. It’s an obvious advantage and astute home buyers prioritise connectivity over other factors.
A quick look at the developing/developed cities (from tier-3 to tier-2) will tell you one thing; infrastructure can boost the profile of any place. For example, National Housing Bank’s RESIDEX pegged an increase of 12.8% in Kochi’s property prices once the metro turned functional.
To prospective buyers, it is important to review the available and upcoming infrastructure in the area– good roads, metros, flyovers etc. all add value to a neighbourhood. Look for news and announcements on upcoming developments, talk to people who’ve already invested in the area, do your due diligence.
- Social Structure And Community
A friendly, close-knit community of like minded people can ease the move in to a new neighbourhood. Approachable people, social groups and activities help build a connect and also play a significant role in keeping the neighbourhood safe. Ability to trust in the local community can go a long way in securing your peace of mind. The best way to understand if the community fits your expectations is to go talk to a few people already living in the neighbourhood.
An amenity is anything that improves the standard of living for the people living in the neighbourhood.The liveability index of a neighbourhood is also largely based on the amenities which will include – strong security features, good transport, plethora of parks, hospitals, schools and colleges, shopping malls and so on. If you can manage to snag a place near a lake or on a hill, even better.
- Commercial Presence
The presence of commercial entities, tech parks, and multinational companies help in the development of the area. Using their clout these entities are able to ensure that the government invests in surrounding infrastructure and connectivity with the rest of the city. Investing near upcoming commercial hubs can help you gain long term value from your property purchase.
While these are the basics to look for in terms of neighbourhood desirability, it’s advisable to build your own list of preferences. For example, as a young couple you may be more interested in areas that have more entertainment and eating out potential, while for people with children a proximity to schools and colleges is a primary criteria. Find out what matters most to you and then go look for a place that meets majority of those needs.