Owning a new home is one of the dreams that every Indian harbors. Whether he is a resident of a metropolitan like Chennai or Mumbai, or a small dusty town, having a home of his own is considered the biggest achievement. However, months of preparation goes into buying a home, which makes sense considering the importance associated with it. Without any doubts, a property’s location is its biggest virtue or bane. Here are some tips for choosing the best location for your new home.
Whether you are buying a home for living or investment purpose, the first thing that will require your attention is its location. It is an important consideration because not only will it stick with the property as long as it exists, affecting the daily aspects of life, but will also determine the future value of your investment. Many people get so excited when it comes to buying a new property that they often overlook some very important pointers which on later realization dampen the fun and happiness of owning a home. Here are some reminders to think of while choosing the location of your new home:
Geography & Culture
The part of the country that you chose for living will have a great impact on not only your own lifestyle but also the coming generation. If you are thinking of settling in a place which is culturally alien to you, be prepared to face clashing situations.
For example; while you belong Delhi, owing to your professional commitment you had to spend a major part of your life in Chennai and now you are thinking of buying a flat here. A wise decision in short perspective, but think of your children who would face a cultural collision, having to face different cultures at home and outside. Instead of buying a flat or house in Chennai, a better decision would be to settle post-retirement in Delhi itself.
Other factors to keep in mind include home prices trends in the area, and future professional growth opportunities.
City or Peripheral areas?
Traditionally, a home buyer would always prefer to have his home within the heat of the city. The reasons were simple enough. Easy access to all the necessary facilities such as schools, hospitals and presence of good social infrastructure, which invariably used to be within the boundaries of the city then suburbs of peripheral areas prompted buyers to look for a house in city.
However, the situation isn’t what it used to be a decade back. Rapid urbanization has cities gasping for fresh air and open space. There is shortage of necessities like water, electricity and the prices have sky rocketed beyond the reach of most middle, upper-middle class population. Development has now shifted to peripheral areas where prices are stable and there is plenty of open space as well as fresh air. With improved connectivity through well-built roads, and public transportation facilities in place, buying a home in peripheral areas of most of the Indian cities is a safe bet.
Safe or not?
Another prominent consideration as the crime rate is increasing constantly. If you have your old parents living along, and they have to stay alone while you are away for work it makes sense to buy a home in a location which has little or no crime record. Or better yet, buy your new home in a place with a buzzing neighborhood and within the safety of a gated society. You will often have to pay less for a home in a crime infested area, but living in fear of becoming a victim isn’t worth any discount. Plus, you will find it tough to resell the property.
Saurabh Tyagi is a budding online blogger and social media enthusiast. He keeps an eye on the latest residential real estate trends apartment, flats for sale in cities like Chennai, Bangalore and offers expert advice on various issues and topics pertaining to the property market in India.