Am I looking to purchase a property in the right area?

November 16, 2021

purchase-property-in-right-area

When considering where to purchase a property, understand whether it meets your basic needs, especially when buying a home or a commercial property for personal use. The property needs to be convenient for you in every regard, be it proximity to necessities, easy conveyance, or any other key consideration.

As you look through real estate websites or consult with a real estate agent on the same, it’s a good idea to consider the factors listed below:

Nearby Amenities:
Residential:
This is the biggest factor when investing in a property. Choosing a ‘convenient’ area with schools, hospitals, shopping facilities and proximity to airports and railway stations, is ideal when selecting a residence. Areas with easy access to work and schools are certainly the best for families, helping to reduce their travel time and improve their living standards. Schools and offices at a walkable distance from your residence should always be preferred.

Commercial:
Ideally, commercial properties should be located centrally in business hubs with easy access to warehouses, highways, etc. This will make it simpler for you to reach both your suppliers and your customers.

Property Taxes:
Evaluate the annual taxes you will incur before you zero in on an area or a property. The municipal and city limits may define and change the rate of taxation on your property.

Ongoing Rent Amount:
For property you're going to put on rent, make sure to check the average rent rates for nearby properties on real estate websites, so you can assess your return on investment.

Planned Development:
Make sure to check the municipal and infrastructural development plans for your preferred locations and their nearby localities. A developing area with planned access to upcoming facilities, sanctioned SEZs, etc., will create more population migration to the area and improve its liveability. This will help you assess the appreciation of the property prices.

What areas to avoid:

  • Areas that are to come under acquisition for Government projects, e.g., Highways/Metros as they might not get the required clearances for development
  • Disputed property deeds or builders that don’t have the complete set of clearances and permissions, may not be a wise purchase option
  • Areas with high crime rates and low quality of life.
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