Real estate is a business that stays on shaky ground. Even the tiniest of economic fluctuations sends the real estate market into a tizzy, and before you know it, prices touch the roof or just crash with a bang.
In such a milieu, when you are looking for a house there are a million things to evaluate and assess before you finally arrive at a decision. Buying a home in a neighbourhood that is bound to be faced with a sharp decline in prices in the future is not going to help you if you think of reselling or renting. So, here are 5 of the top features that a neighbourhood must have for your home to have a higher value.
Amenities
Having a wealth of desirable amenities to choose from is one of the most attractive features that a highly valued neighbourhood has.
Amenity, in the world of real estate, is anything that improves the standard of living of the people living in the neighbourhood.
Low crime rates, security features, transport, parks, hospitals, schools and colleges, shopping and even some historical buildings or great views, all come under the label of ‘good amenities’.
To know if a neighbourhood is worth investing in, do a drive-through. Drive around, observe the quality of the houses, look at the demographics in the area and the kind of people who live there. Particularly, go in the night when you can determine the real ‘character’ of the neighbourhood.
Commercial presence and access to employment
Sometimes, the very raison d’etre of a neighbourhood is the development of commercial buildings.
As space in the city centre gets more and more cramped, many corporates choose to shift to sprawling business parks outside the city’s perimeters. And soon, as employees become uncomfortable with long commuting times, there is a demand for housing.
Real estate agents are canny and quick to spot opportunities. Within no time there are apartments, houses, and villas to cater to all segments of the working population. The advantage is that when apartments come up around businesses and corporates, they are sure to have many of the requisite amenities close by.
All of these factors make the neighbourhood a highly desirable one. So, if you are moving houses to be closer to your new job, then it’s worth your while to check the age of the neighbourhood, the number of amenities available, and, of course, how close it is to your workplace.
Infrastructure
Infrastructure is a much-needed feature in a neighbourhood and one that also makes it highly attractive to prospective buyers. Not just the options that are already but also the ones that are in the pipeline.
The moment a new airport or a subway line is announced its immediate vicinity buzzes with excitement. The prices immediately shoot up, and there are buyers queuing up to view all the housing available.
Although there is an increase in prices, it’s a small margin compared to what houses and apartments in the area will eventually cost once the planned infrastructure is all ready and good to go. Hence, it’s wise to scout around for neighbourhoods that have upcoming infrastructure in the pipeline and make those your targets for investment.
Location
The location of the neighbourhood is a key factor in determining the value of the area.
Access to public transportation is a given, but there are also other aspects to the neighbourhood that classify it as a ‘good location’. Maybe a public swimming pool closeby. A well-known creche.
Walkability to most of the bars, restaurants, and other social entertainment. Historic charm. These are just some of the factors that will determine the viability of the location. Astute buyers prefer buying homes that are located in a neighbourhood that has all these features and more.
Well-developed communities and social structure
A close-knit community and social network is what makes a neighbourhood homely and inviting.
When you move into the new neighbourhood, and there are smiling faces all around, people waving to each other familiarly or conversing in a friendly manner are all indications of a well-developed community and network that will stand in good stead when you require helping hands.
This article was originally published on www.thehindu.com
