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What are the factors in determining a suitable location while house hunting?

During a real estate boom, buyers will compete for practically any house on the market. This is terrific while it lasts, but once the hype is over, only homebuyers who chose the most significant locations will have the most valued property, which will also deteriorate at a far slower pace. This disparity in value is primarily due to a home’s location.

“Location, location, location” is a frequent real estate motto.

And it’s a sound advice! —except for one problem: most people don’t understand what it means!

Let us look at why that specific adage—the three most essential elements in purchasing real estate are location, location, and location—became so famous.

Most people buy a home based on how much they enjoy the house or apartment, but when you buy a property, you also purchase a plot of land. The existing house on the ground can be restored or refurbished, but the house’s location cannot be changed.

Even if you are hunting for a luxurious 4 BHK flat in Mumbai, a home in a residential or non-residential area can be a “good” or “poor” investment. This implies that location is frequently the most crucial determinant of a property’s value. It is a straightforward matter of supply and demand: The availability of good residences in a desirable location limits housing availability. Some of the most excellent locations like Worli, Dadar, and Lower Parel, are considered good buys in Mumbai. The recent sale of luxurious 4 BHK flats in south Mumbai has mainly been in Worli.

So, how do you decide on a location for buying a home?
– An “excellent” location for homebuyers often offers better transportation, well-known schools, and community engagement. In addition, the location of your home in a city will undoubtedly influence how much you spend on it.

– The second significant point is that a “good” or “poor” location will not remain this way indefinitely. Cities, towns, and even suburban communities are constantly evolving, and areas may go from less attractive to “up and coming” in a few years.

– Investigate whether any proposed developments like malls, theatres, or infrastructure will significantly alter the neighbourhood. A place may appear ideal only to endure significant changes soon—some of which may be good and boost an area’s popularity.

– The neighbourhoods that appeal to you will be mostly a matter of your preference. On the other hand, a genuinely wonderful neighbourhood will have a few key characteristics: accessibility, appearance, and facilities. Your location will also determine your quality of living based on the accessibility to lifestyle amenities.

Neighbourhoods with gardens, good schools, healthcare centers, and good connectivity are few and hence considered premium. On the other hand, homes that bring you closer to nature make it to the top list in house-hunting criteria. Some new projects, like Vraj Tiara, offer luxurious 4 BHK flats in Worli with balconies that open to a 270-degree sea view and recreational features like rooftop amenities and a dedicated floor to a hi-tech gym on 24th floor.

– An ideal neighbourhood should also have necessities like grocery stores, shops, and restaurants. Most individuals like to visit sites that offer cheaper rates for their location being less prime than those more feasible as an ideal location. As a family with young children, reputed educational institutes may increase an area’s house prices and factor towards the profit you can make when selling.

In conclusion, a location is not wholly subjective; a stable set of criteria determine its value. Therefore, when searching for a new house, ensure the area possesses potentials—such as attractive amenities, outstanding schools, and accessibility to necessities of life like hospitals, markets, and transportation—that will assist in guaranteeing your investment grows in value over time.

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