The significance of location in real estate purchases is consistently overstated. The location is what determines if an investment will be profitable, which is why. Location primarily stimulates consumer desire, which in turn stimulates demand and drives up prices.
A real estate agent’s common expression is always ‘location, location, and location’ when asked as to what a property should most importantly have. When compared to many other nations, India\’s real estate industry is one that is diversified. Any buyer nowadays is presented with an overwhelming quantity of information when making a location decision, largely because it is becoming more customary to rely on technology for the task. In these situations, the buyer\’s ability to select the ideal site depends on their ability to read between the lines and fully comprehend the information.
Why is location important when buying a house?
By the time a buyer is looking for a site to buy residential or commercial property, it is clear that he or she is prepared to part with a sizable sum of saved money. In order to make their real estate acquisition successful, purchasers must make the right location their final choice.
Whichever is the country of residence, many a time a buyer makes a decision based on the home that they are going purchase and not the area that it is located in? Once the purchase is made, the area will never change. This mistake can cost the buyer a lot.
If the buyer is looking for residential property, popular considerations include the neighborhood\’s condition, its closeness to services and amenities, its access to water, its safety rating, its vistas, etc. Factors such as closeness to transport hubs, proximity to major highways, markets and warehouses, etc., have to be considered prior to purchase commercial property.
Both the property\’s price and its location are crucial elements. In the end, the property\’s location determines everything else. A property will sell for more money if it is located in a desirable area. The price of the identical property will be lower in a less desirable neighborhood. There will probably be more lucrative possibilities in the future, even though the buyer may wind up paying more for the house in a better area lower rents, and lower prices.
Several details regarding the property\’s location should be noted. Finding out if there will be significant changes in that area or nearby ones is a smart idea. This would help avert a great deal of future purchase. It is wise to assess the property in the medium- to long-term and consider how the neighborhood is likely to change throughout that time.. In the next years, what may currently be a reasonably open plot of land could develop into a busy multiplex. Don\’t put all your eggs in one basket; a safe neighborhood may not remain such in the future.
Any house acquisition should be supported by a carefully considered location plan. Paying attention to who is most likely to purchase your property in the future is a good idea.
if required. It is also important to make the home purchase in an area that is attractive to the millennial. It has been noted that more of them choose to buy homes than rent them.
The Importance of Location in Real Estate – Indian Scenario
It is true that in many Indian cities, speculation has contributed to price increases beyond what the majority of consumers can bear. But eventually the market will need to return to its fundamentals. Low interest rates and other incentives are among the various programmes the government has to provide.. This being the case, the excitement is back in the real estate market.
The real estate market here works on location viability. In the case of residential property, every major tier 1 city has corridors in which the investments are worthwhile. Infrastructure development and the historically high price rise in the area are the key drivers of real estate expansion.
Exponential growth in real estate inside cities such as Greater Noida and Delhi and other cities in Delhi has been unprecedented. Greater Noida attracts the highest prized investments because of its position as the IT hub of the country. The city has seen the rise in real estate investments as people have seen it as the route to the creation of wealth in the longer term Greater Noida and other cities are making a name as preferred real estate destinations because of their affordability and the massive size of the trained and educated workforce. The second factor is an important one as graduates from the top institutions are absorbed into the numerous IT companies that are present in Delhi and Greater Noida . This directly increases demand in the housing sector across different price ranges. These cities have micro markets which make great locations for real estate investments. Depending on the size and location, these could be the best investments.
Price adjustments have occurred in several locations as a result of the decline in speculators in the residential real estate market. So even if a location is expanding, it still makes sense to make investments there. Infrastructure accessibility and proximity to companies, retail centres, schools, and healthcare facilities are two factors that need to be considered in order to determine whether the investment will be profitable.
Conclusion:
If at all you are stuck at a point where it is difficult to evaluate a real estate property, the best thing for you would be is to go back to the basics. Take a deep look at the location. Most likely the problem will be solved right there.
Also if you are looking to buy a property in Greater Noida & Delhi then do visit BOP Realty Private Limited Groups property locations in Greater Noida.
