Parikshit Ghosh, a 41 year old government employee, has been living in a rented apartment with his family in South Kolkata, but is now, planning to buy an apartment in Salt Lake. But which locality would be best for his family?
This is a common question that stumps many homebuyers, as they are not sure about the parameters that would maximise their livability quotient, as well as the financial benefits associated with property investments.
After working out the budget, depending on your present financial status, the next big thing to take into account is the location. The location of a property plays a pivotal role when it comes to comfortable living, convenience, and return on investment. If you’re in a dilemma to choose the right location to buy an apartment, here’s a list of factors to consider.
Connectivity to the Workplace
Who wants to get stuck in traffic for endless hours while returning home after an energy-draining day at work? Nobody. That is why your home should be strategically located at a distance that can be easily covered from your workplace with minimum hassles. Ideally, the place of work should be connected to your home via multiple means of commute, such as buses, trains, metros, and drivable roads. The availability of adequate transportation facilities can give you the flexibility to choose a bigger, better home, even if the property is a bit far from your place of work.
Proximity to Schools/Colleges
Today, homebuyers, especially young parents, are increasingly seeking to buy an apartment in localities that have good schools and educational institutions in the vicinity. This is because, when there is a school nearby, parents won’t have to rely on school buses or pool car services for their kid’s transportation. This saves time and ensures the safety of children as well. Moreover, many schools these days operate for extended hours due to various extra-curricular activities, hence, living close to a school will make things easier for you in terms of picking and dropping your children.
Social and Healthcare Amenities
The benefits of having health care facilities in the neighbourhood need no explanation. Preferably, opt for residential projects that are close to healthcare centres. Not only it serves a great purpose during medical emergencies but also adds to the resale value when you plan to sell the property. It has been observed in various studies that healthcare and recreational facilities like parks and playgrounds, multiplexes, gymnasiums, clubs, and cafes, add more value to a place. Plus, living in a locality that is a home to these amenities, provide an excellent opportunity to chill out with friends and family during holidays and weekends.
Safety and Security
Security is a top priority so even if you buy an apartment that fits well within your budget, it is crucial to check the crime rate of the locality. A bit of research about the locality can help you come to a conclusion. Also, it’s best to avoid localities that are questionable in the sense, they are frequented by strangers or unknown people day in and day out, for example, factories or manufacturing units. Plus, you wouldn’t want to live in an area that’s exposed to loud noise or commotion. Statistically, a locality, surrounded by residential apartments owned by families have a lower crime rate.
Future Developments
Before narrowing down your apartment search to a particular locality, make sure to check the corporation or municipality website to find out if there are any infrastructure projects slated to come up in coming years. A locality, where major infrastructural developments like airports and metros are coming up, has tremendous scope for price appreciation in the near future. However, it won’t be a wise idea to zero-in on an area that is saturated with commercial establishments and residential buildings. Go for a healthy mix of urban infrastructure, as well as green spaces.
Keeping these tips in mind will help you narrow down the list of localities where you’d want to buy your next home.
