The real estate mantra repeats “location” tirelessly. To some, location is probably even more important compared to the physique of the house itself. While you may have a general idea on what consist of a good location, having a clearer criteria of your own that cater to your needs is not just essential; it’s necessary.
Afterall, you can’t move your house. So what are some of the basics to lookout for?
Know what you want: planning is the first step
Note down what you already have in mind. Do some brainstorming and draw a mind map, it could help in doing visual information extracting. By having your thoughts down on a paper (or its digital counterpart), you give a form to your thoughts, and you’ll have a clearer direction. If you need somewhere close to work but want a quiet neighborhood, write or type it down.
Research and narrow down your list of potential locations or neighborhood. You can go from there while keeping in mind the process of recording your progress.
Accessibility is an important key in finding a good location for your house. Access to commute, access to public transportations, access to major economic hubs, such things are to be taken into account according to your needs. If you’re buying a home for investment, think ahead.
The generations who are starting to own houses are millennials. Some of the key findings conducted in a study by Apta shows that Millennials are multimodal, and compared to previous generations, millennials are less likely to drive or have a valid driver’s license.
They use public transportations a lot more compared to the older generations. Taking this into account, housings with a good public transportation system is bound to be more in demand.
This is an important aspect that often gets overlooked. How is the waste management? Is the trash picked up everyday? One of the best ways to find out that the practice is actually implemented well is by asking the neighbors.
One of the signs a place has a good economic growth is the existence or the potential growth of economic diversity. While regions dominated by one industry does not mean that it does not possess economic growth, regions with a diverse economic sector is generally more sustainable. Another factor to take notice of is the growth in employment. This factor may play an important role in the resale value and rental yield of your house.
Safety and general feel of the neighborhood
Feeling safe in your own neighborhood is a precondition to comfort. Before making up your mind, make sure that you visit the neighborhood several times. Try to visit the place at a different time of day.
Visit the neighborhood during the night as well. Observe the environment during those visits. Are people out on the streets? Walking their dogs, parents walking with their children, people out in the parks, etc. These everyday activities are mundane but is an important indication in gauging whether people who lived in the place feel safe.
Also note are there people walking during the night? What do you feel in the neighborhood while you’re walking in the area during nighttime? You can even journal down these small things to help you better decide.