Why Location still effects the pricing of a house?

According to most of the real estate agents, if given a choice between, a shabby home in the best neighbourhood and a luxury mansion in the worst neighbourhood, then always go with the former. As in the job role as real estate agents, we know that although we can do additions and alterations which can cost a few hundred bucks and turn a shabby house into a house which has a good market value, rather than sprucing up a whole locality, which is impossible.

Remember to have a careful inspection done of the locality, as to what is the crime rate of the region and what kind of facilities they offer for the children and the aged people.

Now, for the additions and alterations that are affordable and can be done even after purchasing the house. In this article, we are going to discuss why location still plays a prime part while investing for a new property.

Why do houses sell so fast in prime locations of Mumbai?

  • Flats located in prime locations gives their customers access to unthinkable amenities such as schools, colleges of repute, hospitals, restaurants, vibrant nightlife and a lot more.
  • These prime locations enjoy good connectivity and are extremely well linked through road and rail too. Locations such has Andheri has prime hospitals nearby and is frequented by the elite of the society.

What are the top factors which determine if the location is a prime location?

  • Connectivity: First of all you need to buy your house at a place where the connectivity to the local bus, train and metro stops are in a sane distance. Furthermore, also check if future connectivity plans would see connectivity with the developing metro railways in Mumbai. Because as a working person you do not want to commute two and a half hours every day from office and home.
  • Neighbourhood: As buying a house in a certain neighbourhood means that you would be living in the neighbourhood for the rest or a big portion of your life. Try buying houses in those locations where families form a large chunk of the metro area’s population, and then there is a quarter of those households which includes children younger than 18.
  • Employment: If you are below the age of 35 and is a first-time house investor then it is prudent to choose those localities which are in close proximity to industrial areas. Real estate market that is in close proximity to Industrial Estate has shown a huge development not only in infrastructural developments but also in terms of creating jobs as well.
  • Schools and Hospitals: If you are a family man and have both young children and elderly person you should think of investing in areas which have good schools and colleges in near proximity. Also, keep in mind that emergency is uncalled for the guest, therefore also keep a tab on the multi-speciality hospitals in the vicinity.

Choosing the right home in the neighbourhood is of utmost importance. Therefore, scan the location properly before you invest.







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