While many factors contribute to the choice of a new house, choosing the right locality is one of the most crucial ones. Buying a new house is likely to bring you and your loved ones close, as you will spend considerable time in each other’s company. This experience is further deepened by your choice of the right locality. Although a subjective term based on individual preference and specific needs, some common benchmarks help homeowners to narrow down on a couple of good localities. Some people like to live near the city and its commercial hub while others prefer the city fringes for its peaceful and pollution-free environment.
So to understand the guiding factors that help in choosing the correct location we have made a comprehensive list. Let’s take a look at them!
Commute time to workplace
Office goers despise spending hours being stuck in traffic as they are forced to commute to their workplace. It significantly cuts down their time and time spent with their family. Heavy traffic also indicates higher levels of pollution. So if you are looking for a shorter commute as one of your top priorities, make sure to choose a locality that is near to your workplace. An ideal location for your new home should be within a radius of 5 to 10 km or a walking distance. When choosing a home, discuss with the best builders in Chennai this requirement as a non-negotiable one.
Connectivity with the rest of the city
Having a house that is well connected to the city via roads, metro, and/or railway. Proper connectivity is the key since it not only eases your daily life but also ensures you have a good social life. Best builders in Chennai always take into account the factor of good connectivity before choosing a site for their housing projects. In case of any medical emergency, good connectivity by roads will help you avail of urgent medical care without having to spend hours in traffic.
Vaibhav has two kids who are 10 years and 8 years old respectively. He is looking at a house for sale in Mogappair which is 15 minutes away from a good school.
This scenario is extremely common for prospective homebuyers and the best builders in Chennai cater to such needs. A huge percentage of homeowners’ families have children (46.7%) under the age of 18 years. Hence, the availability of good schools nearby is an important factor that you as a homebuyer must check if you have children or would want to start a family in the upcoming years.
Sound social infrastructure
Most people prefer to buy a house in localities that have a good social structure and comprises entertainment centres, malls, movie halls and theatres, hospitals, sports clubs, restaurants, and parks. This is crucial as any locality with sound social infrastructure ensures a hassle-free and pleasurable daily life. Basic amenities like adequate parking space, garbage collection system, public parks, and libraries, well-lit and maintained roads are also responsible for a good locality.
The mere presence of amenities and service doesn’t suffice when it comes to location and locality. Chances of future development such as plans for new schools, employment opportunities, hospitals and public transportation also matter. Top real estate developers in Chennai choose such areas for their projects which have a prospect of future development. Homeowners too need to make sure that they consider development promises when buying a house. Again, property located near establishments like a fire station, hospital, schools and other community centres are prone to traffic and noise which can lower the value of the property.
The right location needs to be in an area that is safe for you and your family members. This is a non-negotiable factor for most people. Now crimes are most frequent in certain areas of cities that remain isolated or cut off from the rest of the city. There is also a pattern to these crime pockets- illegal and unauthorized development, lack of employment opportunities. To ensure that you are buying a house in a locality free from crime, a personal survey is recommended. Talk to the local people as they have a fair idea of what goes on in the neighbourhood. Although no place is 100% safe, we can work on reducing risks to a great extent.
Optimal Returns on Investment (ROI)
It is possible that you might not live in your new house for the rest of your life. In the future, you can buy a bigger home for yourself or move to a new city or even change countries. In such cases, you would want to sell your house or convert it into a rental property. If you consider these above factors and choose your house in the first place, you will be able to yield great returns from your investment. Add to it the appreciation of property and the increase in rent per annum. A good house in an amazing location will never face a dearth of buyers or tenants. The liquidation of your property will be quick and efficient.
The potential of real estate is anything but static. Within a decade or two, a good locality can be saturated due to the extremely high demand for residential spaces. Similarly, a seemingly deserted neighbourhood can transform into a hustling and bustling locality due to new developmental plans and local municipal involvement. While it is nearly impossible to predict such changes that might take place in the future, you can always conduct some personal research before selecting a locality that will continue to yield long-term benefits.