When deciding on where to buy a piece of property,location is everything.Location is a big determining factor in whether the value of the property goes up and the degree to which it appreciates. Additionally, it determines whether there will be buyers of tenants for your property and how much you can profit from them.
Some locations may seem more affordable than others in the same neighbourhood. Therefore you would have to do some research on potential properties. It is important to consider how the property will evolve in the future and whether there is any major risks involved. Here we have included some of the aspects that property buyers should consider.
Usually buyers do not have to worry about basic infrastructure like electricity and running water, but one thing you do have to consider is the amount of transport available. Roads are the main gateway to newly developed sites and it is imperative that buyers consider the amount of roads in and out of an area. If this is lacking, you may end up with heavily congested traffic which will definitely take away some of the property value.
It is also important to consider how far away the property is from the main road, highways and public trains. The further the property is from these features, the more difficult it will be for the community to be mobile.
Any community, whether business or domesticcannot be isolated when new areas are developed. They would require things like schools, shopping malls, entertainment outlets, shops, post offices, restaurants and the like. Not only should there be easy access to these places, but the amount of amenities nearby would definitely affect property value.
Amenities should be abundant and varied, so that it caters to the people from different backgrounds, ages, ethnicities and professions. In this way, finding tenants will be much easier. Additionally if the property is residential one, it helps to be near higher institutions of learning like Colleges and Universities.
Buyers should also take into consideration the natural environment surrounding the property. For example, high rise apartments with a scenic city view or a view of water bodies like the sea or a lake would definitely appreciate faster than any apartment near noisy and smoky factories.
Knowing what type of people live and work in and around the property is really crucial to understanding what type of clientele or tenants you must target. Among the aspects that are important include the education level and income levels of other residents. Some communities of course are more liberal minded and some areas are more traditional, deeply religious and conservative so these factors should be determined early on.
Another consideration is of course security. It is good to know if an area is prone to crime and how responsible the community is towards residential issues. Questions to ask include is there a residents association or committee? Do they actively try to solve problems?
As a preliminary research step, you can go online to find out more about an area. One of our DurianProperty.com features is a property locator that allows you to pinpoint places available for sale or rent near Colleges/Universities, Shopping Malls and Railway Stations . Of course, nothing is more important than visiting and judging the property and surrounding areas for yourself by a personal visit.