In India buying a house is both an emotional and a financial decision. Since this is a life time investment, it becomes crucial to get it right the first time itself. And that my friend can happen only with researching well and combing the market to get that perfect location.
The purpose of purchase could be self-use or pure investment. Hence, a residential property could mean a lifestyle upgrade or a future business mortgage opportunity. In either cases, it is location that will determine not only the future value of your investment, but also many aspects of your everyday life. Here are some factors you should consider carefully when selecting a location.
Safety. One of the top consideration. Safety for family is and should be the topmost priority for the decision maker before opting for any location. It is critical to run a neighborhood check before even considering a location.
Geographic location. Where you live not only defines you but impacts a major part of your lifestyle. So pick the one that is the closest fit to your lifestyle and personality - a place and neighbourhood where you could belong, that has relevant job opportunities in the vicinity, proximity to loved ones and of course, the basics like medical care, daily needs, retail and recreation.
Proximity to school. Being in a good school district is important, even if you do not have school going kids or never plan to have any. Fact is, young families will always be buying their first or second homes. Like you, they would also do their home search based on location and good school districts in particular. The better the school district, the higher the values of the surrounding homes can be!
Public transport. In major cities, the farther you live from the bus, subway or other types of mass transit, the lesser valuable your home gets. A good location means being very close, and having easy access, to public transportation.
So, go out there. Scout. And choose for yourself a smart street!