Home Buying is a tricky process. There are multiple variables and things to consider when you finally decide to take the plunge. One of these variables is the location.
Choosing the right location for a new home is a daunting task. You may be looking at multiple factors when zeroing down on your perfect location. But there surely has to be a more systematic approach to this.
Which is why we have curated a list of things you need to look for when choosing the location for your home. Take a look.
Choosing an area you can afford is the prime factor in picking a location. You don’t want to blow a disproportionate amount of time, looking for a house in an area you can’t afford. Thus, shortlisting locations on the basis of your budget is the first step.
If you’re moving in the area you’ve already been living in then you’re already familiar with the rates. But if you’re moving to a different part of town or a different city entirely then things might be different. In situations like these, online research is your friend.
Researching on websites like 99 Acres or Housing.com is a good way to understand the average rates in the area. You can classify by type of home, whether it is furnished or not, its size etc. to get a ballpark figure of how much homes in that area are expected to cost.
For example in Pune central areas such as Deccan, Shivajinagar are moderately expensive. Cosmopolitan areas like Kalyani Nagar and Koregaon Park are extremely popular hence the price reflects that. Other up and coming areas like Kharadi, and Pashan offer premium housing at affordable prices.
2. Type of Property
Another thing to consider while choosing your location is the type of home you want to live in- whether you want a row house, a bungalow, a studio apartment, or a large condominium.
Minimum number of bedrooms you may need, whether you need a terrace/ balcony, how many bathrooms the home has- all of these points are up for consideration when choosing the type of property
Now, not all areas have all types of properties. Some areas of the city are known for the tall building while some are known or their quaint bungalows. This, of course, helps your funnel down your options.
So after deciding your budget, choosing the type of home you want helps further narrow down your location.
3. Type of Area
The type of area you want to live in is a big price determinant which is often overlooked.
Do you want a place with good nightlife, bars, and restaurants? Or do you want something like where you can enjoy a relaxed, quiet lifestyle?
Some other points to consider when choosing the area size of the home:
- Do you want grocery and convenience stores close by or do you not mind walking a bit?
- How long will it take for you to reach work from that area?
- Are there any public spaces like parks or gardens around it?
- Is the area nearby any public transportation stop?
- Are there any good schools and colleges nearby?
The convenience of an area often determines its price. There is going to be a trade-off here i.e. less convenient areas will be priced lower than convenient locations which have a lot of necessities close-by.
Apart from these 3 main factors, there are some additional factors to keep in mind before buying a home.
Spend Time In The Area
Visit the areas you’re interested in and walk around. Look at the hotspots, speak to a few residents, check out the parks or malls over there and get a feel of the area in.
Sometimes you may realize that the space is not right for you- it may be a neighbourhood that is too orthodox for you, or too crowded, or noisy.
It will also tell you how old or young, poor or affluent it is. Also, make sure you try the local transport system there to check how connected it is to the rest of the city
If You’re Not Sure About Buying, Try Renting
A home is a long term decision. If you’re unsure of the area don’t make a hasty decision. Instead, try renting space in that location for some months. It will help you understand the pros and cons.
Eventually, it will help you decide whether you should spend your hard-earned savings in a home over there.
You don’t want to buy something and then regretfully sell it a couple of years later because the location was wrong for you.
Have A Long Term Vision
When you’re planning on purchasing a home, don’t purchase it from a location you’ll think you’ll grow out of. Also, don’t purchase it without keeping your future family, kids, or responsibilities out of mind.
Also, keep in mind your future earnings. If you’re at the beginning of your career and have scope for financial growth, consider the fact that you don’t want to be tied down to a home, when you could be affording something much better.
And that’s it. These are the overarching things you need to be keeping in mind when looking for a location. After all, it is the most important decision you make. Smallest of errors can lead to future repercussions and you may have to face the costs of moving again. Thus make a solid decision, and think it through, even if it may take longer than usual.