You can negotiate the price of a piece of land, you can even buy more, but the one thing you cannot alter about it is its location. Therefore, If you are looking to buy land, the first point you should consider is the location. Location is all the more important if you are planning to build your house there. A good location allows for a convenient and comfortable lifestyle, as well as a number of other benefits. The location factor is so important that property prices vary widely between different places simply due to its location.
All property seekers look for property located in a good location. Realtors often suggest customers to purchase residential land with a location advantage rather than size advantage. While such a deal might not be the best one for some, but for experts in real estate, this is a wise investment.
In this article, let us take a look at some of the location factors you should consider if you plan to purchase residential property:
Essential Services
Availability of civic services close by is one of the most important criteria of location selection for property buyers. If you have children, search for schools or colleges in close proximity that can deliver quality education for your kids. Apart from schools, find out how close the nearest hospitals and nursing homes are and the quality of services they offer.
Neighbourhood
Real estate agents will always suggest you to buy a residential plot in a good neighbourhood. A good neighbourhood builds a community and a sense of togetherness. If you are buying land, check not just the condition of the neighbourhood at the time of your purchase, but also try to find out what it is going to be like a few years down the line.
Ease of Commute
Select your residential location wisely so that you don’t end up spending more time stuck in commute than at home. When searching for a good location, pay close attention to what modes of public transport are available to you, and how close they are from the land you intend to purchase. Find out how much traffic you might have to deal with regularly commuting to and from work and decide your choice of location accordingly.
Lifestyle
Do you want to live in a quiet, family-friendly suburb or are looking for a happening upscale neighbourhood? Your regular lifestyle needs are going to determine your quality of life and it is prudent to select your residential location accordingly. You want to live in a place which will keep you and your family happy and satisfied, so look around and find out if the location of your choice will meet your aspirations.
Civic Amenities
Proximity of markets, shopping malls, and recreation centers like movie theaters and parks also plays a crucial role in your choice of location. So depending on your needs, keep these in mind during your search.
Resale Value
It might appear strange to think of selling off a property you are planning to buy, especially if it is residential land, but market data suggests that resale value is a huge factor for land buyers. Since the value of a property depends greatly on its location, make sure you can get the best value for your money from the location of your choice if and when you plan to sell.
Infrastructure Quality
Infrastructure plays a crucial role in property location selection, especially so in a country like India. Simply try to ensure that the property you are planning to buy is well connected by road, has adequate supply of potable water, and electricity and internet connectivity are stable nearby.
Future Development
Often when planning to buy a plot of land, not just the facilities available then, but those that will become available in the future also matters. Development plans for hospitals, schools, public transportation, and other public infrastructure in the nearby area will raise property values dramatically. Additionally, prospects of professional development that will lead to increase in jobs will also improve values. You should take these into account when selecting a residential plot.
Safety
If you are planning to buy a residential plot of land, you should never compromise on safety. Most strategically located properties provide an assurance on safety and security. Also, crowded places are usually much safer than relatively vacant neighbourhoods. If the property is located strategically and is developed by reputed developers, it might already have advanced security equipment & facilities. Make enquiries along these lines to ensure you stay away from possible security issues in future.
While the choice of location when buying residential land is entirely subjective, it is in fact determined based on a relatively consistent set of criteria as mentioned above. When you plan to buy a plot of land, keep these pointers in mind to help you understand if the location of your choice is the right location for you and make your decision accordingly.
