Location: The Key to Unlock your Dream Home
The third episode of ‘On The REcord – Decoding Realty’ titled ‘Location Location Location: Right Home, Right Place’ aired on 11th August 2021. An expert panel shared insights on why location matters and how it can influence the value of a property.
Highlights from the episode
● A good location differs for every homebuyer. The quality of a location is determined by its ability to complement the resident’s lifestyle. This is inclusive of both the social and physical infrastructure.
● A homebuyer can choose a location based on its proximity to their workplace, business districts, major roads, popular markets, public institutions, schools, recreational areas, and healthcare facilities.
● For a female house owner, safety is a critical aspect when considering an ideal location.
● It is okay to exceed your budget by 15-20% to secure a good location. However, going overboard is not recommended.
● Buyers must factor in the upcoming infrastructure before choosing the location. It can change both the social and physical lifestyle aspects.
● Pricing is important. But, more emphasis should be given to the credibility and reliability of the builder.
● Location v/s neighbourhood. The neighbourhood is related to the community/people around the property and can impact the lifestyle. The location is mostly associated with the surrounding infrastructure and is more about access to convenience.
● The reduction of stamp duties in many states and other favourable market forces makes it ideal for real estate investment.
● Investors must have a seasoned broker, a lawyer, and a structural consultant onboard while making property decisions.
● It’s good to invest in properties at locations that see steady job creations, irrespective of the tier of the city.
● An important thing to keep in mind is that all good locations are not expensive. Always look for a price that not only suits you but is value for money as well.
Location is the primary factor that differentiates a good property from a dream property. It also plays a crucial role in determining the price of the property in the future. A thoughtful investment made with due diligence and good research could help you make your new home a destination home.
Abhishek Kapoor | Chief Executive Officer – Puravankara Ltd.
Jayashree Kurup | Director – Wordmeister Editorial Services, Real Estate and Cities
Ramesh Nair | Chief Executive Officer – India & MD Market Development, Asia at Colliers