The 5 factors of a “good” location.
13 July 2021
Location isn't entirely subjective—in fact, it's based on a fairly static set of criteria. When you want to shop for a new home, make sure that it isn't just desirable to you but also has objective qualities. Examples of these criteria are the availability of attractive opportunities to help investments gain value over time, additionally the availability of safe streets and good surroundings. Now let's analyze the 4 main factors of "Good" location together.
1. The House Itself
There's an interesting aspect of house hunting that always surprises people. Let's say you're given two homes that stand side by side in a great neighborhood as a choice. The First one needs repairs and updates but has a huge lot. The location of the other one is not as effective as the first one, but it is attractive and repaired. The prices of the two homes are similar. Which one would you choose? In most cases, the house which needs repair is a much better investment.
Here is the reason: your house is a depreciating asset. The lot, on the other hand, will maintain its value relative to the house. If you bulldozed both houses, the larger lot would sell for more. So, if possible, try to choose a bigger, better-shaped, or better-situated lot over a nicer house. A less attractive house can always be updated, added on to, or replaced altogether, but the lot can't be changed.
It can be considered as an advantage that the residential complex is situated near the main transit routes of the city and has more than one entry point. Going to and from work is a big and crucial part of many people's day, so a home with easy access to roads and public transportation will be more desirable. Appearance is also a significant factor; large trees, nearby parks, or public areas are very crucial. Additionally, the presence of shops, restaurants, entertainment areas, training centers is one of the most important advantages for your present and future plans. In addition, a house with a magnificent view or located near a pool is more valuable. Finally, the safety factor: A comfortable and safe residential complex with strong protection is the place where most people want to live.
3. Future development
Not only the present opportunities but also the future ones are important indicators in the area where the residential complex is located. New infrastructure plans such as hospitals, schools, public transport, and others can dramatically increase property values in that area.
The place you choose to live in the city will undoubtedly affect how much you pay for your home, and in this case, the centrality factor significantly increases its value.
You can consider these factors for the next time when you shop for a new property.