There are many important things to consider while buying a new home and one of the most crucial is choosing the right locality. It’s likely that you and your loved ones would be spending a considerable part of your lives in the new home and you would want the experience to be pleasant and enjoyable for everyone. The definition of ‘right locality’ will vary depending on your specific needs and preferences. For example, some people prefer to stay near the main commercial hub in a city whereas others may choose the peace and pollution-free environs of fringe areas. In most cases, the choice of the right locality will depend on not one, but multiple factors. Let’s take a look at some of the key factors that determine why locality is important while buying a new home.
Shorter Commutes to Workplace:
Most people would like to avoid long commutes to their workplace, as it eats into their personal and family time. Pollution is also a concern, especially if the commute is via roads with heavy traffic. If shorter commute is one of your top priorities, the right locality for your new home will be an area near to your workplace. You can opt for a location that is within walking distance of your workplace or within a 5-10 km radius.
It’s good to have a home in an area that is well-connected to the rest of the city through roads, railways, or metro networks. You may have made some awesome plans for the weekend or holidays, but if your home is in an isolated area, you are likely to be stranded. Using your own vehicle may not be a good choice since driving in heavy city traffic can drain you even before the party gets started. It would help if your home is within walking distance of a major road, a railway station, or a metro station.
Well-developed Social Infrastructure:
This comprises of schools, colleges, restaurants, hospitals, shopping malls, entertainment centers, sports clubs, etc. Many people prefer to buy homes in localities that have good social infrastructure. It helps save a lot of time and effort and makes every day living entirely hassle-free and pleasurable. If you have a family or intend to start one, the right location for your new home would be an area that has well-developed social infrastructure.
Living Within Corporation Limits:
It is generally considered good to buy a new home in a locality that comes under city corporation limits. Areas that come under local municipal limits will have a regular water supply, well-maintained roads and streetlights, adequate parking spaces, garbage collection system, sewerage systems, public parks, community centers, libraries, etc. Many of these are essential for a comfortable and enjoyable living experience. Localities within municipal limits may command higher property prices, as compared to locations in fringe areas. Since you would not want to compromise on basic amenities, buying a new home within corporation limits should be a top priority.
There will always be times when you or your loved ones would need to step out of the house. In this context, the right locality would be an area that is crime-free and peaceful. Safe streets and neighborhoods will ensure that you and your loved ones can step out of the house freely and without any worries. Crime is usually more in areas that are isolated from the rest of the city. However, there can always be exceptions to this. Increased crime has also been witnessed in areas that have illegal or unauthorized development. You can personally survey the neighborhood to see if there is any illegal development in the area. 100% safety cannot be guaranteed in any part of the city, but living in a good neighborhood can help reduce the risks.
Favorable Development Potential:
Local municipal bodies have development plans for each area in a city and these could affect the development potential of the locality where you plan to buy your new home. You can access these plans online on the municipal corporation’s website to get an idea about the type of development planned for a particular location. Some of these planned developments can be favorable. For example, if there are plans to develop a new metro station, it would boost the growth potential of that location. It is also possible that the location may be covered under the central government’s Smart City project. This will also boost development in the area. However, there can be unfavorable developments as well. For example, the authorities may be planning to construct a new flyover that may pass quite near to your building. In this case, you will have to deal with pollution and the constant noise and honking of vehicles. You need to check such factors before finalizing the location of your new home.
Optimal Returns on Investment (ROI):
It is possible that you may not live in your new home for your entire life. You may buy a larger home later or may relocate to a new city or country. In such cases, you would either sell your first home or give it on rent. If your first home is in a good locality, you will get good returns on your investment. This would be applicable for both the value appreciation of your property and the rental yield it commands. If the location is right, it will also ensure that there is no dearth of buyers and tenants. You will be able to liquidate your property and book profits anytime you want.
The real estate potential of a particular locality keeps changing with time. A locality that is in high demand for residential spaces today can reach saturation in the next 10-20 years. Other factors such as new development plans by the local municipality may also affect the real estate potential of a particular location. It’s not possible to predict all such possibilities, but it’s advisable that you prepare a rough assessment of how things would be in a particular locality after 10-20 years. It will help ensure that the locality you choose for your new home remains a profitable investment in the long-term.