This is one of the most important factor to consider when buying property. Want to know why it's the most vital in real estate investment? This is it; Supply and demand are major factors that hugely play a role in Real estate. A great location can change an entire neighborhood seemingly overnight. Location generates desirability, which creates demand that raises the value of the property. Some of the things to consider when looking for a great location to buy property is;
✓ Local/ social amenities One of the safest ways to invest is in a area with local amenities. Talk of the proximity to public transportation, schools, shopping malls, medical centers, water, electricity etc
These kind of amenities have a huge and direct impact on real estate prices in that area . If the location of the property you want to purchase is within a few miles, these will help to raise the value of the property.
✓Demographic factor. When I mention this, I mean the young people looking to start families, looking forward to retire (the millennials). The number of people choosing to buy instead of rent is really shooting up. Do your research, is the area you are planning to invest your money attractive to this factor? If so, that's a strong indicator that you are buying in a location that is going to have a very strong demand which raises the property value. If you buy property in a location that is equally attractive to the largest pool of buyers, the value of the property appreciates and makes it easier when you want to sell.
✓Reverse engineering the future of the neighborhood People need to stop looking at the current status of the neighborhood and start paying attention to the future of it. When buying property do your research when it comes to neighborhoods keeping in mind ,most of them are a bit more expensive investments. For the best investment, you need a neighborhood on the verge of being 'next' best thing. You need to ask yourself this one important question "In the next 5-10 years where will this neighborhood be?" Once you choose the area of interest, start researching the areas with such kind of neighborhoods. Main agenda to that, is that you want to buy on the low end of that area's price range because other neighborhoods will raise the value of your property. Land for sure is one thing they are not making anymore and this is a big reason why location is such an important aspect on property value and should be put into consideration because we are all looking for appreciation. For real though, ensure you catch the neighborhood on its way up in the beginning.
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