It is not uncommon in the real estate sector to primarily judge a property by its location. Usually, most people would initially ask about the location in the first place to get an idea. That’s because location is not only limited to the area attribute and geographical positioning of the estate. Several other associated characteristics are equally important. Compared to all other amenities, it is much easier to generalize a property by location. Therefore, importance of property location is paramount to create a perception. But what are these factors that make location so important? If you are looking to purchase an apartment soon, let’s find out why location matters in real estate.
Price of The Property
Why do similar properties in the same area have almost similar prices but price varies for a different location? The difference may lie with some of the fundamental characteristics of the area such as plot size, property type and design, soil condition, area permissions and so on. Also, another major factor that impacts the price of the property is the area planning. A planned residential/commercial area is bound to have better facilities such as utilities, roads, transportation systems, daily necessities and much more. Considering all this, a cluster of properties form a location and facilities develop along with the increase in demand. Areas having an advantage in these price factors form a neighborhood with expensive properties. And once demand surges, price adjusts automatically. That’s why location matters in real estate.
Cost of Living
For city dwellers, cost of living is a significant factor. For the past few years, the cost of living in Dhaka city has increased at a rapid rate, posing a huge concern for these people and affecting their decision to purchase property. That’s because this cost is directly related to savings and, thus, affordability. However, by tweaking location requirements and sometimes compromising a few other needs, people decide to purchase their desired property. Therefore, those who understand the importance of property location, they try to find the best deal within their selected neighborhood.
Proximity To Points of Interest
Another big factor that can affect the decision of buyers in terms of property location is the proximity to the things that matter most to them. This may include a workplace, children’s educational institutions, residences of relatives and so on. For instance, if your office is located in Gulshan, you might look for a home within Banani/Gulshan/Niketan so traveling to and from work isn’t a problem. That’s why location matters in real estate. Understanding the importance of property location property developers take advantage of the opportunity. In recent years, the real estate industry experienced the rise of townships or cities within cities offering all the conveniences that one would require for his/her family, career, and ultimate comfort.
Ease of Access
A property satisfies all your requirements, except that it is a bit far from the city center or the route is not traffic friendly. What would you do in that situation? You prioritize, obviously! Area accessibility is a subjective matter and yet greatly impacts the decision to purchase property. In city areas, the farther you live from the bus, metro rail or other types of mass transit, the less valuable the home. A good location means being very close, and having easy access, to public transportation. Being near a train or bus can get you anywhere in a short amount of time. In some locations, where there are restrictions on public transports, easy access to the main roads makes for a good location. Hence, location matters in real estate so much.
Safety And Area Benefits
No one wants to live in a dangerous location. To avoid moving into an area with a high crime rate people usually try to determine the safety of the neighborhood first. Those who want to avoid the hassle go for a gated community. Currently, there are several ongoing condominium apartment projects are under construction and due to its distinct facilities, popularity for such apartments is on the rise.
Area benefits are to some extent also a contributing factor to a particular location. These benefits emerge and take shape with the demand of the local people. Some of the facilities are sometimes exclusive to particular location covering a niche target market. Those who are in need of that facility customizes their property preference accordingly.
Apart from these, what do you think, why location matters in real estate? Let us know your thoughts in the comments section below!