Good day to you out there! It’s been a minute. Apologies for the blank last week. Good news, however, is that I am back and today we will explore the key investment considerations when choosing a location when buying or building a new house. From a bit of experience and research, here are a few tips to share. Pen, paper, ready? Here we go.
The advantages of having your property located centrally are innumerable. The quality of life and productivity cannot be negotiated. Among others, there is the value of not spending long hours in traffic, hence, less stress on your body and mind and less visit to the doctor. Economically, you get to cut down on fuel costs and other car maintenance costs, not to speak of reduced stress on getting the kids out of bed at 4 am to get through the mountain of traffic if you live a bit out in the outskirts.
There is also the key issue of marketability of the property. Properties located centrally have higher resale values and sell off quicker. If, however, you lean toward cleaner air and less bustle, you may want to consider a property on the quieter outskirts. At the end of the day, it’s all about what you value most. The power is yours!
For anyone with a family, the importance of raising your kids in a good neighbourhood cannot be overestimated. The social influences or impact of being influenced by neighbours’ kids, their helps and other domestic staff is immense. Their intelligence, values, etc. are formed in these communities; so when purchasing a property, do remember you are not only purchasing brick and mortar, the other soft issues of the kind of people and characters that you will share the space with is non-negotiable or in monetary terms, invaluable.
The greenness of the neighbourhood is also important. Large trees, landscaping, and nearby green or community spaces tend to be desirable. These aren’t only for aesthetic value, but for wellness and therapeutic value. You can also judge the popularity of the neighbourhood based on how long homes in that area tend to stay on the market; if turnover is quick, you’re not the only one who thinks this is a desirable place to live.
Amenities & safety
A great location is one that also boasts of amenities such as grocery stores, shops, and restaurants. Convenience is key in dealing with today’s hustle and bustle. If you have to drive a great distance to get to anything, it’s likely to make your house less attractive. Schools are another important amenity – even if you don’t have kids, if you want to sell your home in the future, many buyers will be on the lookout for good schools. The quality of local schools and the distance from the house are both important factors to consider. Finally, don’t forget safety. A location that has a low crime rate, and is an inviting and safe place to be outdoors and commune with neighbours is the type of place where most people want to live.
When house hunting, another factor you should keep an eye on is not only the present amenities, you should also check out the plans for future development and infrastructure.
Plans for schools, hospitals, public transportation, and other public infrastructure can dramatically improve property values in the area. Commercial development can also improve property values. When you’re shopping for a home, try to find out whether any new public, commercial, or residential developments are planned, and consider how these additions might affect the desirability of the surrounding areas. A property’s close proximity to a fire station, hospital, school, or community centre can lower its value because of traffic and noise.
Another key consideration is the exact plot location within the bigger location or community. These days, you might just wake up to a new neighbour, and to your annoyance, that new neighbour is an inanimate one, a gas or fuel filling station. So while focusing on the generality of the location, the specificity of the plot location is also of paramount importance.
If the house you want to buy is on a busy road or very near a highway, you can probably get it for a lower price; but it also comes with health risks, as well as being more difficult to sell later on. The same may hold true for houses that stand next to commercial property, such as a grocery store or gas station; or houses on streets that get an unusual amount of parking traffic and parked cars, such as those near large churches or community centres. Alternatively, a house with a wonderful view or near a body of water is likely to be more valuable – both now and when the time comes to sell it.
There you have it folks. Remember the key factors in property purchase – Location, location, location! Kindly send feedback if you have any concerns or additions.
The writer is the Executive Director of Yecham Property Consult & Founder of Ghana Green Building Summit.
Email: [email protected]
Linkedin: Cyril Nii Ayitey Tetteh