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Is it Good or Bad to Research your new Neighbourhood first before Buying Property

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When buying a new home, it is not just the interiors and exteriors of the house that matter. The location of a property is also incredibly important. Looking for the right location is a relevant concern for homebuyers.

Often, in the clamour to get the best deal, this factor might get overlooked. This causes a lot of regret later on for the buyer. Once the novelty wears off, the problems will start to rear their head one by one, and it will adversely affect the property value.

It can be confusing for buyers and sellers to navigate across the property market and find the best option for them. It all comes down to careful planning and precious advice you can get. If you are based in and around Dulwich, you can opt for estate agents in Dulwich to help you out with your property deals.

The answer to the titular question is quite simple, it is indeed a good thing to do a bit of research before committing to any property. In this article, we will

take a look at all the advantages of doing a thorough sweep through your neighbourhood when you buy property. We will also state a few factors which can deem a property desirable, which you can keep an eye out for.

Why Is It Advantageous To Research The Neighbourhood?

In real estate, there is a common catchphrase- “Location, location, location!” There is nothing that elucidates the importance of a prime location more than this.

The fact is that in real estate, the place where the property is situated plays quite a major role in deciding how much the property is worth. The amenities which are available in the area also constitute a major role in how valuable it is. This is especially true if you wish to move into the house you are buying.

No matter how good the building is or how cool the interiors are, if the property is situated in the middle of nowhere, it will affect the ease of living.

So, you can go for a little stroll around your new neighbourhood, before you decide to finalise the purchase. Try talking to a few neighbours, and check out the local amenities like schools, commuting facilities and hospitals. Also look for recreational spots like parks, gyms, restaurants, landmarks and open spaces. This will also help you to gauge the safety and comfort in this area.

Apart from visiting the area in person, also take a look at the property value trends. This will help you to estimate whether the property value shows a steady rise. Crime rates are another important factor that you must take a look into, especially if you wish to move in with your family.

Factors Which Constitute A Good Location

Actual Location, or Centrality

Whichever town or city your property lies in, it is really important that it is located in a prime area, for it to have a higher valuation. The land is a finite commodity; places, where there is little room for expansion, have more expensive homes.

Buying the property itself might be quite heavy on the wallet. At the same time, the home will also guarantee a higher return on selling. The areas which lie on the sub-urban or extremities of the city or town might face a depreciation in growth.

However, the ‘urban sprawl’ might not be suitable for everyone. This is because it also comes with a higher level of pollution and population density.

Amenities

Now, this is an obvious one. Keeping aside specific tastes and preferences, there are some things that are appealing in the surroundings of a property.

Good transport links, good schools, nearby hospitals, and a good sense of community, are the basics. An abundance of recreational areas like parks, restaurants, clubs, etc are a few of other things which are good. If all or most of these conditions are fulfilled, rest assured, the property can be deemed “good”.

Plans For Development

This is another important factor that one should look into. If there are plans for improving the infrastructure like schools and hospitals can be checked out. If firms, especially MNCs, are investing in the location, it is a near-certain indication that there is a lot of potential in the neighbourhood.

Also, check out the turnover rates in the whereabouts of your home. If the listings stay for a relatively short period, that means it is a good area to invest in!

Land Size

This is not directly related to how good the neighbourhood is, but it is worth looking into. If you are buying a stand-alone house, the acreage or property size can be quite crucial.

The reason behind this is that a house depreciates, whereas the plot ascends in price. Always go for a house with a higher acreage. This will help the property to steadily rise in value.

Another reason behind this is that a house can be repaired in case the fixtures fall short. On the other hand, the lot on which the house is situated cannot be changed.

On An Ending Note

If you are a buyer and are looking to make a major property transaction, this article provides some of the major tenets you can focus on. All of these will help you to find the best properties on the real estate market.

With any financial and property transactions, there come many things which you need to legally sort out. We advise you to consult professionals with experience in the property market and make good use of their recommendations. A good real estate agent will suggest houses for you from the cream-of-the-crop, thus, helping you find your ideal home!

Thus, do consider hiring a good legal advisor and property agency. This will help you to be able to navigate your property transactions smoothly!

 

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