5 Neighbourhood Features That Will Hike The Resale Value Of Your Property
It is not just the investors whose happiness knows no bound in the knowledge that the world of their investment property is going steadily day by day. Those who buy the house for self-use are equally elated by this same knowledge. Just in case they were to sell it, they would earn much more than they invested. A homeowner in fact would be even more excited to feel on a par with what the world of finance knows as smart investors.
This proud property owner could also depend on the fact that if they are going to sell their property, just in case, they would quickly find a buyer in a market like this. Project delays, data show, are forcing more and more buyers to opt for ready-to-move-in flats — according to Real Insight-Q3FY20, nearly 18 per cent houses sold between October and December 2019 were ready-to-move-in units.
Now, some of your friends are not lucky enough to get the same kind of offers you do. What makes your property more charming? What does it hold that others built in the same specification with the same material do not? We would have to credit the difference to certain neighbourhood features that your property enjoys and others do not.
Schools in the neighborhood can push up property prices in the locality
People do not wait for their entire working lives to buy homes using their retirement money ─ that job is done using bank finance these days in people’s 30s or even 20s. Most buyers are prompted to make the purchase right when they enter into matrimony or expecting children. For such couples, it would matter a lot whether quality educational institutes are located in the vicinity.
You would find that the areas near renowned educational institutes are always comparatively expensive. Rents in these areas are higher, too.
Much similar to their investment in property, their children’s education, too, is a life-time investment and they would not like to take any chances by sending their ward in an average academy. Buyers would be more willing to pay a premium for a property that offers them that luxury.
Noteworthy: Property in south Delhi areas that host some of the best educational institutes is quite expensive.
Quality healthcare facilities can push up property prices in the locality
Unfortunate as it is, a large number of people that die every year in India don’t pass away because of natural reasons. Modern-day living is taking its toll—stress and pollution happens to be the prime killers of human being these days. Most families live with small children and ageing parents who require regular medical attention. In a scenario like this, easy access to quality healthcare is one thing all homebuyer would want.
If your property is an area where there are plenty of hospitals that are known to provide quality healthcare ─ the presence of healthcare along would not do the trick ─we bet you would have many a taker willing to pay a premium if you decide to sell or rent.
Noteworthy: Areas close to the AIIMS in New Delhi, for instance, is quite expensive.
Malls and retail outlets in a location can be a USP
Where is the need for a therapist when the retail therapy would do it for you, right? Long gone are the days when people visit markets only to buy necessities and do route things. Markets do much more than that today. We need swanky malls to meet those new-age aspirations. But, it would be a mistake to undervalue local markets. For an average Indian, swanky malls and high-end grocery stores are good for window shopping, but we Indians love to haggle with our local baniya over rates. No one minds taking a stroll to the nearby market to pick up fresh veggies and fruits.
Noteworthy: In the city of malls Gurgaon, property is quite expensive where these new-age sale-purchase structures stand. Areas close to the Sadar Bazaar, the old main market of the city, are expensive, too.
Connectivity to other locations is golden
Property that is located in an area that is well linked to other parts of the city through bus, rail and Metro networks is premium.
This point can be better explained by giving you an example.
People living in Delhi’s Mayur Vihar Phase-I have access to two metro lines, the Blue Line and the Pink line. Some more fortunate ones can simply walk into the Metros stations on both the lines because their homes are strategically located between the two. Who can blame them for charging more rent? Who would also blame them for asking for a premium for the property if they sell it?
Noteworthy: Rates of property in Noida localities that now enjoy a Metro link after the Aqua Line became operational in January this year have begun to grow instantly.
Social perception of the location can increase prices
No matter how vehemently we try to oppose the idea, what people think matters to us, a lot. While there is no lack of exceptions, humans have the natural tendency to see things the way people around them do. Public opinion matters, and that rule applies to property markets, too.
A neighbourhood that is in the good books of people and has better reviews will certainly have pricier properties. The name will have a say in the rate you get when you go to sell it in the market.
Noteworthy: Are not we susceptible to boasting if we think we live in an areas which is better than your co-workers or friends?