5 Neighbourhood Features That Will Up The Resale Value Of Your Property
Always high in demand, the benefits of buying a resale property are aplenty. Not only you save on the several taxes you have to pay if you buy an under-construction property, you also get to shift to your new home in no time. This means you don't have to pay EMIs (equated monthly instalment) along with your monthly rents, thus, giving you sufficient room to spend ample money on refurbishing your new address.
Now, which are the factors that could increase the value of such a home? What are things that would fetch you a better price in case you decide to sell your property? We would say a lot depends on the neighbourhood.
Here are five things about a neighbourhood that would add millions to your resale home worth:
Number of schools in the vicinity
Data show most home buyers are domesticated couples. For them, it would matter a lot whether quality educational institutes are located in the vicinity. Much similar to their investment in property, their kids education, too, is a life-time investment and they would not like to take any chances. You would find that the area near renowned educational institutes is comparatively expensive and the rents are higher.
Good health care centres in the neighbourhood
All of us need to visit our doctors on a regular basis. Having good hospitals nearby gains more significance if we are living with small children or aging parents. And if they are just a stone throw away from your house, then your property is located in the right neighbourhood.
Buzzing local markets
Swanky malls and high-end grocery stores are good for window shopping but we Indians love to haggle with our local baniya. No one minds taking a stroll to the nearby market to pick up fresh veggies and fruits.
Accessibility of the area
This point can be better explained by giving you an example. To reach my home in Mayur Vihar-1 from any point in the national capital, I can take a Metro train, an auto or a bus and reach home in no time. Cashing-in on good connectivity, my landlord charges atrocious amount of money for the rented-out barsati. I am sure I can rent a better house for the same amount in other areas of east Delhi. Like many others, I too prefer connectivity over everything else.
There is a lot in a name
No matter what we say, we are often driven by the public opinion. 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.