A resale home in the city or a new home in city outskirts?
Today, with high property prices in the main cities, many of the real estate firms and developers have started offering projects and properties in the cities’ peripheries and outskirts. These locations usually come at a cheaper price as compared to the properties in the main city and are only a few kilometers drive away. But should one invest in such locations? Are there any drawbacks of the suburban properties?
Nikhil Verma relates his confusion, “I have a fixed budget and I want to purchase 2 BHK house in a good location that does not have problems regarding parking and playground and is near schools and shopping malls. Whenever I visit the real estate agents, they ask me to either increase my budget, if I want to have a house with good neighbourhood facilities, or look for an option in upcoming projects around the city’s outskirts. I do not see a problem with the latter option, in fact it provides a relief from the population and pollution of the main city; however, I am not sure because I have not seen many people investing in such projects.”
The conflict over whether to buy a home in the suburbs or within the city centre plagues many prospective homebuyers. Like Nikhil there are many people who are confused regarding the difference between the urban and suburban properties. Let us solve the confusion buy enumerating the differences and help you choosing the best suitable location for you:
Advantages of purchasing a property in city outskirts
- Convenient on the pocket – Generally a property in suburbs will get you more area for less than it will cost in the city. So why buy a 1 BHK in a congested locality in the city when you can have a 3 BHK home with a garden in the suburbs for a similar price range? Young families need affordable space – and the city outskirts offer just that!
- Safety – Many researches show that the suburbs are safer as compared to the main cities. More the population, more the crime. In a smaller locality, people know almost everyone in their block, something that doesn’t often happen in the hustle of the city. Knowing that the neighbours will watch the house when you are away or keep an eye on the children – well that’s something money can’t buy!
- Convenient shopping – Most of the suburban projects offer a shopping complex within the society premises, so that solves all the worries regarding shopping for daily utility items. Apart from that the commercial real estate developers are also expanding and reaching the outskirts. They offer a mix of big box shopping, boutiques and everything else without the hassle of finding a parking spot and having to pay for it!
- Increased outdoor activities – The main city neither offers the time nor many open places to enjoy outdoor activities. The options for children are also very low and of course not very safe. Home buyers generally find more parks and community centers in the outskirts.
Advantages of purchasing property in main city
- Convenience – The biggest advantage of buying a home in the main city is convenience. It comes in form of every possible amenity that is available at your doorstep. It is true that home buyers have to pay for these added services in form of higher property prices but some of us like to have a variety around.
- Established neighbourhoods and amenities – The main city has most of the things planned and in place. The buildings, architecture and specialty stores offering incredible shopping experiences are established city trademarks.
- Transit – It is very important to have a private vehicle if you are planning to buy a home in the suburbs. On the other hand, the main city has better access to all types of public transit as well as service route options; everything is established and one can manage without a personal vehicle.
- Traditional services, Hospitals etc. – The city offers all the services. Whether it’s seeing a dentist or an astrologer, there will always be greater options in the city.
Whether to live in the city or choose the outskirts is an age old dilemma and ongoing debate. Apart from the above factors, your decision might depend on your age and where you are in your life. After the biggest factor of the price of the property, it’s all about perspective.