What Stops Buyers From Investing In A Locality?
The moment you think of property purchases, you think of money. Be it a real estate developer or a property advisor, they first ask you about your budget, to offer you suitable options. Even when you start searching properties on online property listing websites, you are encouraged to define the price range to filter out the most-relevant options.
So, can we say that pricing and budget is the most important criterion in your home-buying journey? Maybe not! That could be the starting point for most people, but, there are several other factors that impact one's decision to buy a home.
Let's take a look at some of those top factors.
Water and power supply: This is the most critical point. Localities that become known for water supply-related issues eventually suffer from the lack of buyers' interest. On the other hand, areas offering flawless water availability command better occupancy rates. It is a prime factor that affects livability scores of a locality. The same goes for power supply.
Safety and security: If a locality is regularly in news due to safety and security-related matters, its real estate market is certainly going to suffer. Buyers will steer clear of such localities even if properties in such localities are available at below the average rate.
Connectivity and traffic: Imagine that there is a nice residential project in a locality, but, to reach that place, you have to make your way through some roads that are always jammed for most part of the day. Will you prefer such a project? Probably, not! Similarly, projects that are not well-connected to prime commercial and residential locations of a town find it difficult to get takers.
Public transportation: While this factor does not matter much for people who have private means of transport, it does influence the decision of buyers who have family members, especially elders who often need public transportation. Localities which are well-connected with the Metro link, buses and auto rickshaws always enjoy high level of interest from buyers.
Common facilities: Homebuyers do look for common conveniences such as parks, shopping centers, grocery stores and other such conveniences in a locality. Availability of these facilities helps them in making a faster decision.
These are the most crucial factors that stop property buyers from investing in a locality. On a positive note, these are the localities where you can find properties at discounted rates. If you are sure that the issues faced by these localities will be ruled out with any upcoming infrastructure projects, you may consider investing.