Despite the fact that buying real estate is perhaps the costliest venture of your life, we tend to deviate from its most important aspect, that is, location. While going to a new vacation spot for a few days, we turn pages on the entire World Wide Web to find one perfect spot. We research about the places, ask our friends and relatives, take expert opinions and then decide the perfect spot. On the other hand, it is ironic that we just take one or two opinions for finalizing the location of your dream home. It is silly of us that we want to make the most of a few thousand bucks but don’t pay much attention to the transaction that costs lakhs or sometimes crores of rupees. This is where location intelligence comes into play.
Throughout the country, location is a major driver of real estate demand. However, when a locality is in the development stage, people start seeing the value appreciation prospects of the locality. What we don’t see is the reality that might be in the future. A neighbourhood might be good from appreciation point of view but that might be after one or two decades. You would not be able to get immediate benefits. While living in such a neighbourhood, in the initial stages you might feel like living in a far-off area with no facilities as the civic infrastructure takes time to develop.
While searching for a vacation deal online, you search for the best deal available for a short term. And you also have confidence in the data furnished by the websites. But the neighborhood information on the real estate websites are not able to give the buyers an actual insight. This is why a buyer needs to look at the locality in person and then finalize the decision. But then he ends up making a choice which might not be good from a long-term perspective.
So, location intelligence is a must for a new homebuyer. One should do extensive research on a particular locality both online and offline. Ask your acquaintances and also try to connect with other investors online. Try to find out the downsides of that particular neighborhood from end-use as well as investment point of view. Have a long term perspective and judge the locality on those pros and cons. Be an intelligent buyer; make a smart choice.
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