When looking to invest in the real estate market, you need to understand the prime factors that influence property rates. Before you go ahead and invest your hard-earned money into the real estate market, you need to do your research and understand what are the factors that influence a property rate. It will not only help you to identify which properties are worth investing in but will also give you a fair idea of what to look out for when investing in a property.
- Location is the Driving Factor:
When looking to invest in a property in a city such as Mumbai, you need to find a suitable property that is located in an area that is more of a residential area and has access to all the amenities that one would come to expect from a residential area. Commercial areas are not the best to live in, as they are surrounded by offices, factories and do not provide the peace and tranquility that you would associate with a residential area. Therefore, looking for a 1 BHK in Vile Parle East makes sense, as the location provides you with some of the best amenities and facilities that we shall take a look at.
2. Nearby Educational Institutions:
When looking to invest in a property in a particular area, you need to check if there are quality schools and colleges available for your kids. It is one of the prime factors when it comes to deciding the rate of a property and the quality of life and education your kids will enjoy. Even if you are someone who does not have school-going kids in your home, remember that properties that are closely located to schools and colleges are usually in demand all the time and can fetch you a good rate if and when you decide to sell your property. Owning a home that is located close to schools and colleges is one of the best ways to help to retain and increase the value of your property.
3. Safety and Quality of Life:
When looking for a property that is for your family, it is important to understand the value of the safety of your loved ones. One of the factors that you need to look into is how safe is the area to live in, how low or high is the crime rate in the area, whether or not there have been robberies in the area, and how safe will your loved ones feel living in that area. After all, nobody wants to live in an area where crime rates are high and they feel unsafe there. You can log onto various websites and do your research, while also visiting the area and sensing how safe you feel there, and also log on to various blogs and forums on the internet that will help you get a better understanding of that area.
4. A Matter of Convenience:
Not everyone has access to a personal vehicle and many rely on public or private transportation to commute from one place to another. One of the major deciding factors when it comes to deciding the quality of life in the area is its access to transport, availability of pharmacies, restaurants, grocery shops, etc, and how far or close they are located to your property. Convenience just doesn’t end at that; as one also needs to look at roads and highways, railway stations, metro stations and how close or otherwise they are to that area. All these factors not only decide the price of the property but also greatly influence the quality of life that you will live.
5. Potential for Appreciation:
As any real estate expert would tell you that the key to good property investment is its potential for appreciation in its property rates. Given the present development and the future scope of better infrastructure coming up in that area, these factors can directly influence whether or not the value of your property will appreciate and if it does, then by how much and in what time. All these above-mentioned factors can directly influence your decision and whether or not the property is worth investing in.
If you are someone looking for a new home and would like to get to know more about our upcoming project, then feel free to reach out to us at VijayRaj, and our team of experts will be more than happy to share the details with you.