Location is a common mantra in real estate but some people do not have an idea of what that really means. Buying land/home in the wrong location can lead to a severe decline in property value. For example, homes/lands next to gas stations, shopping centers, or railroads are undesirable because of noise.
Though a good location can mean different things to different people, there are objective factors that determine a home/land’s value. So when next you are buying a new property, keep the following factors in mind.
Where you choose to buy a land or live within a city or town in Nigeria will undoubtedly affect how much you will pay for it. The commute is a major factor; it’s advisable to build/buy in a location that shortens travel time to work or children’s schools.
For a better home investment, choose a bigger, better-shaped, or better-situated lot. You can change the structure, remodel it, or alter the home’s layout but you cannot move it. It’s attached to the land.
It is not just present amenities that matter, but future ones as well. Plans for schools, hospitals, public transportation, and other public infrastructure can improve property values in an area.
When buying a land/home, find out if there are plans for new public, commercial, or residential developments, and consider how these additions might affect the desirability of the surrounding areas.
Read also: How to Earn in Real Estate with No Capital
The neighborhood that appeals to one will largely be a matter of personal choice. However, it should have key factors like accessibility, appearance, and amenities. In terms of accessibility, neighborhoods that are situated near the city’s major routes and have more than one point of entry are ideal.
Also, don’t forget safety. A neighborhood that has a low crime rate is a safe place to be.
Location isn’t entirely subjective instead it’s based on a fairly static set of criteria. When setting out to buy a new home or land, make sure the neighborhood isn’t just desirable but has objective qualities, such as attractive amenities, safe neighborhood, and top-rated schools that will help ensure your investment appreciates in value over time.
Making use of a trusted real estate agency like Luvanex Builds will help you avoid buying land/homes in the wrong locations. Let’s help you make that decision today!