CHOOSING THE RIGHT NEIGHBOURHOOD
Category Useful Information
If you're planning on purchasing a home, keep in mind that you're not just buying a house, you're investing in a neighbourhood. The two are synonymous so you need to be extra careful in choosing the area you'll be living in.
Here we cover 3 key factors to take into account:
While some areas may be ruled out as a result of budget limitations, as a general rule of thumb, you should aim to buy in the best area possible, while remaining within your budget. This may mean taking a smaller property in a better area over a larger property in a cheaper area.
As part of budgeting, buyers should factor in travel costs, insurance, rates and taxes and/ or levies.
This means weighing up the area's future investment potential.
The following factors can be considered when trying to establish whether your property will appreciate in value:
- Proximity to certain facilities:
Being close to good schools, recreational and medical facilities and easy access to peoples place of work are all factors that will increase the value of your property.
- Safety and Security:
Safety, in South Africa, is quite often a concern. When considering safety and security it is important to evaluate things such as:
- Security provided by a gated community or boomed off area
- Cluster or sectional Title Developments that offer 24-hour security, CCTV Cameras, single entry and exit points, Electric fencing.
- Police and private security presence, community involvement in crime watch
- General crime statistics
Maintenance of the Area:
If the buildings and facilities surrounding your property are looking ill-maintained, this could potentially lower the resale value of your property.
A home is an expensive, long term investment and you need to feel 100% satisfied that you have made the right decision before buying into a neighbourhood.
Author: Futuredev Properties