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CHOOSING THE RIGHT NEIGHBOURHOOD

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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:

Budget:

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.

Investment Potential:

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

Submitted 09 Sep 19 / Views 125