The location of a home can have a big impact on your quality of life, potential as an investment, and level of satisfaction—even though there are other crucial factors to take into account as well, such as the size, condition, and price of the property.
When it comes to choosing a property, Location is of utmost importance in today's modern world. Many cities are located on the shore of the sea because of the prime importance of trade transportation, strategy, etc. Mumbai, formerly a valley with seven hills, has developed into an economic engine because of its proximity to the sea. As a result, trade has increased, making Mumbai a financial city. Similar to cities when our house is positioned in a prime location, it offers various advantages.
One crucial aspect to consider is the crime rate in the area. As parents, the safety of our children is our prime concern not only children we also worry about the security of our hard-earned money and valued possessions in our homes. So staying informed about the current crime rates in the area is essential. By checking the crime statistics provided by the Mumbai Police website, you can make an informed decision. Opting for a location with a low crime rate ensures the well-being of your family and loved ones.
Another significant factor to consider is transportation and amenities. In today's corporate environment, punctuality and avoiding long commutes are vital for productivity and preserving mental energy. Accessibility to transportation hubs like metro stations, trains, and bus stops simplifies daily life. This convenience not only helps in reaching workplaces but also ensures easy access to hospitals in case of emergencies.
The demand for a particular location can also impact the value of your property. Even if you don't plan on relocating immediately, the popularity of the area can play a significant role in selling your flat in the future. A sought-after location tends to attract buyers more easily than a less popular one. Therefore, it is wise to consider the demand and value of the location before making a property purchase.
The appreciation in the value of a home depends on the future growth and development of the area. For example, if you had purchased a house in Nariman Point in 1950, during Mumbai's period of rapid urbanization, today you would have seen a minimum return of 500%. Therefore, it's crucial to research and consider the prospects of an area when buying a home.
To ensure that the location is future-ready, you must take a look at the renovation and developments in that area. For reference, in Mumbai, a DP is released by BMC(Brihanmumbai Municipal Council). The Municipal Corporation of Greater Mumbai (BMC) has unveiled Development Plan 2034 (DP), which serves as the master plan for the growth and development of the larger Mumbai region. This document encompasses the Development Control and Promotion Regulations (DCPR), land allocation for residential and commercial purposes, etc.
The location should be your top priority when purchasing a house, along with considering your budget. As the saying goes, "We are a product of our environment," and our surroundings greatly influence our mental and physical well-being. By taking into account factors like crime rate, transportation, amenities, demand, and property value, you can make an informed decision and select the perfect property that meets all your requirements.