Location – The Major Contributor in Real Estate Pricing
Everybody has the right to dream of a real estate in Midtown East of New York City in US, but just for information, even a small two bedroom apartment might cost 25 million dollars!
Even if we come down to earth, there is a wide scope of selection of location, whenever one is deciding to go for real estate investment.
Let us try to discuss the common determining factors, which may help one in taking one of the most important decisions of life. As most of the professionals of today are in service, the distance of the workplace from the residence and the available mode of conveyance play an important role in determining the location for the desired real estate.
A very generic tip, if the cost of commuting journey to and from the office becomes very high, then perhaps the person needs to think twice about the location. It should not be penny wise and pound foolish.
Though mostly available, still one needs to find out the availability of schools and other educational institutes in the vicinity. The concept of shopping malls and the aggressive marketing strategy of the competitive world in general have been able to penetrate remote areas; still one should check the availability.
The medical facilities, police station, the presence of recreation options, clubs etc are of prime considerations. One should not forget to check whether the area is prone to water logging or earthquake.
Never forget that a real estate should not be counted only in terms of its present value, but also the resale value has to be accounted for.
So, exercise your options!
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