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Location is the holy grail when it comes to buying a house. If you can pick a strategic location for your home, then not only will it be a great place to stay, but it also will have a fantastic selling value and attractive rental yield.
If you’re wondering, “How do I select a good location?”, here are five of the most crucial factors to consider.
Lifestyle and amenities
While choosing a house, make sure you have these facilities close by:
- Grocery shops
- Police station
- Restaurants and cafes
- Petrol and gas station
- Good schools and educational hubs
- Parks and recreation center
- Public commute: LRT, MRT, buses and monorails
It is essential to have these facilities nearby your home even if you think you don’t need them. For example, if you have a car, you probably won’t be traveling by public commute.
But a location that comprises a wholesome living space must have all the above qualities to make a home for the majority of people. Finding such a location for your house will help you to sell it easily in the future or rent it out at a good rate.
Your house’s location can sometimes prove to be a key factor for your mental and physical health. Go for a location with a low crime rate and a safe surrounding for your family’s safety.
It is wise to take a walk around the neighborhood to see if it has CCTV cameras and enough security for your safety.
Just as a reference, here is a snapshot of the crime rate in Malaysia in different states:
Also, make sure your house has a good distance from power plants or factories as the chemicals and hazardous elements coming from these places can often be fatal.
It will be good if you have a park, water body and more greeneries nearby as it will make for a great jogging track for you and fresh air for your growing children.
Check out the population density of the area of your house. If the area’s trend suggests a growing density, it should certainly work in your favor.
When an area experiences a population hike, said area immediately becomes a center of attention for developers and buyers. On the other hand, the outlying areas suffer a dramatic decline in their property value.
So, make sure that you choose a place with a growing population when you do your research. This will give you an edge when selling or renting your house.
When you choose a location, it is not only the present amenities that matter but the upcoming ones as well. Find a place where there are plans to build new hospitals, schools, public transportation, shopping malls and other commercial infrastructures.
If you see such plans in work for a location, that means that place has a demand among many people and your property value will see an increase in the near future.
Take Bangsar as an example. If you had bought a single-story house in Bangsar 15 years ago, you would now stand to get a 200% return if you sold it today. So, aim for such locations that will multiply your property values in future years.
Location of the house
Finally, the last factor is the location of your house in the neighbourhood. If you choose a house on the outskirts of the city for a lower price range, it may give you a big headache to commute a long distance back and forth every single day, especially if you plan to live there for a long term.
Preferably, select an area that is close to your workplace and your children’s schools or colleges.
A house near a busy road or a highway may tempt you because of its lower price but it will also be much difficult to sell later on.
These are the five factors to keep in mind when buying your house. These may not seem crucial today but once you start living in the house or invest a large share of your lifetime paycheck on it, these things can make the difference between a profitable or loss investment.
This article was contributed by PropertyAdvisor.my, Malaysia’s most comprehensive source of property data, property analytics and insights.