Property is one of the biggest investments that any person will make in their lifetime. When it comes to lifechanging investments like property, there are a list of factors which need to be considered. The value of a property extends well beyond its physical boundaries to encompass elements like location, proximity and accessibility.
If you are buying property locally or abroad, you want to be assured that you have invested in the right place, and that you will see an equivalent or higher return on your property upon sale. Whether you are investing in a property to live in or to let to a tenant, there are lifestyle factors which are important to the desirability and the value of a property.
The enduring wisdom of location, location, location crosses geographical borders and rings true wherever you invest in the world. Location can be viewed in terms of a property’s proximity to other things; consider how close your home is to the essential lifestyle amenities specific to your needs or your targeted resident, for example families, professionals or students. Families will opt to invest in a home which is close to a range of schools. Along with schools, other amenities, like shopping malls and supermarkets should be nearby and plentiful. Recreational amenities are important – the ability to safely walk to a nearby park, beach or green area adds unquantifiable value to a family lifestyle. Location is closely linked to accessibility and is something many people think about when weighing up their practical everyday needs that a property should answer to. When looking at accessibility, take time to consider how close and accessible main routes and highways are from your property. Just like people who are looking to purchase a property for their own use, potential tenants will likely be attracted to a property for the same reasons. A property that is close to all the needs of the modern family will stand in good stead to command a good rental.
A property which meets these three criteria (location, proximity and accessibility) will undoubtably be attractive to people who are looking for property to buy for their own use, or to let out as a means of making a strong rental income.