Location or Price - Two Sides of the Real Estate Coin
Posted: Aug 15, 2019
Finding a location for your new house is certainly one of the most daunting tasks but also the most important one in your home buying checklist. After the price of your desired property, finding the location comes next which can influence the other factors of home buying. Planning for the perfect location that affects your budget minimally is what should be aiming for as a buyer.
There are numerous properties available all around Mumbai and its suburban areas. Choosing a location depends on multiple underlying factors and compromises that you as a buyer should be ready to make. Of course, the first thing that comes to mind is the distance to your workplace and the commuting associated with it. Most people choose a workplace within Mumbai or its neighbouring locations up to Thane but very rarely go beyond it.
There are developers introducing their new projects even beyond Thane at a much cheaper price. The target buyers are those who are looking to buy their own house but are held back because of their finances. This category of home buyers is ready to compromise the distance factor mentioned above. However, doing so will no longer be necessary. As the development is increasing the regions beyond the radius of Mumbai and its suburbs are also gaining attention.
The areas such as Panvel, Dombivali, and Badlapur which are way beyond the so-called suburbs of Mumbai are also being seen as the best locations for the real estate developers. The upcoming projects that are aimed towards future infrastructure development have enough reasons to attract more residential developers and home buyers. Right now the prices in these areas are much lower as compared to that in the main city and affordable for buyers to book the house of their dreams.
These areas offer good locations for the construction of new projects. The upcoming projects such as Godrej Vihaa in Badlapur and Utsav City in Panvel are among the top choices for the buyers looking to buy affordable homes. These locations provide affordable housing with access to other places making them favourable for the working person. Now that is resolved another concern that remains is the finance.
Funding the home buying comes after the location has been chosen. It all boils down to the buyer’s preference. The down payment is the biggest hurdle that can affect the choice of the buyer which in turn affects every other aspect of home buying like a domino effect. The buyer may prefer location over finance if there are sufficient funds available to buy the house. But for most people finance will always be the top priority. Not doing proper financial planning can jeopardize your home buying dreams and derail your future plans. That being said, with proper research and financial planning buying a home should be a breeze.
The struggle between choosing a location as per the home price or the home price as per location is expected. These two factors walk side-by-side, hand-in-hand just like the two sides of the same coin.