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Location，Make the right Property Buy
By arlene | February 13, 2009
Location is not so easy to rate as every city on earth has a range of suburbs from the best to the worst and any assessment is clouded by changing value judgements and the opening of new townships. In most cases, it is not too difficult to determine the poshest, and at the other extreme a slum looks pretty much the same everywhere. But the average home seeker by definition is going to fall somewhere between, which means finding the most desirable location for a particular set of circumstances. These will encompass everything from proximity to schools, shops, transport and work, the local language and social image connotations, amenities, even local climatic conditions.
Everyone has their own priorities, although proximity to public transport, for example, is rarely accorded the importance it deserves as an economic factor in a home purchase, despite a huge variation in costs ranging anywhere from virtually nil for the centrally located townhouse dweller to almost four figures in the case of an area not necessarily distant but requiring two or maybe three cars. Just consider that an extra 600 per month in petrol and other car-related payments would purchase close to 60 000 worth of mortgage bond finance. This is a good indication of just how significant transport costs can be. Thoughtful calculation of the difference in transport costs between two otherwise fairly similar areas should easily generate savings sufficient to allow the purchase of that beach or country weekend cottage, which will appreciate in value while your daily travel expenses literally go up in smoke.
On the other hand, outlying suburbs offer an escape from the cheek-by-jowl living associated with more central areas, often relatively cheaper prices and probably a more pronounced feeling of community spirit. For many, the expense and time required in getting well away from the city or off the more congested paths is worth the relaxation when they get there. It probably comes down to a strong element or romanticizing, but there is also the real fact that the more prestigious addresses are not generally well served by public transport.
Consideration should also be given to the relationship between location and resale value. Housing in central city areas well past their prime often comes at the cheapest price on the market, but growth potential may well be negligible. Building societies shy away from granting bonds in depressed or slum areas for the simple reason that they do not see them as a good, safe investment. So, while prices may be a fraction of those elsewhere, finance could be a problem, quality of life for a family with children could be affected, and structural condition of the house is often poor.
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Topics: Investment, Market | 5 Comments »
February 18th, 2009 at 5:13 am
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