The three key elements of real estate investment are Location, Location and Location!
The word “Location”, repeated three times, was not done in error. Location is the first criteria when considering a real estate investment. A property can experience a large increase or decrease in value due to nothing other than its location. The questions then are, why is location important in real estate? How does a location affect real estate? And where is the best location to buy a house?
Today we’ll look at important factors when choosing a home.
When people experience an increase in financial status, and then decide to change their environment, they immediately get carried away by a location’s hype and prestige – they want to be seen as residents of a particular location, without sparing a thought for its serenity, security and environment. While, as I hammered earlier, the importance of a location, when it’s time to decide the right fit, other factors come into play.
For instance, factors to consider include:
- is the house in a gated community?
- Are there recreation facilities around?
- How about schools?
Without putting all these into consideration, a lot of people end up staying in prestigious addresses, but which ultimately, isn’t convenient for their lifestyle and that of their family.
Let me share an experience I had with a couple recently. This couple called me on one sunny weekend to say they have money set aside to buy a house in a Lekki Phase 1. They claimed their present location, which is semi-upscale, was now a beehive of commercial activities making their young kids prone to all manners of society hazards. As soon as they drove into my estate within the third roundabout of the Lekki peninsular and came into my modest home, the wife said she preferred my location and address to the ‘almighty’ neighbourhood known for the crème-de- la creme of the Nigerian elite class. Her reasons were obvious – A gated community, serene environment, fine schools – all these were more important to her family.
Just like this couple, you need to consider all other factors before deciding your next address.
I can help.
Writer: Tommy Odama Source: Ivg.com Date published: 09/09/2020 Photo credit: Drone dj