Importance of Location in Real Estate and Good Return on Investment: Location, location, location. This might sound like cliché real estate advice but one that stands for the real estate market in Pakistan and the world even today.
For many investors and homebuyers scouring property in Islamabad or luxury apartments, it can feel like they are in a race against time to get a property up for sale anywhere in the market. But after everything is said and done, only those with the property bought in the best location end up with the most valuable real estate. And why is it valuable? Precisely because of the fact that it will hold its value over time.
Things You Need To Consider
There are a few key considerations that anyone looking into buying property on their own or with the help of any real estate company in Pakistan should keep in mind. Which are:
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- Location is tied directly to the value of the property
- Accessibility
- Proximity
WHY IS LOCATION IMPORTANT AFTERALL?
There’s a reason why considering a property’s location has remained as the time-tested advice from real estate companies and investors.
Look at it this way, if you were buying a house or an apartment for sale in Islamabad, you would need to look at more than how it appears. Of course, the house itself is important, but so is the location of the property. After all, you can always remodel or rebuild the house according to your taste or need, but the land itself is an immovable asset. Therefore, it is important to look into things like proximity, accessibility, community areas, and both future and ongoing infrastructure development plans. These things can help the buyer decide if investing in a property in a certain location is a wise choice that will yield value over time.
Deciding What Makes a Location Good or Bad Can Be Confusing
When labeling a location good or bad, it doesn’t mean whether the investor looking into buying the apartments for sale or property in Bahria Town likes how it looks and is designed. It means judging the property from purely objective standards.
What it depends upon is who the buyer is. If it is a young real estate buyer, they are always going to have different requirements and preferences for their property from older buyers. For example, younger buyers would be more interested in renting or buying luxury apartments in high rises which are near city centers, branded shops, and food courts. One such project is Skyward Tower located in an ideal location of Bahria Town Phase 8. Meanwhile, older buyers might go for traditional horizontal houses in suburban areas, like a property in Bahria Town. Similarly, those looking into offices and shops in Islamabad will have different requirements than homebuyers.
Characteristics of a Good Location
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- Accessibility to transit routes, shopping malls, and city centres.
- Multiple amenities offered like schools, parks, recreational centers, grocery shops, etc.
- Safety that makes the neighbourhood hospitable to thriving social interactions
- Developmental infrastructure already in place and future projects by property developers focusing on civic, community, and commercial infrastructure.
- The property itself with its architecture and design for the investor’s needs