Buying a new property means there are many crucial decisions to be made, as Tom Smyth Belfast, managing director at Dream Apartments knows all too well. One of the most important is location. No matter what type of property you are planning to purchase, choosing the right location matters because not only will it impact the resale value of the home, but because it also has important implications for the type of life you can enjoy while living there.
So, what should you look for when trying to find a property in the right location? Here is what Tom Smyth Belfast mentions the following as the most important things.
While looking for a property to buy, Tom Smyth says that it’s likely that most prospective home buyers will have a list of interests, preferences and needs. Some amenities that most people may find important when buying a property include local public transport links, commute time, healthcare facilities, shopping, cultural opportunities, and the type of schools that are available in the area. Smyth says many of his clients find it useful to rank all the factors and qualities they are looking for in order of importance, to allow them to find a location that closely meets most or all of their needs.
For most people, the safety and quality of the area that they’ll be living in is a main priority. When viewing properties, consider local crime statistics and take a ride through a neighbourhood to see if there are any areas that don’t look safe. Check whether the area is clean, or quite cluttered.
Tom Smyth Belfast was quoted as saying: “Locations can have a personality, and it’s usually determined by the people who live there.” Due to this, before purchasing a house, it’s worth taking some time to meet some of the people who live there, find out their age ranges, what they do for a living, and a little more about what they are like. Ask about anything exciting that goes on in the neighbourhood or any associations that you could potentially join after moving there. Walk around, speak to residents, and consider whether or not you feel at home.
If there’s a chance that there might be a need to sell the home on in the future, it’s worth considering both the current and future property values and the demand for living in that area. Is it an upcoming area with future developments that mean properties there are likely to increase in value in the future?
Finally, consider all the reasons for buying the property. Those who are looking for a family home, for example, are likely to have different needs and preferences compared to a buyer who is looking for an apartment to let to travellers on a short-term basis. For anyone considering buying an investment property to take advantage of tourism in an area, there will be additional homework to do. Take a look at the Dream Apartments by Tom Smyth for some inspiration. They found a gap in the market and have been successful with their serviced apartment offerings. However, there are plenty of examples of companies that failed at the first hurdle due to not doing their due diligence.
To sum up, Tom Smyth recommends that whether you are purchasing a property for yourself to live in or to rent out to somebody else, picking the right location is crucial. Choosing somewhere to live often means going beyond the property itself and looking at what’s available in the area too.