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Beyond the price: Finding your perfect home
Finding your perfect home goes beyond looks and budget – these factors matter too.
House hunting is a lot like dating – it takes time, patience and optimism, you need a clear understanding of the difference between ‘compromising’ and ‘settling’, and you might have to see a lot of fixer-uppers before you find exactly what you’re looking for.
But in both these journeys of discovery, there are red flags to warn you off and green lights that promise better outcomes. This blog will explore ways to spot the red flags and search for the green lights when you’re looking to buy a home.
What matters? ‘Location, location, location’
An old estate agent joke asks, ‘What are the 3 most important factors in buying property?’
The answer? ‘Location, location, location!’
When investing in property, look beyond the property itself. Although price is an obvious consideration, location can determine if your property will hold its value. Location isn’t just about the neighbourhood; it’s also about the amenities and infrastructure in the area.
Infrastructure includes public transport, communication networks, shopping centres, roads, hospitals, schools, water and electricity. These systems are crucial for your quality of life, and they will affect a home’s value. Current and future infrastructure projects can boost your investment returns and property value. If the government, community, and stakeholders invest in these areas, it can increase the value of the property significantly.
Even a beautiful home can lose value if the area has poor infrastructure, like unreliable service delivery. Take these factors into account before you make an offer on a home.
Business influence: Retail, restaurants and small shops
The types of businesses nearby can also affect your property value. Homes are more attractive when they’re near high-quality grocery stores, popular restaurants, bars, coffee shops, and diverse retail options. These conveniences boost desirability, leading to higher demand.
Fast-food restaurants and dining establishments a short drive away also enhance the value of a property, but be careful, as the opposite can be true if you get too close to these businesses. If you buy right next door to a busy centre with several fast-food outlets, your property may lose some value because of constant noise and traffic.
Nearby hospitals and clinics that offer quick access to essential medical services is another way to boost property values
Nearby shopping malls with a mix of retail, dining and entertainment options also improve a property’s value, because the amenities you need are within easy reach. These malls often signal economic growth and attract more residents, which also drives up property values.
Safety first: Crime rates and community initiatives
The safety of a neighbourhood is crucial in determining property values. Areas with low crime rates and strong community policing are more attractive to buyers. People naturally prefer to live in secure environments where they feel safe, and this demand pushes up prices.
High crime rates have the opposite effect – especially high levels of violent crime. Properties in high-crime areas also face slower appreciation rates, so they’re less appealing as long-term investments.
Active community initiatives and enhanced security measures can have a positive influence on property values. Neighbourhoods with community watch programmes, regular policing, and investments in security infrastructure tend to see higher appreciation. When you consider buying a property, look for these community efforts.
Water and electricity: Assessing reliability
The reliability of water, electricity, and overall service delivery can make or break the value of your perfect home. Frequent electricity outages have a damaging effect on your quality of life. Repeated power outages or water shortages are not just an inconvenience, they’re a warning sign that the area’s infrastructure is not maintained well.
As a prospective buyer, ask around the neighbourhood when you’re considering properties, to see if they’ve been experiencing any electricity or power issues that could cause you unnecessary stress and added expense. Also ask how quickly service disruptions are resolved in the area. Long repair times for water or electricity infrastructure cause uncertainty that decreases the value of your home.
Schools, hospitals, parks and public transport
Schools play a big role in house prices. Property values increase near good schools because families want easy access to quality education for their kids. On the other hand, areas with underperforming schools might see property values drop. An area with lots of parks and green spaces for families to enjoy the outdoors can also increase the value of a home.
Nearby hospitals and clinics that offer quick access to essential medical services is another way to boost property values. For many buyers, access to healthcare outweighs any noise or traffic issues. Private medical facilities will usually have a bigger impact on property prices that state healthcare centres.
In South Africa, public transport is essential for most of us, so homes within easy reach of transport options will have higher values. Being close to efficient transport options such as a Gautrain station can boost property values by making commuting easier. However, our public transport sector is also a source of noise, pollution, traffic and at times, violent competition – so most people don’t want to live right next to taxi ranks or train stations.
Homeownership takes planning, but we’re here to help. When you’re ready to take the next step and secure your dream home, our home loan experts will be ready to guide you.
