THINGS YOU SHOULD CONSIDER ABOUT A NEIGHBOURHOOD WHEN BUYING A HOME
The neighbourhood your house is located is as important as the house itself. If there are issues with the neighbourhood in which your property is located, then it can directly affect the long-term value of your property as well as the quality of your life. Hence, it is important that you pick the right neighbourhood for your place of residence, where you will most likely be living for the decades to come.
Commute time to work
Before buying a new house, one of the things you should consider is the commute time you may have to spend on a daily basis if you decide to live in your future home. The commute time, especially here in Sri Lanka, can affect your quality of life and it can have an impact on your disposable income. As such, try going to work from your future neighbourhood and vice versa, to determine whether the commute time is acceptable for you.
Public transportation options
The majority of people in Sri Lanka uses public transportation options as their primary mode of commute. As such, the availability of public transportation services close to your future neighbourhood is an important factor that you should look into when searching for a new home. However, remember that your property should not be located too close to a train line or a bus stop, which can negatively affect your long-term quality of life.
Access to local shops and services
How convenient your neighbourhood can affect your overall happiness in the long term. In order to have an easier life, you need to have access to things such as good restaurants, shopping centres, malls, and other local businesses that offer everyday services. If you have to spend a notable time travelling to such locations from your future home, then it would be better to look for another neighbourhood that offers better access to these everyday services.
Schools and other educational institutes
This is especially important if you have small kids or is hoping to have kids in the near future. However, the important thing to note here is that even if you don’t have kids or is not expecting to have kids, the mere fact that educational institutes such as schools (public or private), universities, and kindergartens existing close to your neighbourhood can greatly affect the future resale value of your home.
Electricity, water, internet and cell phone services
The neighbourhood must have uninterrupted access to basic amenities such as electricity (ideally three-phase electricity), public water supply, broadband internet and cell phone services. If the neighbourhood experiences interruptions in any of these services, it can significantly affect the living standards of those who are living in and around the vicinity.
Your potential neighbours not only have a significant impact on your quality of life, they can also affect things such as the future resale value of your property. Check whether the neighbouring properties are well maintained. Are your future neighbours a bit too loud for your comfort? Will you have enough privacy from your neighbours? You should carefully examine these aspects before taking a solid buying decision.
The resale value
The neighbourhood in which a property is located directly affects its resale value. However, if you intend to live in your home for the long run, then this may not be a big issue for you. Given the fact that Sri Lanka is undergoing a rapid transformation when it comes to infrastructure, resale values can increase in the long run. However, if you intend to move after a few years, then it’s best to consider the current resale value in the neighbourhood before buying a home.
Distance to the nearest hospital
Houses are not 100% safe places, especially if you are someone who has small children running around. Electrical wiring/ appliances, gas cylinders, staircases, sharp objects or slippery floors, any of these have the potential to send you to the hospital. As such, it’s important that you do your research and consider the distance to the nearest hospital when thinking about buying a new home.