Location, a deciding factor for resale property

Location, a deciding factor for resale property
Nearly 40 per cent of people looking for a resale property feel that the neighbourhood and location of the property is of utmost importance before concluding the sale.

The factors that we keep in mind while buying a new property and a resale property are not quite the same. At least the proprieties change. This was reflected in a recent poll conducted by Magicbricks, where nearly 40 per cent of the respondents said that the neighbourhood and the location of the property was the most important factor while buying a resale property.

“Neighbourhood is an important criterion while making a property purchase. It becomes all the more critical when the property is in resale. If it is a new project, it is generally equipped with a well maintained environment and neighborhoods. However, neighbourhood becomes an issue when one is buying a stand-alone property or a house in an old project,” sates Deepak Batra, PropWorld.

Budget was considered to be the second most important factor while buying a resale property. Almost 33 per cent of the respondents said that budget was the most important factor. However, as it is resale property there are higher chances of negotiations and getting a good deal.

Another important factors that is critical while buying a resale property is the age of the property. The entire deal and the eventual price of the property can revolve around on how old the property is. You might be able to get the property at a lower rate if it is too old. However, how well the property is maintained also determines the price.

The poll also revealed that the property buyers understood the importance of the age of the property. Thus, 17 per cent of the respondents voted for age of the property as the most important factor to be kept in mind while buying a property.

Traffic snarls and bad roads is a problem everyone dreads. However, when it comes to buying a resale property, these concerns occupy low priority on the minds of the consumers. Probably that is the reason why only about 8 per cent of the respondents quoted traffic and access roads as an important factor for property purchase.

Sruthi Kailas, Magicbricks.com Bureau

Sruthi Kailas is a keen market researcher and is currently a part of the content and research team of Magicbricks.com.

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