Size vs Location – Which is more important for first-time home buyers?
The choice between size and location has been like a never-solving paradox for homebuyers. If looking for flats in Pune where property prices are steep, this decision is tougher given that property investment involves a lifetime of earnings for many.
Let us explore all things you must consider when buying flats in Pune.
Factors determining the decision about the Size or Location of a flat
- Size of the family
The foremost determinant is the number of members in the family who would stay at home. A traditional family will always prioritize size during its primary selection whereas a nuclear family would be looking out for location much more than size.
For nuclear families, social infrastructure such as nearby schools, hospitals, and market areas would be essential criteria for the selection of the property.
- Assess your need
Everyone has different expectations of how their home should be depending on their requirements. A large family might be looking for a large house however, a larger house might mean investing more money. In that case, such homebuyers might compromise on the location as property rates go up in the better neighborhood.
Instead of there being an individual with a nuclear family he/ she will understand the appeal of a premium location. They would want the benefits that come with the location like access to facilities, better schools for the children, good amenities, and a broader social circle.
- Return on Investment
You must ask yourself why you are buying the property. Is it for your own or just as an investment? If you are going to live in it with your family, it makes sense to go for a larger home. If you can afford one of the luxury flats in Pune at a premium location, then you are good to go.
In case you are just looking to rent out the property, then go for a mid-sized home in a better location. This will ensure that tenants are easy to find. Your rent would be affordable to the tenants, as well as justify your investment.
- Figure out the resale value
Whether you live in it or rent it out, if you have definite plans to sell your flat later on, then go for a better location. Regardless of the size of the property, resale values will keep going up in premium residential areas with good connectivity. Even a large house in a lesser-known area will not fetch you the resale value of the former.
- Location doesn’t change
A few years down the line you may alter the physical space within the home as per your preferences. But there is nothing you can do about the location of your home once the purchase goes down.
Minor interior alterations and custom furnishings can help make your home bigger. So it’s wiser to choose a home of reasonable size in a high-end neighborhood. It will offer you better access to essentials, healthcare, entertainment, etc. Generally, they will also have good connectivity with all modes of public transit.
In conclusion, if you are looking for a home for your own family, then you should go with a larger house. If you are looking at it as an investment option to rent out, then location is the factor you must give priority to. However, the ideal situation would be to get a big home in a great location, and it must be affordable too.
- Travel-Time to reach workplace/ basic amenities
Time is something nobody wants to lose. It does play an important factor in choosing between size and location. If your location is convenient and amenities are nearby, you save up a lot on time and therefore you settle for a smaller-sized home. But if you have conveyance options of your own, then more than the location you would be looking for a bigger size residential property with parking space availabilities.
- The Investment Tenure
Depending on the investment tenure, long-term or short-term, the selection process for size and location fluctuates. If it’s a long-term investment, say 10-20 years, then both the location and size would matter. But if the investment is for a shorter course of time, the location will be preferred more than the size, since a bigger-sized residential option can be shifted after some months or years.
The tug of war between size and location depends on various determinants, but the decision rests with the home buyers who make the final judgment. Use the above handy guide to make an informed decision.