For some people, a new home may be an investment while for others it may be a lifestyle upgrade. Either way, location matters. Just like there is a good location for business, there is also a good location for buying a new house. A good location will not only make living easier but will also make a better investment.

Once one has chosen the general area to live in, he must start narrowing down specific locations within the area. There are several characteristics convert a particular location into a good location. What are these?

Connectivity to the workplace

The length of commute and the money spent on it affects substantially one's disposable income as well as the quality of life. Time spent in commuting reduces the time one can spend with family. Therefore, it is always preferable to choose a location close to the workplace.

Transportation facilities

In a city like Mumbai, one needs a definite mode of transport even for travelling short distances, especially during the monsoon. What makes a location 'good' is ease of commute facilitated by modes of transport such as railway services, taxis, bus services or metro networks. Purchasing a house near the railway/metro station will not only be convenient but also financially profitable in the long run.

Local amenities

Who would like a house from where the nearest grocery shop is 3kms away? One needs some basic amenities to fulfill everyday requirements. Therefore, proximity to important amenities like schools, health care, grocery shops, marketplaces, ATMs etc. is an important consideration while deciding upon the location.

Leisure activities

It is difficult to lead a life that revolves only around work. Ideally, the location of the house should offer close proximity to hubs of leisure activities like malls, cinemas, restaurants, parks etc. This consideration becomes more important when one is living with family. An ideal location, then, is one which offers enough recreational activities for children.

Safety

For many people, safety is a top concern, as it should be. One must choose the safest area that he can afford. Generally, already established localities tend to rank higher in safety as compared to new locations. If possible, one must visit the locality during the day as well as the night to analyse security standards (such as the provision of street lights) of the locality.

For a city like Mumbai, safety parameters would also include safety from flooding during times of incessant rain.

Future prospects

Before finalizing the location, one must also analyse the potential development of the location in the future. For instance, a fully residential area with some commercial centres would be a good locality to purchase in, and will offer a higher resale value in the future.