Clever Criteria for Selecting Your Real Estate Purchase Area

When considering areas and neighborhoods in which to buy a home in and put down roots, a prospective buyer can often become a little overwhelmed with the many factors there are to take into consideration.

Private Property has summed up the most important criteria for choosing your next area to buy and live in:

1. Location
2. Safety & security
3. Good schools
4. Other families
5. Proximity to work
6. Finances

Let's look at each point in a bit more detail:

Location

It is important to remember that location is one of, if not the only, factor you cannot change about your home when you buy it.

The location of your home is based on what neighbourhood you are in. How will you know if a neighbourhood is a good one? Look for indicators of a good location, such as well-maintained homes, well-kept yards, neat and tidy sidewalks, and similar indicators. A low crime rate is also important.

Furthermore, location is determined by the plot you choose. A corner plot, next to a lovely park and a quiet street, is a winner, and is sure to grow in value. On the other hand, a plot backing a busy road, or situated next to a very dilapidated home may negatively impact your resale value.

Now, if you are thinking that the price of each plot and home will be different when you buy, you are right, but that is why you have to think long-term about the location, and how it impacts the value of your home.

Safety & Security

You cannot put a price on safety and security, especially when considering your children playing with friends outside, or wanting to take your dog for a walk around the neighbourhood.

Over the past few years, gated complexes and security estates have become increasingly popular. Features such as CCTV cameras, biometric access and 24-hour manned security ensure peace of mind for many home buyers. Not to mention, buying in security is a very smart investment.

On the other hand, not everyone can afford to buy in a complex or estate. As such, there are other factors one can take into consideration to ensure the safety of your family. For starters, if the neighbourhood has a neighbourhood watch, they are already being proactive in decreasing crime rates. Cameras in the area and knowing the entrances and exits of the area also plays a big role.

Other steps you can take to ensure the home you are buying offers security is checking to see if there is an alarm, burglar bars, bright outside lights, and electrified fencing.

Good Schools

Beside the schools being good quality, parents should also take the distance from the home to the school into consideration. Cutting down on morning commuting time, and petrol, is important to many home buyers when looking for a new home.

Good schools are also an indicator of a good neighbourhood, as it attracts other like-minded families.

Other Families

Believe it or not, families in a similar stage of life are attracted to certain areas whereby they can share in community with like-minded people. This may be because they are moving closer to their children's school, looking for a safe neighbourhood, are in a similar demographic, or income-earning bracket.

Whatever the case may be, the proximity of other families can also be a clever deciding factor when choosing your area. Other families create a sense of community -  children can play together, and the parents can form friendships, and develop a much-needed support system.

Proximity to Work

Much like wanting to locate closer to your children's school, buyers also normally want to be fairly close to their workplace. Due to the price of petrol increasing drastically, moving closer to work seems to be a big factor buyers are taking into consideration.

The pandemic also emphasised the importance of spending time with family and friends. Any time that can be saved not driving to and from work, and rather spending time with family, is prioritised.

Finances

Another important factor for choosing an area is, of course, your finances! At the end of the day, buyers are limited to what they can afford, and their future plans as a family. Plans such as tertiary education for the children, or retirement plans should be factored into the budget.

We suggest speaking to one of our Louw & Coetzee Properties Agents who can help you to ask the right questions, and put their knowledge of the areas in our region to good use in order to assist you in making this important decision.

To find out more about certain residential areas in and around Cape Town in the Western Cape, read some of our area profiles. 

Written by: Hayley Kellerman