Principles of Choosing a Home Based on Location

When it comes to buying a home, the principle of "location, location, location" is often emphasized by experts who say that "location is the most crucial factor." You can change the house itself, but you cannot change the location. A good location can be determined by various factors, depending on the buyer's needs. TerraBKK Research would like to highlight 5 key factors to consider when choosing a location as follows:

1. Safety

No one wants to live in a neighborhood filled with thieves or burglars who might break into your home every night. Research whether the area you are considering has issues with crime by checking online or asking locals.

2. Overall Environment

The best way to study a location is to drive around several times, both during the day and at night. The environment can differ drastically between day and night. For example, the Ratchada area is bustling with office workers during the day but turns into a nightlife hotspot at night. Ensure that you can adapt to the environment of the location at both times.

3. Convenience of Transportation

How many minutes does it take to commute to work? How far is it to your child's school? Also, check the traffic conditions in that area during rush hours, such as on weekday mornings. Consider access to public transportation systems like the subway and buses to ensure you can travel comfortably.

4. Buyer’s Lifestyle

Everyone has different lifestyles. Some may prefer to live in a quiet community, while others enjoy being around people in a lively neighborhood. Additionally, consider proximity to places you frequently visit, such as shopping centers if you enjoy shopping.

5. Promising Future Location

Look for locations that have upcoming development plans or policies, as this indicates potential value appreciation for your home in the future. Not only will this enhance your quality of life, but it will also ensure you get a good price and profit when you decide to sell.

Work where you live; buy a home nearby. Having a home in a good location, such as the city center with convenient transportation and economic hubs, is the best choice for your life. It not only makes commuting easier but also provides access to public utilities that cater to modern lifestyles. However, this doesn't mean you should only focus on prime locations, as some areas are constantly evolving, often improving over time. Therefore, it’s not always necessary to buy a home in a top location that is overpriced and highly competitive.

TerraBKK Research explains that buying a home in different types of locations has its own advantages:

The worst house on the best block: If the house you are interested in is in a good location, that is a significant advantage whether for personal living or investment. If you don't mind repairing or renovating the house, this could be your best option, as you will not only have a home in a good location but also have room to negotiate the price due to the house's condition.

Tips: Don't be afraid of the hard work involved in repairs, especially when your home is in the best location.

The best house on the best block: There’s nothing more perfect than having a renovated house in a great location, but this comes at a high price. Naturally, good homes in good locations will be highly sought after.

Tips: Forget about negotiating the price like in the first scenario, as everyone will be willing to pay to own this house.

The worst house on the worst block: While it’s unfortunate to have both a house needing repairs and a poor location, remember that environments can change rapidly. If you can wait for government or private sector investments, a previously undesirable location can develop into a livable area with amenities. Buying a home in a less developed area (waiting for expansion from the city) combined with a house needing repairs can lead to getting a home at a very low price.

Tips: From an investment perspective, this is a long-term investment of more than 10 years.

The best house on the worst block: The biggest risk in buying a home is overpaying without realizing it. For instance, in this case, a beautiful renovated house in a poor location - Terra BKK.

Tips: Don’t let the beauty of the house lure you into paying more than necessary.