Work out what is the best location for your property purchase with this helpful guide.
Location, location, location. One word that is drummed into us three times when looking for the right property. This is one variable that many people aren’t willing to compromise one. And that is not surprising considering location will determine your enjoyment of your property and convenience, not to mention how much the property appreciates in value.
But what constitutes as a good location? Well, this will vary for every buyer and will depend on their personal situation.
1. Priorities.
Make a list of the places that you want to be close to and then prioritise these. You may find that you don’t mind a commute to work and you would rather this than a long journey home after a night out in Thong Lo. Or you may be fed up of the school run and prefer to live closer to where your children go to school even if that means you need to travel further to restaurants and entertainment. Everyone has different things that are important to them so make sure that you remember what will make your day-to-day life easier when looking for a new property to buy.
2. Infrastructure.
Once you have made your list of priorities, you will then be able to work out what infrastructure that you need to be by. This could be the BTS Skytrain or the expressway. Being close to mass transit networks will appeal to a wide market, so will be a drawing factor if you intend to let the property out and when you come to sell it in the future.
3. Future planning.
When purchasing property it is easy to think about what you need now. However for a successful long term move, you should and look to the future too. Moving can be a costly exercise once you have factored in fees, taxes and removal costs. So if you are planning on extending your family or you know that your company is moving location in a couple of years, factor these into your desired location too. Likewise if you know which school your children are going to, you may want to consider moving closer to it now to avoid two moves. Make your home future proof.
4. Buy-to-let investment.
It is likely that you will have a very different list of preferences for your own home than a property that is a buy-to-let investment. Tenants want ease. They want the best location and sometimes it is the case that they cannot afford to buy in their preferred corner of Bangkok, so they rent there instead. If you planning to buy a one bedroom unit for a young professional then pick one close to the popular areas that people work. Or where people like to socialise. There is a huge demand for property in Sukhumvit and also in Sathon and Silom, so this is a great place to invest as there is always the thirst for these prime locations.
5. Proposed improvements.
Are there any plans in the pipeline for new amenities or the extension of the mass transit network? If you are able to purchase property before the infrastructure is in place, you will certainly reap the benefits as your property increases in capital value later down the line. You will need to make sure that you are one step ahead of the game to be astute to any future developments that might be on the cards. So do your research and keep your ear to the ground.
6. Outlook.
Location need not just refer to the geographic location of the property, but it can also mean the location in the building as well. Usually the higher in the condominium the better. Simply as it offers better views, hence penthouses warranting the biggest price tags. However there are other factors to consider too. Is the view straight into another building? Is the property south facing so constantly hot due to the sun pouring in? Are you overlooking an empty site that is prime for development? If so, this could welcome a lot of noise in the future. Or even is the unit located next to a very noisy lift shaft meaning you are disturbed every time residents move around the building. Consider the location in the building too as you are likely to find that there is one side you prefer over another.
