Make sure you pick the perfect location with this helpful guide.
The location of a property is one of the most vital factors. For some it is more important than size or finish. This applies to wherever in the world you are buying property. The location will influence the property’s appeal, its price, its potential to increase in value not to mention the enjoyment of living there. Everyone will have different priorities as to what they want to be close to. It could be work, school or your favourite park that you like hanging out in at the weekend.
If you are trying to work out the best location for your property then consider the following:
1. Infrastructure.
The vicinity to infrastructure will certainly add to a property’s value. Ho Chi Minh City’s rapidly expanding infrastructure projects are to be kept a close eye on. 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. Likewise take time to research if there are any proposed developments that could effect the value of the property. This could include new shopping malls, offices, schools or hospitals. You will have be astute as many developers will have already identified these areas and already bought property and land here.
2. Future planning.
Don’t just think about whether the property would work now, but would it work for the next five years too? Moving can be expensive once fees, taxes and removal costs are included. It is important to make your home future proof to avoid any future moves should you know if you are planning on extending your family or that your company is moving location next year. 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.
3. Buy-to-let investment.
If you are buying an investment property in Vietnam as a buy-to-let investment, then the requirements for the property will differ depending on what market you are aiming for. Remember tenants want their lives to be easy. It could be the case even that they cannot afford to buy a property in their chosen location so they have decided to rent there instead. A family will want be to be close to schools and outdoor recreational areas, whereas a young professional will want to be close to entertainment and work. Speak to real estate agents to work out what tenants demand and then fit a property that fits this bill.
4. 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.
