There is an age-old saying in the property world.
Location. Location. Location.
However, with many of London's premier locations being too expensive for many people's budgets, what do we look for in a location to make sure its worthy of your money?
So what should you look for?
For a location to be a decent location, you want some essential amenities. A supermarket, a coffee shop, a restaurant, a pharmacy, green/open space and so forth. You do not want to have to travel far for the essentials. Good schools are another amenity that is great to have.
You want access to transport infrastructure. Bus stops, tube and train stations, access routes to main roads. Some areas are challenging to get in and out of, and this can impact the livability of an area.
You want the are to be progressing in the right direction. Are homes being maintained and improved, the same goes for the local shops? You do not want a location that's slowly dying away.
Is the are in demand? Are prices moving up? You need to think long and hard about why you would want to buy in an area where the properties are all on the market for significantly longer than what is typical for the city.
Regeneration & Investment:
Areas that are seeing regeneration and large investment have great upside potential. These areas also have a documented plan on where the area is heading. (Regeneration and investment is not a prerequisite for a good area. However, it can take an average area up several steps.)
Most importantly does it meet your needs, and do you like it. No matter how wonderful a location might be, based on the numbers, if you do not like it, it will not be any fun living there.
These are just some of the things that impact the quality of a location. However, it will provide you with starting thoughts of what you need to keep in mind.