Why You Must Consider Homes In Safer Localities

Home ownership is gratifying on so many levels but, its basic purpose remains the same. Everybody needs a roof over their heads to protect them from all possible dangers. Thus, homes that do not fulfill safety requirements in any manner or form, would be of little value to humans. Unfortunately, sometimes, we are forced to overlook safety issues, to be able to afford the  property in the first place. It is to be noted though that a property that lies in an area prone to criminal activities, can seldom achieve the same value as a property located in a safe neighbourhood. 

In 1995, prominent sociologist Kenneth F Ferraro in his research paper, Fear of crime: Interpreting victimization risk, tried to elaborate on how perceived risks do similar damage to housing as real risks. Much before that, Terry L Baumer tried to establish how fear of crime had a negative impact on the housing quality and how the perceived fear did similar damage to residents’ mental health as the real crime.  

Safety of the location determines market value of the property 

“Perception plays a major role in shaping the property market value as far as safety goes. This is precisely why, rates of property in Gurgaon is much higher when compared to the prices in Noida - the two most prominent markets falling within the ambit of the national capital region,” explains Amit Mitra, an independent property broker from the NCR market. “Rates vary significantly within property markets because of the same factor,” Mitra adds. 

Rates of property in cities such as Hyderabad and Pune are also much higher when compared to cities of a similar scale not only because of the tremendous growth they have seen but also because they have continuously been finding a mention on global lists ranking the world’s safest cities. NRI investments in these property markets have also been comparatively higher, private estimates show. The same is true of Chennai and Bengaluru, too. 

Also read: Localities In India’s Big Cities That Are Ideal For Women Homebuyers

Properties in unsafe locations garner less appreciation 

While one may have to overlook safety issues in order to afford the property in the first place, the perceived monetary benefits can turn into a far greater loss considering rates of property in such areas would see little to zero appreciation. Then, there’s the impact on one’s health. “Fearing for your safety all the time could do a great deal of harm to our mental health. This could result in chronic mental disorders,” cautions Dr Deepak Gupta, a child psychiatrist who practices at Delhi’s Gangaram Hospital. “Residents living in unsafe areas also try to move out as less as possible. For the same reason, they keep a strict vigil on the movements of family members, especially children. That fails half the purpose of property ownership,” Gupta adds. 

Also read: Why Police Verification Of Tenants Is Must & How It’s Done