When evaluating the location of a property, the question arises as to which criteria it should fulfill. Is a location in the city center with a large range of leisure activities suitable or is a somewhat outlying and cheaper location sufficient? Which surrounding criteria should be fulfilled and bring me further? Answers to these and other questions can be found in the location assessment.
Location is considered one of the most important criteria in the evaluation of real estate. Thus, for the basic evaluation of the location assessment, the factors of macro and micro location play an important role. The macro location includes the consideration of the large-scale economic area. This involves, for example, the supraregional transport links in the region. In a further step, factors such as cultural offerings and opportunities for leisure activities, the geographic location and standard ground values could also play a role.
The systematic collection and evaluation of environmental information that plays a role at present or in the future is the goal of any location assessment. As a rule, demographic factors, such as population size, development and structure, economic factors (purchasing power and income structure), socio-demographic factors (lifestyles, consumer habits and mentalities) as well as the general economic conditions are considered. The so-called hard and soft location factors are examined. Hard factors are physical factors such as traffic connections, taxes and duties and legal requirements. Soft factors are psychological and socio-ecological elements. These include, for example, the local business climate or the image of the district, as well as shopping facilities and leisure activities.
Let's put ourselves in the position of a project developer. His project could pursue the goal of creating affordable housing for young adults in the future. In doing so, the project developer needs a great deal of expertise and knowledge in a wide variety of areas. From project initiation to marketing and management, many complex tasks must be performed. In addition, such projects do not exclusively relate to new construction; existing properties can also be further developed. In the initial initiation phase, the project developer and his team must now find a suitable location for his project.
In this case, the evaluation of the macro location is about where students like to spend their time. When evaluating the micro-location, the project developer decided to include various leisure facilities in the location analysis. To do this, he opens the Geospin portal and sees on an interactive map where cinemas, fitness centers and ice-cream parlors are located. Since the target group consists mainly of young people, low rental prices are the focus of the initiation. Thanks to Geospin's AI-based algorithms, the project developer receives up-to-date forecasts on the rental price and can better narrow down his location search.
The project developer sees on the interactive map where a particularly large number
of 20- to 29-year-olds live and what leisure activities are available.
For project conception, the project developer needs an in-depth understanding of the surrounding area. With the click of a button in the portal, he receives a comprehensive location assessment for the selected address. Information on the population, such as the average age and average household size at the requested location, is displayed in a location assessment report. This gives project developers a quick insight into whether the neighborhood is more likely to be made up of rather young or older residents. Distances to relevant points of interest such as supermarkets, bus stops or pharmacies are also included in the location assessment report. Finally, the project developer and his team must convince their funder to finance the project. Using the download button, the project developer exports the findings as a PDF document. This way, he can easily archive the results and share them with his capital provider.
The decision for or against a location should be based on solid fundamentals that have a positive impact on the respective project. The Location Intelligence Portal from Geospin provides the relevant information with just a few clicks. This eliminates the need to spend hours gathering information for micro and macro site analyses from multiple sources.
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