You’ve seen the property, now analyze it!
After working with various clients, we have noticed the importance of neighborhoods while buying properties. We have seen that most of the “No’s” in buying a home comes from the following factors;
- Price — Definitely! Everyone wants the best price.
- Finishing and size— This may seem trivial but it’s very important. In fact, we have noticed that the most important parts of the home are the kitchen & the bedrooms. We can say confidently that once the kitchen & rooms are below certain sizes, it becomes very hard to go off the market.
- Neighborhood — Where the property is, not only determines if it will be bought or not, but affects the price, reason for buying, many more. Are there schools nearby? What’s it like at night? Can I talk a stroll safely at night? What’s the proximity to major roads? How far away is the nearest bank? You see, we get asked a lot of these questions from clients and it make us wonder, how can we use this to make the Roofone experience better.
Trust us to always act on feedback! We created a sprint and we have come up with the first version of the Roofone Overview.
The Overview: Draw insights on each property using the overview section and buy with confidence.
1. What’s nearby?
The first version (v1.0) of this product gives you a simple overview on what surrounds the property within 1.5km radius. We decided to focus on these “places” (more will be added based on how you use it);
- Schools: How many elementary or high schools are in a 1.5km radius? In later versions, we plan to add ratings for each school to provide in-depth data for you.
- Healthcare: Interestingly, building this product gave us more insights on why we need more health care. You’ll be amazed by the lack of hospitals in residential areas, and this is why we are making sure home-buyers know more about the neighborhood of the homes they love.
- Banks/ATMs: Imagine driving about 5km to the nearest ATM or Bank. Not so sure you’ll enjoy that. So, take sometime and know if this will be your case or not. Some neighborhoods might suffer from this, but having this knowledge can let you accurately make better decisions on the property.
- Fun/Groceries: Know what’s bubbling in the neighborhood you decide to live in. Bars, restaurants, supermarkets, and many more.
2. The rating.
Putting all together, we’ve built a powerful algorithm that normalizes neighborhood information across various markets and enables you to compare investment properties on an even footing. If a 3 bedroom apartment in Surulere is the same price as a 3 bedroom apartment in Ajah, how do you determine which is right for you?
Understanding the attributes of a neighborhood helps buyers weigh the potential risks and benefits of purchasing in that area, which is why we created the Roofone Neighborhood Rating.
How the ratings work?
We have analyzed various data points and are constantly looking for ways to add to our data points. Starting with the 5 star rating. Well, they’re probably what you think: beautiful homes located in high income areas, more expensive, greater security, but may have less potential for appreciation. But a 5 star neighborhood isn’t necessary the “best” for all buyers. A 3 star neighborhood might not be considered posh, but might be perfect for an investor seeking to balance cost, risk and returns. Other investors, alternatively, might welcome the higher risk and rewards of 1- or 2-star neighborhoods. Here’s an outline of what each rating means;
5 stars: Very high employment rate, with very high net worth individuals and families. Access to major roads, less incidence of crime and proximity to high district schools. Mostly owner occupied and home value at the highest, less potential for appreciation.
4 stars: Relatively high net worth individuals, high employment rate, good access to major roads, less incidence of crime. More owner occupied than tenant occupied. More potential for appreciation and strong cash flows.
3 stars: Good employment rate, relatively less incidence of crime, more tenant occupied properties (low vacancy rates). High potential for appreciation and good cash flows.
2 stars: Below average employment rate, mid-range income levels, proximity to good schools, slightly higher-than-average incidence of crime. Mostly tenant occupied. Very suitable for long term investment due to high potential for appreciation.
1 star: Lowest employment rate, not in great proximity to schools, malls, banks. Very high potential for strong appreciation. Most likely to be a developing neighborhood.
At Roofone, we’re continuously striving to make the process of owning real estate safer, smarter and hassle-free as possible. With the Roofone Overview you get an added layer of insight, so definitely put it to work in the decision-making process. When you’re ready, get in touch and let a Roofone team member stand by to provide consultation and prepare you to buy with confidence.
Launching soon!
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Future improvements.
The Roofone overview is currently in beta and we are definitely looking to make improvements with your help! We currently have a roadmap of future improvements such as;
- Adding more places you love,
- Adding what we call experiences that make your neighborhood unique,
- Adding traffic updates. We are sure you definitely want this!
- Adding reviews from locals who live around! This especially is very important, and we hope to achieve it.
Ready to get started? View our listings.
