When it comes to real estate, there are a lot of factors that make up the notion that the property you bought is a good decision. And because a lot of people often regret the property they get due to certain reasons, these factors help avoid these frequent real estate regrets. Of all the factors that should be considered, there is a crucial factor that one should never overlook—and that is location. It is well known that location is a very important aspect when it comes to many things.
However, in real estate, its importance is tripled. But why exactly is location such a significant factor when buying a property? First, when you want to buy a house and lot for sale, and you don’t like its interior, its structure, and its overall look, you get the decision to renovate it, remodel it, or even demolish it and build something that best matches your preference. However, when you buy a house and realize its location is a ‘no,’ that’s something you don’t get to renovate or remodel. It’s something you stick with unless you buy off another house in a much better location which is a great hassle and unpreferable. Second, when you are buying a property in a certain location, it is not only the property itself you are investing in but also the whole location of where it is situated. This means that the value of a property is driven not only by one force but two and that second force is its location.
To better get into grips with how to avoid regrets in real estate, you first have to know the location factors you have to keep in mind in your real estate purchase. To help you with that, here are crucial location factors you need to consider when buying a property.
3 Location Factors You Need to Consider When Buying a Property in the Philippines:
1. Neighborhood
The neighborhood of a location is already a common factor one should keep in consideration when buying a property. Especially if this property is for their own home, the neighborhood can either make the new house and lot for sale feel like a home or the exact complete opposite. Whether you want a homey feel neighborhood or just about anything that has groceries and other important establishments near, it’s really more about personal choice than anything. However, one thing to remember is that the neighborhood in which you pick your property also determines the lot size of your property. Another thing is that if the property you are going to purchase is indeed for finding a new home, there are several points you have to ensure a neighborhood has.
First is accessibility, a neighborhood that has more than one point of entry. It’s going to be difficult to drive the long way or commute the long way only because there is no other choice. A property with easy access roads is definitely one to go for.
The second is the appearance of the neighborhood. Of course, as much as possible, it is preferable to have a neighborhood that is orderly and clean. This helps a lot with one’s mental state, too. Aside from the necessities such as cleanliness, the aesthetic of the neighborhood matters too. Again, this is also subject to one’s own preferences. One might like a neighborhood that promotes the beauty of nature with hovering big trees and a breezy atmosphere. On the other hand, it can be quite the opposite of what one might like.
2. Centrality
Where you choose to purchase a property, whether in a city or in a small town, also matters greatly. This is because it reflects on the value of the investment you will have. If you choose to purchase a property in a small town, you should know that when the time comes and you want to sell it off, it may not have the same value as a house and lot for sale in an urban big city. The good thing about this is that your purchase of this property doesn’t come at a highly expensive price either. Big urban cities usually have much higher prices than properties in small towns simply because they are highly developed. Whereas in small cities or towns, it may not be as highly developed but the uninhabited areas are aplenty and of course, it is much cheaper.
3. Development
As said earlier, the more developed a place is, the higher the value. This only goes to show the importance of development in choosing a property. Take note that commercial improves the property value. And not only does it appreciate the value but it gives many conveniences needed. If the property is for residential purposes, then the location’s development is most especially required. A developed location paves the way for easier access to one’s basic necessities such as the grocery store, schools, hospitals, etc. This also means more access to leisure and fun. It is easier to go to malls and shop or do whatever leisure activities one desires. Public transportation will be easily given as well. Commuting won’t be as much of a hassle anymore. In the same way, driving from place to place won’t be as difficult either as you are surrounded by almost every establishment you need. A bad thing about this aspect is that if your property is located near a hospital, fire station, school, it may also take a slight toll on its value because where these establishments go, traffic also follows.
Location indeed has a very crucial part in the value of a property. This is why before purchasing one, it requires deep thinking, research, and possibly advice from those who know best. It really all depends on the purpose of the real estate purchase. If it is only for investment purposes, then you might need to take into consideration the factors that drive its appreciating and depreciating force. And if it’s for living in if it’s for residential purposes, then regardless of the value appreciates or not, what matters most is one’s comfort. However, don’t mistake that for disregarding value at all. It’s always the best choice to hit two birds with one stone. A property that gives comfort all the while securing its value in the future.
Related Blog: Factors To Consider When Buying A House And Lot in the Philippines
