First-time real estate investors need to be aware of the risks that come with purchasing properties. Inform yourself of these risks to avoid losing money.
When buying a condominium, people often say that the three most important factors are location, location, and location. However, some people choose to forego a good location because of budget restraints and the current property value of the condo unit.
While it is important to keep an eye on your budget while shopping for a condo, you should not let it be the main factor for consideration. If you bought a unit from a condominium that is situated in a good location, its property value would rise more over time than those in unfavorable locations. Apart from that, your condo unit’s location will also affect your lifestyle and convenience.
If you need further convincing to shift your priorities, this article will discuss the various reasons why location is a critical factor when buying a condo.
1. Safety and security
You and your family’s safety should be at the top of your mind when choosing a condominium. If the neighborhood where the condo is located has high crime rates or is prone to natural disasters, you may want to look for another prospect.
Studies show that bad crime rates in an area can reduce the property value of a condo for the years to come, which can make it harder and less profitable to sell.
Easy access to the metropolitan center and entertainment hotspots is a good sign that your condo is in a good location. A condo tucked away in a secluded area may feel more like suburbia and negate why you bought a condo in the first place.
To ensure that you are always near the action, choose a condominium that is strategically located near a city’s transportation hubs. It should be accessible via multiple points of entry to give you different options when the need arises. Living near the central business district will also cut down your commuting time significantly, which can improve your quality of life.
3. Area growth and development
Apart from its accessibility to the establishments already present in the area, you should also consider the area’s future development plans. New developments like schools, hospitals, transportation hubs, and other civic and entertainment establishments can increase property values in the area over time.
Property values aside, further development in an area’s infrastructure and establishments will foster a growing and vibrant community, which makes for an attractive place to live in for the long haul.
One prime location in the Philippines right now is Cebu, as its ongoing development is making it a cross between a bustling metropolitan area and a beach town. So, if you are looking for a condo for sale in Cebu, now is a good time as ever to do so.
4. Transportation options
Being near amenities and the business district is one thing, but having convenient options for transportation to get to those destinations is another. The condo must have access to several public transportation options and be easily drivable to make travel hassle-free. A big bonus is if the location itself is walkable and bike-friendly and has ample parking space.
Good neighborhoods are typically those that have good appearances and access to amenities and infrastructure. You should also take a look at the cost of living in that neighborhood to gauge how much you are going to spend every month.
If you have kids, then look for a condo near good schools to make commuting to and from home easier. Having easy access to parks, community centers, and other entertainment establishments will also give you more options for family bonding moments.
Another nice-to-have is easy access to groceries, laundry shops, gyms, and banks where you can quickly stop over for convenience.
It would be best to stroll around the neighborhood to see if their small business sector is vibrant and thriving. Not only does this foster a deeper sense of community and create unique experiences in your neighborhood, but this is also a good sign that the area is growing, which will increase the property value over time.
As for the overall look of the neighborhood, it will depend on your personal preference. You have the option to live either in a historic part of the town or a modern bustling city. However, areas with sufficient green cover, community spaces, and clean streets are almost always more appealing.
6. Potential of value appreciation
The location is the biggest factor when it comes to the valuation of real estate. If the condo is located in a desirable neighborhood with a great deal of development going on, more people will want to move into that neighborhood. This influx of new people will drive up the demand for housing in that area, and hence you can expect its value to rise even more throughout the years.
Live in a Prime Location
Location is one of the biggest factors that you should take into account when buying a condo. Not only will it dictate the lifestyle that you will have once you’re inhabiting the unit, but it will also affect its resale value in the future.
If you are looking for a property near both metropolitan centers and vacation destinations, Mandani Bay is the prime location you should be looking at. Not only is it the up-and-coming urban lifestyle center outside of Metro Manila that you will want to live in, but its prime location makes it a wise investment for the years to come.
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One of the most important questions that you can ask about buying a condo in Cebu, Manila, or any other city in the Philippines is whether to invest in a pre-selling condo or a condo that is ready for occupancy. These are the two most popular options for condo buyers, and each one comes with its pros and cons. This article will detail some of the key differences between the two types of condominiums.
Every first will always be a special event that you will remember. Learn how to make the right choice with your first real estate investment with this guide.