Location is considered as one of the most crucial factors when buying real estate. If you’re looking for a new home, condo, or apartment then considering where it’s located is your first order of business
Real estate is still the best investment today, however, location dictates the appreciation or depreciation of your property. The price, design, and condition of the unit can be changed. You can even expand, but you can never change the conditions or state a property’s location.
This is a contributed post and do not necessarily reflect the opinions of Meet The Harris Family.
Here are four of the most important factors you should consider when choosing a location for your new home.
Neighborhood
Everybody has different preferences when it comes to their ideal neighborhood. But what you want is a neighborhood that looks good, has the right amenities and is very accessible. You want your neighborhood to look nice. This means that the roads should be paved well, it should have large trees near the park, and quality landscaping should be evident.
What you want is to live in a neighborhood that isn’t only considered as “good” today, but will continue to be desirable in the future. This way, the price will continue to go up.
Accessibility to Public Transportation
Transportation is very important and plays a big role in the price appreciation of a property. In major cities like Manila, you’ll notice that a condo for sale in Mandaluyong has a faster appreciation rate than a condo for sale in an area that’s far from the train station or any form of transportation.
You’ll also notice that as more modes of transportation become available, the rate of the property goes up. This is because access to transportation saves time, and time is a very valuable asset to anyone.
Make sure that you’re choosing a property that has access to all types of transportation. To be within a fifteen to twenty-minute distance from work, school, the mall, or the airport is going to make your life easier in the long run.
Amenities
The presence of grocery stores, shopping centers, schools and other top amenities play a big part in how your daily life and routines will play out. These businesses and their location to your property will also influence the price.
Make sure to list your preferences and priorities. For example, prioritize grocery stores over amenities that cater to entertainment like an amusement parks.
Families may prefer to be close to schools, grocery stores and shopping malls whereas single persons may opt for proximity to nightlife and trendy restaurants.
Development and Future Amenities
This will require a lot of research and knowledge but you should consider the surrounding areas as well. On top of the existing amenities, be aware of what plans are in store within the area and surrounding areas.
Property value is decided by what kind of commercial development is in the works. Study how these upcoming development will affect your lifestyle and the value of your home.
Some commercial developments, like parks and hospitals, may improve the value of a property, but some can depreciate your property value. A new development for a subdivision, for instance, could potentially drive down values of existing homes in the area.
What Makes a Good Location?
The stylistic attributes of a property can be the initial driving factor for going to that open-house. But the architecture of the home and curb appeal are hardly indicative of what makes a good home for you and your family.
Your dream home should look and function the way you envision, it’s true. But it should also be in a neighborhood or city that will appreciate its value over time.
Land value is essential when you’re looking to buy a home as an investment as well. You’ll want to ensure that the two-story traditional house or the attached three-story modern home you’ve picked today will fetch a good price when you put it back on the market years later. Of course, some buyers not only consider the ease of getting to the property and the amenities; they also want to feel comfortable walking in the neighborhood.
In addition to being accessible to public transportation and all your must-have amenities, your future home needs to be located in a secure area; whether you have children, security is crucial to your quality of life.
A good location has to meet all of that. Because an old home can always be updated and repaired. But a bad neighborhood, that’s never an easy fix.
