In real estate, the importance of location cannot be overemphasized.
If there’s a statement that’s most often uttered in the real estate world, it’s “location, location, location,” and there’s a good reason behind it: this is perhaps the most essential determining factor when you select a home to buy.
It’s so important that if you look at your list of things that make a property ideal, all of them are likely affected by where the property is built.
Here are nine points that prove the relevance of location when buying a real estate.
1. Price of the property
You’d think that two identical homes would cost the same, but not if they’re in two extremely different locations. A house can cost more than the other depending on whether the location is a prime real estate area. This factor can affect you not only when you buy a home, that is, if you’re thinking of selling the property after a few years, one of the elements that will determine its future price is the local market’s condition.
At present, Makati and Taguig are considered the most coveted real estate locations in the country, thereby making them the sites of some of the priciest homes in the market to date. The properties situated in the cities or municipalities surrounding Metro Manila are considerably more affordable than those within the metro because of their distance from the capital’s central business districts.
However, current developments by real estate companies transform these centers into prime investment destinations as well. Thus, the houses purchased in these areas tend to go up.
2. Cost of living
Whenever you look at a certain area, ask yourself “how much would it cost to live there?” Basic spending, such as food and gas (if you own a vehicle), is a huge part of your monthly budget, so scour the neighborhood to have an idea of how much the cost of living is in the area. Then, compare your estimations to the prices in other locations.
3. Safety of the area
No one wants to live in a dangerous community. You can avoid moving into an area with a high crime rate by determining first the safety of the neighborhood that you consider. As an extra precaution, you may also want to think about getting a place in a gated community.
4. Proximity to points of interest
One of the biggest factors that can affect the decision of buyers in terms of location is the property’s proximity to the things that matter most to them. For instance, if your job is located in Makati, look for a home within the city so traveling to and from work won’t be a problem. If you have school-age kids, choosing a property close to their present school should also be considered.
Real estate developers also take this benefit to their hearts. In recent years, we’ve seen the rise of so-called townships or cities within cities offering all the conveniences that one would require for his/her family, career, and ultimate comfort.
Megaworld Corporation, for one, now has 20 townships to its name all over the country, including Eastwood City in Quezon City, McKinley Hill in Taguig City, and Mactan Newtown in Cebu. Ayala Land’s township portfolio includes Bonifacio Global City (BGC) in Taguig City and NUVALI in Laguna.
5. Ease of access
Many long-time residents of Metro Manila may find leaving the city almost impossible, particularly when the possibility of living hours away from your job, your child’s school, and other city-based points of interest is considered.
If you choose to live in a suburban setting while being able to reach the aforementioned destinations trouble-free, choosing for communities that have easy access to major thoroughfares is essential.
Muntinlupa–Cavite Expressway (MCX) was recently launched, literally paving the way that leads to many of the developments located at the south of the metro. One such project is a horizontal residential community, namely, Camella Cerritos, which is located in Vista City, a 1,500-hectare township that covers parts of Laguna, Cavite, and Muntinlupa.
6. Family-friendly amenities and features
Any parent would like to see their children grow up in a neighborhood where they can live active lives and learn to socialize with kids their age. Be sure to pick communities that are largely populated by families and those that have multiple options in terms of indoor and outdoor recreation, such as daycare centers, gyms, playgrounds, and parks.
This year, Taguig’s BGC has just became increasingly ideal for families looking for a kid-friendly community. Kidzania has been added to its list of fun attractions, such as The Mind Museum and Terra 28th. Kidzania is an indoor play city aiming to teach children about life in the adult world through role-playing and realistic simulated scenarios.
7. Benefits to career- or business-minded individuals
When you pack up and move, your new home’s location greatly affects your work life, regardless of whether you plan to change careers or build your own company. If you decide to quit your current job and relocate to a different city, would you be able to find a new job close to your new home right away? If you’re planning to launch a business, how easy will it be to register, and how receptive would your target market be?
8. Environmental features
To avoid compromising your well-being, it’s best for you to pick a location with great, eco-friendly features. Check the community’s environment to make sure that you avoid living near factories, traffic-congested roads, or polluted bodies of water.
Also, find out if the neighborhood implements strict policies regarding waste management and if they participate in or hold activities such as community tree planting or clean-up operations.
9. Diversity of its residents
This factor is particularly important to expats who want to seek permanent residence in the country either for career purposes or for retirement.
Living successfully in a relatively unfamiliar place relies heavily on how comfortable the surroundings are and how accepting the locals will be. Also, living in a community where there are others with a similar background as you may make adjusting to your new life easy.