Nowadays, buying a property is a worthwhile investment.
You can apply any changes to it – personalising and adjusting the kitchen and bathroom fixtures. Painting a new colour, adding bedrooms and bathrooms are significant upgrades too.
Don’t go overly excited. There are other matters you have to consider before thinking about how to transform a house and lot into your dream home.
When you buy a property, take note of the property’s location. It is the most critical factor to consider. Why? You can never change it.
Let’s say you are torn between a condominium in Tagaytay and another one in Bonifacio Global City. Then considering the pros and cons in their locations could help you decide.
To help you finalise your investment, read this beginner’s guide when choosing a property location.
Table of Contents
Must-Know When Choosing A Property Location
The following information helps in your decision whether to continue with property investment. Check out how useful it is for you.
School Quality
If you’re investing in a single-family home, school quality is a priority.
Families prefer to live in highly rated school districts. Frequently, they pay more for a home located in a desirable community. Even rental units with more than two-bedroom capacity are still the right choice. An excellent school for their children is more important.
Although not every prospective tenant looks for a quality school. You can still ask you real estate agent about it. Review the online listing that shows schools in a particular home zone.
Employment Rates
Invest in an expanding neighbourhood. If jobs are readily available, it is an excellent place to stay. It does help not only the economy but also helps the residents in it.
However, if jobs are leaving the area, think twice first. Rising unemployment will be difficult for you to secure a job. It is also a negative catalyst for the local real estate market.
Know the trends when choosing a property location. Review the employment and wage growth. Once you know if the jobs are growing or declining, then you decide.
Population Growth
Based on the name itself, it is easy to understand. Invest in an area where people are moving in. It means there is something to look forward to within the neighbourhood.
Talk to your real estate agent about it. Learn where residents see the most shopping activity. Find where the most demand homes. Also, search for other growth-related factors. This way, you’ll understand more why people move in, instead of moving out.
Neighbourhood Type
Neighbourhood type is a matter of personal preference. Ask yourself, what do you prefer. Are you willing to be surrounded by families? Do young professionals inspire you? Are college students a better choice?
In my opinion, investing where college rentals dominate the market is a wise decision. It is easier to find tenants. Students come to get a place near their school. Perfect for rental purposes.
However, this is not a strategy for everyone. Some college students tend to cause damage. Also, they move more frequently.
Costs of Insurance
When choosing a property location, always assess if it is insurable. It comes handy during a calamity. Know if particular types of insurance, like flood coverage, is available.
Some local areas are in the flood zones. This neighbourhood usually comes with expensive flood insurance. Save yourself from distress. Get to know these facts as well.
Accessibility
Buying a rental property in a major city has a lot of perks. Most of the amenities are within walking distance. You can check this real estate website in philippines to easily check the amenities around your chosen property.
Being in a market with these advantages can be your big selling point. It sets you apart from other homes far from stores, parks, and public transportation.
Amenities
Not every property has a walkable amenities. Nevertheless, having tones of businesses nearby is the next best thing.
Many renters do not want to in the middle of anywhere. Some does not want to take a ride just to buy grocery. Others like to enjoy a cup of coffee in a nearby cafe.
Buying a real estate property that is accessible to all sorts of amenities is beneficial.
Public Transportation
Easy access to public transportation is one of the factors that attract potential renters. It is evident in markets surrounding major cities.
Bus, taxi, and rail service in the Metro affect the rents. Apartments with easy access have enormous benefits as well.
Having the right knowledge about your chosen location is advantageous. You can bring your investment into the next level. If you’re confident with your decision, then proceed on the next step.
Must-Do When Choosing A Property Location
Finding the right property location is crucial. It makes or breaks your long-term capital growth. Feel secure with your decision by following this advice when choosing a property location.
Assess Your Budget
Your budget dictates is a significant factor when choosing a property location. It identifies affordable areas to live or invest. Meeting with a mortgage broker helps determine how much you need. Also, they foresee if you can obtain a pre-approval.
Always to know your budget before you begin your search.
Narrow Down Your Options
Knowing your budget saves you time from ringing different agents. Choose from a short-listed number of suburbs of your desired property. Make sure it is within your price range.
Ask which house you can buy ais within your a certain amount. If nothing fits your budget, look for nearby suburbs offering the property type within your budget.
Explore Suburbs and Neighbors
If you can’t find the property type you want in your within your budget in the city, move to either side of it. For sure, you will find one that suits your budget. Moreover, it offers the top qualities and features you’d surely love.
Never underestimate the neighbouring areas. They too have a lot to offer.
Talk To Locals
It is normal to ask agents why people like living in an area. They enumerate the most popular spots, picnic area, coffee shops and more.
But talking with the locals gives more depth. They elaborate on their experiences together with their family and friends. Don’t be shy to ask them. Sooner or later, you’ll be part of their community.
Trust Your Instinct
For every decision you make, someone will pull you down. Don’t let anyone decide for your own, especially if you follow this beginner’s guide.
If you have enough knowledge about your chosen location, any naysayers don’t have a chance.
Choosing a property location is such a tedious job. It needs time, effort, and trustworthy people. Also, it is not entirely subjective. Objective qualities ensure your real estate property investment appreciates over time.
