December 22, 2020
When in the market for a future home, you might be wondering, “how does location affect property value?” We’ll be helping you answer that question by breaking it down for you and teaching you what to look for in a good property location.
Does Location Matter in Real Estate?
The short answer is: yes. If you think about it, it’s really quite simple. You can paint and change your home’s layout, but you can’t change your home’s location. No matter how beautiful your home is, or how expensive your furniture may be, if it’s in a bad neighborhood or in a flood-prone area, nobody will want to buy it. Or if you’ll be using the home yourself, you’ll just spend thousands of Pesos renovating the house or worrying about robbers every night.
How Do I Decide Where to Buy a House?
While everyone has their own definition of what “good” neighborhoods are, there are objective characteristics that buyers and renters seek out that you should take note of.
The community where your home is built plays a big factor in your lot’s value. Is it a master-planned development? Are there any commercial establishments nearby? Does it have a park? 24/7 security? Is the area well-maintained? Is it a flood-free zone? Does it have lots of green spaces and places for children to play? These are all things that will look attractive to future buyers and will drive up demand. An increase in demand increases the prices of real estate.
Apart from the things within the community, you’ll want to check out how close basic necessities are to your potential home. This includes schools, places of worship, markets, gyms, transportation hubs, commercial establishments, and major thoroughfares. You’ll want to have easy access to these places to make life more comfortable for you and your family, or for your future buyer should you buy your home for investment.
A good location is one that is close to your current job or one that is close to your prospective job. You don’t want to have to be stressed out about living too far from where you work. See if the development is near any business districts or office buildings, or time your commute to and from work to see if this is something you can live with.
It isn’t enough to look at the establishments that are currently in the vicinity, but you should also check out the plans that are about to be built. Look out for hospitals, new roads, government buildings, and other infrastructures that can increase the property value of the location you’re eyeing.
Make sure to take note as well of any new developments in the area, as this indicates that there are investors who see the potential in the area and are willing to put money into it.
A Final Word
Location plays a huge role in determining the value of a home. While choosing a good location may seem subjective, there are actually several key indicators that can guide you into making the right choice. Before signing on the dotted line, make sure the home is built in a safe and child-friendly community, has access to basic necessities and career opportunities, and is a site for future developments.
Talk to us today at Micara Estate – Tanza and let us help you find your dream home.